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Year 10 Easter Term Revision Book Economics

Total questions: 110

Worksheet time: 1hrs 15mins

Name
Class
Date
1.

The 4 factors of production are ​ (a)   ​ (b)   ​ (c)   ​ (d)  

Choose from the below words
Land
Labor
Captial
Entrepreneur
Goods
Factories
Tools
People
2.

What Factor is this?

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneur

3.

Match the following

a)

Entrepreneur

1.

Person who started the business

b)

Capital

2.

Items used to CREATE products.

c)

Labor

3.

People and all their skills, labor

d)

Land

4.

Refers to the gift of nature

e)

4

5.

Factors of Production

4.

What Factor is this?

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneur

5.

Which factor do you think is the most important and why?

4 lines
6.

Who is this?

a)

Steve Jobs

b)

Jeff Bezos

c)

Bill Gates

d)

Steve Madden

7.

Match the following

a)

Windows

1.

Bill Gates

b)

Apple

2.

Steve Jobs

c)

Amazon

3.

Jeff Bezos

d)

Tesla/SpaceX

4.

Elon Musk

8.

What do you think would happen to businesses if the Labor force decided to stop going to work for a week?

4 lines
9.

True or False: A Tractor is apart of the factor Labor.

a)

True

b)

False

10.

Match the following

a)
1.

Land

b)
2.

Labor

c)
3.

Captial Goods

d)
4.

Entrepreneur

11.

An Entrepreneur is a person who takes a risk to...

a)

get famous

b)

earn a profit

c)

create a product

d)

find what they are looking for in life

12.

With what you know so far about the 4 factors of Production how confident would you feel if you were told to give a presentation about the info for a $1,000,000?

a)

Not Confident

b)

Pretty Confident

c)

Super Confident

d)

Wheres my money?

13.

How many factors of production do we have?

a)

1

b)

4

c)

2

d)

3

14.

Gold and oil can be seen as:

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

15.

Identify the correct factor of production.

Skilled people working in a lawyers firm will be seen as?

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

16.

Identify the correct factor of production.

Individuals with great ideas and willing to take risks.

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

17.

Identify the correct factor of production.

Machinery and factories are?

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

18.

Identify the correct factor of production.

Water, wood and fish are?

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

19.

Identify the correct factor of production.

Any person working will be seen as?

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

20.

When we look at tools and money invested in a business, it can be classified as which factor of production?

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

21.

Land / Natural resources will earn?

a)

Profit

b)

Wages

c)

Rent

d)

Interest

22.

Capital will earn?

a)

Profit

b)

Wages

c)

Rent

d)

Interest

23.

Entrepreneurship will earn?

a)

Profit

b)

Wages

c)

Rent

d)

Interest

24.

Labour will earn?

a)

Profit

b)

Wages

c)

Rent

d)

Interest

25.

Mineral deposits will be seen as?

a)

Natural resources

b)

Labour

c)

Capital

d)

Rent

26.

Workers who have specialized training or

a learned skill-set to perform the work can be classified as?

a)

Skilled labour

b)

Semi-skilled labour

c)

Unskilled labour

d)

Cheap labour

27.

The jobs that require unskilled labour are continually

shrinking due to technological and societal advances.

a)

True

b)

False

28.

A form of borrowed capital is?

a)

Loans

b)

Savings

c)

Inheritance

29.

Some business like a doctor's practice will only have three factors of production.

a)

True

b)

False

30.

Which is not an example of skilled labour?

a)

Accountant

b)

Doctor

c)

Manager

d)

Farm worker

31.

Businesses have the right to employ who ever they want?

a)

True

b)

False

32.

Plants and water are all renewable resources.

a)

True

b)

False

33.

Which of the following best describes Division of labour?

a)

Breaking down of work into smaller units

b)

Doing variety if diversified work

c)

Each worker creates the final product

34.

Which of the following is an advantage of division of labour?

a)

Less job satisfaction

b)

Delays in work

c)

Increased speed of work

35.

