Lesson 4.1.4.2
4.1.4.2 Specialisation, division of labour and exchange Quiz: AQA Economics, Unit 1
20 questions
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Lesson 4.1.4.2, Specialisation, division of labour and exchange: 20 multiple choice questions for the AQA Economics (7136), Unit 1: Individuals, firms, markets and market failure, written with Revision Ninja.
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The 20 questions
-
What term describes economic agents concentrating on a narrow range of production tasks?
- Diversification
- Specialisation
- Horizontal integration
- Nationalisation
-
What term describes breaking down a production process into separate, sequential tasks?
- Scale economies
- Job rotation
- Division of labour
- Capital deepening
-
What is a primary benefit for a firm using the division of labour?
- Greater task variety
- Reduced worker boredom
- Lower capital investment
- Higher labour productivity
-
What is a major disadvantage of extreme division of labour for workers?
- Wage reductions
- Higher task variety
- Lower output levels
- Work boredom
-
Why does specialisation require individuals to engage in trade?
- To eliminate money
- To reduce productivity
- To increase self-sufficiency
- To obtain other goods
-
What key requirement limits exchange in a barter economy?
- High inflation
- Currency shortages
- Double coincidence
- Price controls
-
Which function of money directly resolves the main drawback of barter?
- Store of value
- Medium of exchange
- Deferred payment
- Unit of account
-
Under barter, a farmer seeking shoes must find a shoemaker who wants what?
- Wheat
- Gold
- Credit
- Money
-
What major inconvenience of barter does money solve as a medium of exchange?
- Unit of account
- Inflation risk
- Store of value
- Double coincidence of wants
-
How does specialisation primarily increase a nation's total output of goods and services?
- Lower capital investment
- Higher labour productivity
- Greater wealth equality
- Higher tax revenues
-
What economic activity becomes essential when individuals or firms specialise in production?
- Price regulation
- Trade and exchange
- Financial speculation
- Government intervention
-
Which economic mechanism allows a country specialising in software to acquire food?
- International trade
- Direct barter
- Central planning
- Income redistribution
-
What is a major disadvantage for workers subjected to extreme division of labour?
- Slower production speed
- Higher wage rates
- Excessive training costs
- Boredom and monotony
-
What concept describes dividing a production process into separate, individual tasks?
- Division of labour
- Economies of scale
- Diminishing returns
- Comparative advantage
-
Which function of money allows purchasing power to be saved for future use?
- Medium of exchange
- Unit of account
- Store of value
- Standard of value
-
Which function of money provides a common measure for pricing goods and services?
- Legal tender
- Store of value
- Unit of account
- Medium of exchange
-
Why is money essential in an economy with a high level of specialisation?
- Guarantees full employment
- Eliminates foreign trade
- Increases price volatility
- Reduces transaction costs
-
Which function of money enables specialised producers to buy and sell goods efficiently?
- Unit of account
- Medium of exchange
- Store of value
- Deferred payment standard
-
On what principle should nations specialise to maximise their total combined output?
- Diminishing returns
- Absolute monopoly
- Economies of scope
- Comparative advantage
-
Why must a specialised worker rely heavily on an efficient exchange system?
- To buy necessities
- To avoid working
- To limit consumption
- To reduce taxes
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