IBDP BM G11
The advantages of specialization include all those listed except:
A greater amount of output
Select the odd one out from each of the options below:
Acquisition
The difference between the costs of inputs in the production process and the price of the final output is known as:
Added value
The process of increasing the value of a resource in the production process is known as:
Adding value
The primary sector is the part of the economy that consists of:
Agriculture, fishing and extractive services
The shareholders of a company
All have voting rights
Disadvantages of sole traders exclude
Autonomy in decision-making
The term 'product' refers to:
Both goods and services
What is the notion used to describe what a business intends to achieve, whether in the short-term or the long-term ?
Business objectives
Computers are an example of which type of factor input?
Capital
Which of the following is NOT an example of primary production?
Coaching
The secondary sector:
Consists of businesses involved in the manufacturing of goods
In comparison to other forms of businesses, sole proprieters face the problem of
Continuity
A code of practice/conduct is not likely to include details concerning:
Ethical marketing
The resources used in the production process are collectively known as:
Factors of production
Which of the following is not an example of ethical policies adopted by a business?
Fringe benefits offered to senior executives
Incorporated means that a business
Has limited liability for its debts
Unincorporated means that a business
Has unlimited liability for its debts
Many businesses strive to be the market leader. Which of the following methods is least likely to achieve this objective?
Have high labor turnover
A sole trader is a person who
Is legally liable for any debts of the business
The division of labour is most extensively observed in which of the following cases?
Lecturing at university
Which occupation does not exist in the tertiary sector?
Machinist
What is the notion used to describe why a business is doing what it's doing and how it does it ?
Mission statement
An entrepreneur is someone who:
Organises factor inputs and takes risks in business decisions
As factors of production, which of the following is not classified as land?
Paper
Which of the following is least likely to be a non-profit organisation?
Performance art groups
As less developed economies move into developed economy status, there is typically a shift in output and employment from:
Primary to secondary to tertiary
The ________ sector of the economy is owned by individuals and companies, usually in pursuit of making a profit. The ________ sector is controlled by the government that aims to primarily to provide a service by acting in the public's best interest.
Private, Public
Public utilities, such as water and gas supply, are usually considered as being in the tertiary sector because they:
Provide services to the general public
Select the odd one out from each of the options below:
Secondary objectives
Business objectives do not include:
Suggesting how goals should be achieved
Which of the following is least specialised?
Taxi driver
Which of the following businesses would not be described as operating in the tertiary sector?
Textiles
Which of these statements is false?
The Board of Directors of a private limited company owns the business
Objectives are:
The major goals of an organisation
Production is:
The process of making goods and services from the available factor inputs
Advantages of sole traders do not include
The various sources of finance available
Which statement does not apply to charities
They are private sector businesses
Which of the following statements about shareholders is correct?
They have limited liability
Which one can be understood as a company's vision
To become the world's market leader
Possible objectives of public sector organizations are least likely to include:
To maximise levels of profits
The declaration of the future identity of a business is known as its:
Vision statement