Which is not true about division of labour?

a)

Large scale production

b)

Requires less training

c)

Highly repetitive work

36.

Which of the following requires division of labour?

a)

Teaching

b)

Typing

c)

Tailoring

37.

Division of labour reduces productivity

a)

True

b)

False

38.

Which of the following is a disadvantage of division of labour?

a)

Increased Flexibility of workers

b)

Reduced total cost of producing goods

c)

Repetitive jobs

39.

In division of labour, each worker handles a specific task

a)

True

b)

False

40.

Adam Smith argues that the division of labour results from:

a)

Independence

b)

Human differences

c)

Deliberate human planning

41.

In division of labour, workers are...

a)

Independent

b)

Interdependent

42.

What causes boredom in division of labour?

a)

Increased efficiency

b)

Doing the same work

c)

Less time required to complete work

43.

All of the following are likely causes of diseconomies of scale except ____

a)

week coordination between departments

b)

obtaining a large loan at a preferential interest rate

c)

low motivations level of workers

d)

long chains of communication

44.

Fill in the blank. Economies of scale is when as output _________, unit costs ________ in the long run.

a)

increases; decrease

b)

increases; increase

c)

decreases; increase

d)

decreases; decrease

45.

Internal economies of scale are those that

a)

Result from changes in production techniques

b)

Increase due to the growth of the industry as a whole

c)

Generate lower per unit production costs

d)

Reduce production costs in the short run

46.
Internal diseconomies of scale can be caused by
a)
Being unable to purchase stocks at a discounted price
b)
Management control being weakened with a larger workforce
c)
Traffic congestion causing delays to delivery of important stocks
d)
Advertising costs to a global audience
47.
Which of the following is not a cause of internal diseconomies of scale?
a)
Poor communication between different departments
b)
Lack of staff morale and motivation
c)
Less control, direction and coordination of human resources
d)
Late deliveries due to congestion in busy locations
48.

Large firms can afford to advertise and sell in larger quantities to develop brand loyalty. This is an example of

a)

Purchasing economies of scale

b)

Technical economies of scale

c)

Managerial economies of scale

d)

Marketing economies of scale

e)

Risk bearing economies of scale

49.

Large firms can buy raw materials in bulk at more favourable rates. This is an example of

a)

Purchasing economies of scale

b)

Technical economies of scale

c)

Managerial economies of scale

d)

Marketing economies of scale

e)

Risk bearing economies of scale

50.

Fill in the blank. __________ economies of scale occur due to an increase in the scale of production within a single firm

a)

Internal

b)

External

c)

Complex

d)

Simple

51.

Larger firms can hire specialists (e.g. managers, accountants) and are therefore able to increase productivity. This is an example of

a)

Purchasing economies of scale

b)

Technical economies of scale

c)

Managerial economies of scale

d)

Marketing economies of scale

e)

Risk bearing economies of scale

52.

Machinery is likely to be efficient. what economies does it indicate?

a)
Financial Economies
b)
Buying Economies
c)
Technical Economies
d)
Managerial Economies
53.
Technological economies of scale can only be feasible for a business if
a)
Banks lend money for the purchase of highly expensive technology
b)
Capital equipment is capable of producing mass units of a product in a short time
c)
There is an economic boom
d)
There is sufficient market demand for the product
54.
External economies of scale are cost savings available to the whole ________ as a result of its __________.
a)
Industry, Location
b)
Business, Location
c)
Industry, Size
d)
Business, Size
55.
External economies of scale can arise from
a)
Bulk purchases of raw materials, parts and components at favourable prices
b)
The introduction and use of advanced technology
c)
Specialised back-up services available in a particular region
d)
Lower interest rates, thus reducing the cost of borrowing to large companies
56.
If a firm increases its use of all factors of production but sees an increase in its average costs, this is a sign of
a)
Internal diseconomies of scale
b)
External returns to scale
c)
Diminishing marginal returns
d)
Decreasing returns to scale
57.
Internal diseconomies of scale can be caused by
a)
Being unable to purchase stocks at a discounted price
b)
Management control being weakened with a larger workforce
c)
Traffic congestion causing delays to delivery of important stocks
d)
Advertising costs to a global audience
58.

