Growth and Division

Division of Labor is a factor that leads to economic growth.

• True

• False

Division of work into a number of separate tasks to be performed by different workers.

• Human Capital

• Economic Growth

• Division of Labor

• Product Market

When workers divide a task into different parts so the job gets done faster

• Specialization

• Division of Labor

• Import

• Export

The process by which a society or economy grows and becomes more advanced is known as:

• A) Division of Labor

• B) Economic Growth

• C) Social Division

• D) Cultural Expansion

Which of the following is a key factor in promoting economic growth?

• A) Isolationism

• B) Division of Labor

• C) Decreasing Productivity

• D) Reducing Trade

The division of labor can lead to increased efficiency because:

• A) Workers become less skilled

• B) Tasks are completed more slowly

• C) Workers specialize in specific tasks

• D) It reduces the need for technology

Which of the following best describes the concept of 'division of labor'?

• A) Assigning all tasks to one worker

• B) Splitting tasks among different workers

• C) Reducing the number of workers

• D) Increasing the workload of each worker

Economic growth is often measured by an increase in:

• A) Population size

• B) Gross Domestic Product (GDP)

• C) Number of workers

• D) Amount of natural resources

Which of the following is NOT a result of economic growth?

• A) Higher standard of living

• B) Increased unemployment

• C) More job opportunities

• D) Improved infrastructure

The division of labor is most closely associated with which economic concept?

• A) Inflation

• B) Specialization

• C) Deflation

• D) Recession