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- 1. Multiple Choice
study of economics in relation to real world situations
Microeconomics
Macroeconomics
Econometrics
Applied economics
- 2. Multiple Choice
the tension between the limited resources and unlimited wants and needs.
natural resources
scarcity
opportunity cost
poverty
- 3. Multiple Choice
When economists say that resources are scarce, it means that they are what?
Limited
Overflowing
Rare
Lacking
- 4. Multiple Choice
Which is NOT a major economic problem?
How to produce?
What to produce?
When to produce?
For whom to produce?
- 5. Multiple Choice
What do households provide to the resource market?
people
income
money
land, labor, capital
- 6. Multiple Choice
the three problems of economics is what to produce, how to produce and ....
when to produce
where to produce
which one to produce
for whom it will be produced
- 7. Multiple Choice
What is meant by opportunity cost?
The labour used in producing the product
The next best alternative foregone
The cost of exploring business opportunities
The cost of the item selected
- 8. Multiple Choice
this is responsible for the rapid technological change and high living standards during the 1980's.
entrepreneur
market
innovation
government
- 9. Multiple Choice
this is marketing of goods and services to different economic outlets for allocations to individual consumers.
production
distribution
exchange
consumption
- 10. Multiple Choice
this factor of production is paid in the form of rent or lease.
land
labor
capital
entrepreneur
- 11. Multiple Choice
They say that economics is the science of ____________.
Country Growth
Money
Decision Making
Opportunities
- 12. Multiple Choice
In the circular flow model, the product market describes _____.
stores that sell goods and services to households
households selling their labor to businesses
the government paying for public goods
households receive income from businesses
- 13. Multiple Choice
It is the flow of activities of household and firms in a circular direction.
Economic Activity
Circular Flow
- 14. Multiple Choice
What is an Entrepreneur?
A person who risks their own time and money to start a business
Revenue
Profit
he money a business makes from selling their goods and services
- 15. Multiple Choice
Any technology/machinery involved in the production process:
Investment Capital
Enterprise Capital
Physical Capital
Human Capital
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