Question 1
What is meant by wealth of nations?
A.
Workers become skilled at repeated tasks, reducing waste. B.
Output per unit of input in a given time period. C.
Smith's famous book on markets and specialisation. D.
Labour divided so each worker performs one task in production.
Question 2
What is meant by adam smith?
A.
When a worker, firm or country focuses on one good/service. B.
Smith's example — division of labour raised output dramatically. C.
Workers become skilled at repeated tasks, reducing waste. D.
Classical economist; argued markets work via the invisible hand.
Question 3
Division of labour increases:
A.
Market failure B.
Unemployment always C.
Opportunity cost only D.
Productivity
Question 4
What is meant by productivity?
A.
Labour divided so each worker performs one task in production. B.
Output per unit of input in a given time period. C.
Classical economist; argued markets work via the invisible hand. D.
Smith's example — division of labour raised output dramatically.
Question 5
Adam Smith is associated with:
A.
Command economies B.
Specialisation and free markets C.
Only taxation D.
Only monetary policy
Question 6
What is meant by division of labour?
A.
When a worker, firm or country focuses on one good/service. B.
Classical economist; argued markets work via the invisible hand. C.
Output per unit of input in a given time period. D.
Labour divided so each worker performs one task in production.
Question 7
What is meant by efficiency?
A.
Classical economist; argued markets work via the invisible hand. B.
Smith's famous book on markets and specialisation. C.
Workers become skilled at repeated tasks, reducing waste. D.
Medium of exchange, store of value, unit of account, standard for deferred payment.
Question 8
What is meant by average cost?
A.
Medium of exchange, store of value, unit of account, standard for deferred payment. B.
Smith's famous book on markets and specialisation. C.
Total cost divided by total output. D.
Output per unit of input in a given time period.
Question 9
What is meant by functions of money?
A.
Smith's famous book on markets and specialisation. B.
Smith's example — division of labour raised output dramatically. C.
Workers become skilled at repeated tasks, reducing waste. D.
Medium of exchange, store of value, unit of account, standard for deferred payment.
Question 10
What is meant by exchange?
A.
Total cost divided by total output. B.
Classical economist; argued markets work via the invisible hand. C.
Output per unit of input in a given time period. D.
Specialisation requires trade between specialists.
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