Production (AQA A-Level Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
ShowHide
Practise the questions
10 questions from this quiz
What is the key difference between production and productivity?
What is the key difference between production and productivity?
Production is quantity; productivity is efficiency
Which are the four traditional factors of production?
Which are the four traditional factors of production?
Land, labour, capital, and enterprise
In production theory, what does 'capital' refer to?
In production theory, what does 'capital' refer to?
Physical capital goods like machinery and equipment
What is the entrepreneur's financial reward if their business succeeds?
What is the entrepreneur's financial reward if their business succeeds?
Profit
How is labour productivity calculated?
How is labour productivity calculated?
Total output divided by number of workers
Nissan Sunderland produced 98 cars/worker/year. Rover produced 33. How many times higher was Nissan's rate?
Nissan Sunderland produced 98 cars/worker/year. Rover produced 33. How many times higher was Nissan's rate?
Nearly 3 times higher
According to data from 2015-2016, how much higher was USA productivity compared to the UK?
According to data from 2015-2016, how much higher was USA productivity compared to the UK?
Approximately 38% higher
What were 'zombie firms' in the UK productivity puzzle explanation?
What were 'zombie firms' in the UK productivity puzzle explanation?
Under-performing firms surviving on low interest rates
What is the key principle of Just-in-Time (JIT) production?
What is the key principle of Just-in-Time (JIT) production?
Manufacturing components exactly when needed
Why does specialisation increase output according to Adam Smith?
Why does specialisation increase output according to Adam Smith?
Time savings, better equipment use, and skill development