Which type of economic activity provides services to people and businesses?

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

59.

Dairy cattle, wheat production, and forestry are examples of which type of economic activity?

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

60.

Which type of economic activity uses raw materials to produce or manufacture something else?

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

61.

A researcher belongs to what industry?

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

62.

Which of the following is NOT an example of secondary industry?

a)

Making ice cream from cow's milk

b)

Making flour from wheat

c)

Making furniture from trees

d)

Taking oil out of the ground

63.

Teachers and doctors are examples of which type of industry?

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

64.

Which of the following terms mean "the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services"?

a)

Economy

b)

Sustainable

c)

Rural

d)

Urban

65.

A statistician belongs to what type of industry?

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

66.
This type of business is owned by one person.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
67.
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
68.
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
69.
A business owner who prefers to maintain complete control of all business activities might consider structuring the venture as a(n)
a)
sole proprietorship
b)
general partnership.
c)
franchise
d)
 corporation.
70.
The disadvantages of this business organization include unlimited liability, difficulty raising financial capital, difficulty attracting qualified employees, and having a limited life
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
71.
A partnership in which all partners assume full personal liability for debts of the firm
a)
limited partnership
b)
trading partnership
c)
non-trading partnership
d)
general partnership
72.
Partners who are only responsible up to the extent of their investment
a)
limited partnership
b)
trading partnership
c)
non-trading partnership
d)
special partnership
73.
How is a general partnership organized?
a)
Every partner shares equally in both responsibility and liability
b)
The doctors, lawyers, or accountants who form a general partnership hire others to run the partnership
c)
No partner is responsible for the debts of the partnership beyond his or her investment
d)
Only one partner is responsible for the debts of the partnership
74.
What is a major advantage of a business that is a partnership rather than a sole proprietorship?
a)
The responsibility for the business is shared
b)
The business is easy to set up
c)
The partners are not responsible for business debts
d)
The business is easy to sell
75.
Joe is starting a small home-based consulting business. He possesses computer knowledge but lacks marketing skills. The form of business ownership that Joe might consider establishing is a(n)
a)
corporation
b)
sole proprietorship
c)
monopoly
d)
general partnership.
76.
Which of the following is a disadvantage of corporations:
a)
High taxes
b)
Unlimited life
c)
Unlimited liability
d)
financial power
77.
Which of the following is an advantage of the corporation as a form of business ownership:
a)
Less complex requirements
b)
Separate owners and managers
c)
Limited liability
d)
High Taxes
78.
The owners of a corporation are called
a)
Directors
b)
Partners
c)
Shareholders
d)
Founders
79.
Most expensive to start
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
80.
Shortest lifespan
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
81.
Ownership represented by stock
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
82.

What does PLC stand for?

a)

Public Limited Company

b)

Profit/Liability Curve

c)

Princesses Like Crowns

d)

Probably Locking Cages

83.

What is the simple difference between a public and private limited company?

a)

A public limited company is public and a private limited company is private.

b)

There are no differences.

c)

The public limited company can quote shares in a stock exchange while a private limited company cannot.

d)

One does not deal with shares while the other does.

84.

What is are some characteristics of a public limited company?

a)

A name, unlimited liabilities, perpetual succession

b)

A name, limited liabilities, perpetual succession

c)

A single person, shares, advertisements

d)

A song, a dance, a clown

85.

What are some documents required for the formation of a public limited company?

a)

Article and memorandum of association.

b)

A car.

c)

An already established business.

d)

A private jet.

86.

What are the main managers/owners of a public limited company called?

a)

Owners and managers

b)

Bosses and mentors

c)

Directors and shareholders

d)

Principals and boards

87.

