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WorksheetsEconomics Quiz on Production and Specialization
Total questions: 40
Worksheet time: 20mins
Division of labour means —
Producing a product by one worker from start to finish
Sharing the production process into different tasks among workers
Importing goods from other countries
Employing only skilled workers
When a worker performs the same task repeatedly and becomes more skilled at it, this is known as —
Industrialization
Mechanization
Specialization
Commercialization
Which of the following is an example of regional specialization?
A teacher teaching only Economics
Coca-Cola producing soft drinks
Jos producing tomatoes
A tailor sewing only shirts
The relationship between division of labour and specialization is that —
Specialization leads to division of labour
Division of labour leads to specialization
They are unrelated concepts
Both reduce productivity
One of the advantages of division of labour is —
It makes work boring
It reduces output
It increases efficiency and output
It discourages the use of machines
Which of the following is a disadvantage of division of labour?
Improved skills
Monotony of work
Development of trade
Use of machinery
The reward for improved specialization in production is —
Reduced cost of production
Less employment
Poor quality goods
Increase in unemployment
Division of labour in schools is seen when —
All teachers teach all subjects
Teachers specialize in different subjects
Students teach themselves
Teachers share one classroom
Production in Economics refers to —
Only the making of goods in factories
Only farming and mining activities
The creation of goods and services to satisfy human wants
The buying and selling of goods
Which of the following is not a factor of production?
Land
Labour
Money
Capital
The reward for the use of land in production is —
Profit
Interest
Rent
Wages
The human effort used in production, whether physical or mental, is called —
Capital
Labour
Enterprise
Service
Which of the following is an example of capital in production?
River
Factory building
Farmland
Rainfall
The person who organizes and combines the other factors of production and takes risks is the —
Worker
Manager
Entrepreneur
Investor
The reward for capital in production is —
Interest
Rent
Wages
Salary
Which of the following is not a feature of land as a factor of production?
It is a free gift of nature
It is fixed in supply
It can be increased by human effort
It is immovable
The term scale of production refers to —
The size of land used for farming
The volume or level of production in a firm or industry
The number of workers in a company
The method of advertising goods
Small-scale production is best described as —
Production carried out with large capital and machinery
Production on a limited scale using small capital and labour
Government-owned mass production
Production for export purposes only
Which of the following is an example of small-scale production in Nigeria?
Dangote Cement factory
MTN Nigeria
A roadside tailor or hairdresser
Nigerian Breweries Plc
One of the features of large-scale production is —
Use of simple tools and family labour
Use of advanced machinery and division of labour
Production mainly for local consumption
Limited access to loans and capital
The main advantage of large-scale production is —
High cost of production
Diseconomies of scale
Lower average cost due to economies of scale
Limited market reach
A disadvantage of small-scale production is that —
The owner maintains personal contact with customers
It encourages innovation
It lacks enough capital for expansion
It enjoys bulk purchase discounts
One major limitation of large-scale production in developing countries is —
Limited skilled labour and capital
High level of technology
Access to international markets
Government protection
An example of large-scale production in Nigeria is —
A small cassava farmer
A woman frying akara for sale
Dangote Sugar Refinery
A roadside mechanic
A business owned and controlled by one person is known as —
Partnership
Sole proprietorship
Co-operative society
Public corporation
One of the main disadvantages of a sole proprietorship is —
Easy decision-making
Unlimited liability
Full control by owner
Close contact with customers
In a partnership business, profits and losses are —
Kept by one partner only
Shared according to agreement among partners
Given to government
Shared equally by all partners regardless of capital
The principle of “one member, one vote” is practiced in —
Sole proprietorship
Co-operative society
Public limited company
Partnership
Which of the following is a feature of a public limited company?
Shares cannot be sold to the public
Unlimited liability
Separate legal entity
Managed by a single owner
A public corporation is mainly established to —
Make maximum profit
Provide essential services to the public
Operate like a private company
Reduce government spending
One of the disadvantages of public corporations is —
Political interference and inefficiency
Provision of essential services
Employment generation
National control of key sectors
The fundamental economic problem faced by all societies is —
Abundance of resources
Scarcity of resources
Equal distribution of wealth
Unlimited money supply
The need to choose between alternatives arises because —
Resources are unlimited
Human wants are few
Resources are scarce
Money has no value
The scale of preference is —
A list of all goods available in the market
A list of wants arranged in order of importance
A record of income and expenditure
A method of saving money
The next best alternative forgone when a choice is made is called —
Scarcity
Preference
Opportunity cost
Scale of choice
When a government decides to build hospitals instead of new airports, it is making —
An economic decision involving opportunity cost
A political decision only
A social decision without cost
A choice with no alternative
In Economics, wants refer to —
Needs that are necessary for survival
Desires for goods and services that satisfy human desires
Goods produced for export
Only material possessions
The main reason why people and societies must make choices is because —
Human wants are limited
Resources are limited while wants are unlimited
Money is easily available
Resources are unlimited
Scarcity in Economics means —
Having more than enough resources to satisfy all wants
Lack of desire to produce goods
The inability to satisfy all wants because resources are limited
The total absence of goods in the market
When a student decides to buy textbooks instead of new shoes, it illustrates —
Scarcity and choice
Inflation and unemployment
Money and capital
Production and exchange
