1. Economics can be defined as the study of how people choose to allocate __________ to satisfy their _____________________. A. Unlimited wants, scarce resources. B. Needs, wants. C. Scarce resources, unlimited wants. D. Wants, needs.
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1. Economics can be defined as the study of how people choose to allocate __________ to satisfy their _____________________.
A. Unlimited wants, scarce resources.
B. Needs, wants.
C. Scarce resources, unlimited wants.
D. Wants, needs.
2. ________________ refers to initiative, talent and organisational ability to incorporate and co-ordinate the different factors for profitable and efficient production.
A. Capital.
B. Entrepreneurship.
C. Labour.
D. Land.
4. An economic system where tradition and customs determine what, how and for whom to produce is called the ________________________ system.
A. Free market.
B. Traditional.
C. Mixed.
D. Command.
6. Which one of the following is not a
A. Control inflation.
B. Achieve
C. Promote
D. Avoid balance of payment difficulties.
7. An economy experiences inflation when __________________________.
A. The investments are rising.
B. The population is rising.
C. The general
D. The output is rising.
8. Which one of the following does not positively influence economic development?
A. Inflation.
B. Population growth.
C. Natural resources.
D. Capital infrastructure.
9. Suppose that in an economy, aggregate
A. Prices rice and output also rises
B. Prices fall and output also falls
C. Prices rise and output falls.
D. Prices fall and output rises.
10. Which school of thought was introduced in the 1980s by economists David Romer, Oliver Blanchard, Greg Markiw and others.
A. Keynesian.
B. New Keynesian.
C. Classical.
D. New classical.
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