What is one advantage of a public limited company?

a)

They get free food.

b)

They can tell private limited companies what to do.

c)

They can buy an unlimited amount of vehicles.

d)

Shares are easily transferable.

88.

What is one disadvantage of a public limited company?

a)

Stock market vulnerabilty

b)

Limited liabilities.

c)

They cannot buy cars.

d)

They cannot buy shares.

89.

What is a local example of a public limited company?

a)

Barclays Investment Bank

b)

BAHSE

c)

National Flour Mills Limited

d)

A circus

90.

What is a regional example of a public limited company?

a)

WASA

b)

Amazon

c)

Phats International Styles

d)

Caribbean Assurance Brokers Limited

91.

Did you enjoy Group 6's presentation on public limited companies?

a)

Yes

b)

No

92.

Public Sector Enterprises are owned by ?

a)

State Government

b)

Central Government

c)

Both of these

d)

None of these

93.

The departmental undertaking is under the overall and ultimate control of a __________

a)

Board of Directors

b)

Managers

c)

Minister

d)

Parliament

94.

Government companies are managed by ?

a)

State Government

b)

Board of Directors

c)

Ministers

d)

Central Government

95.

Identify forms of private enterprises

a)

Cooperative sosieties

b)

Government company

c)

Departmental undertaking

d)

Joint stock Company

e)

Partnership

96.

The members of a Co-operative Society have

a)

Unlimited liability

b)

Limited liability

c)

Joint and Several liability

d)

Joint liability

97.

In a co-operative society, the principle followed is

a)

One man one vote

b)

Multiple votes

c)

No vote

d)

One share one vote

98.

What is the minimum number of members which are required to form a cooperative society?

a)

2

b)

7

c)

10

d)

20

99.

The membership of this form of business organization is open to all those who have common interest

Partnership

a)

Joint Stock Company

b)

Partnership

c)

Cooperative societies

d)

Joint Hindu family

100.
In a cooperative society, the principle followed is:
a)
one share one vote
b)
one man one vote
c)
no vote
d)
multiple votes
101.

According to the theory of demographic transition, how many different phases of population growth a country has to pass through?

a)

Two

b)

Three

c)

Four

d)

Five

102.

The stage-2 of the theory of demographic transition is indicative of

a)

High birth rate and high death rate

b)

High birth rate and low death rate

c)

Low birth rate and high death rate

d)

Low birth rate and low death rate

103.

The stage-1 of the theory of demographic transition is indicative of

a)

High birth rate and high death rate

b)

High birth rate and low death rate

c)

Low birth rate and high death rate

d)

Low birth rate and low death rate

104.

Population Explosion occurs in _____ stage of the theory of Demographic Transition.

a)

First stage

b)

Second stage

c)

Third stage

d)

Fifth stage

105.

As per Theory of Demographic Transition, in the first stage, Birth rate is high due to.....

a)

illiteracy

b)

Wide-spread Poverty

c)

Superstition/ Beliefs

d)

All of the above

106.

As per Theory of Demographic Transition, in the first stage, Death rate is high due to.....

a)

Malnutrition

b)

Poor medical facilities

c)

Lack of hygiene

d)

All of the above

107.

1. In Malthus’ 1798 book suggests there are diminishing returns to and a fixed amount of land. It follows in his argument that growing populations will eventually _____________________________. *

a)

shrink as the land will not produce enough food to support the population’s needs

b)

grow further as people switch from farming to fishing in oceans

c)

stagnate

108.

2. In general, the predictions of the Malthusian model have shown to be ___________________ during recent history.

a)

100% true

b)

relevant to a certain extent, particularly for less economically developed countries

c)

relevant to only more economically developed countries

d)

100% incorrect

109.
Thomas Malthus developed his ideas before the Industrial Revolution.
a)
True
b)
False 
110.
According to Thomas Malthus _______ increases the death rate.
a)
Negative checks 
b)
Positive checks
c)
Birth rate
d)
Life expectancy

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