_____1. It is the wise use of money and time
a) Economics c) Goods and services
b) Probability d) None of the above
_____2. It is the analysis and evaluation of monetary consequences by using the theories and principles of economics to engineering applications, designs and projects.
a) Economics c) Goods and services
b) Engineering Economy d) None of the above
_____3. It is defined as any tangible economic product (soap, car, shirts, tools, machines, etc) that contributes directly or indirectly to the satisfaction of human wants.
a) Goods or commodity c) Goods and services
b) Engineering Economy d) None of the above
_____4. Are those products or services that are directly used by people to satisfy their wants.
a) Goods or commodity c) Consumers Goods and services
b) Engineering Economy d) None of the above
_____5. It also satisfy human wants but indirectly in as much as, they are used to produce the consumer goods and services
a) Producer goods and services c) Consumers Goods and services
b) Engineering Economy d) None of the above
_____6.It refer to the goods and services that are required to support human life needs and activities.
a) Necessities c) Consumers Goods and services
b) Luxuries d) None of the above
_____7. They are those goods and services that are desired by human and will be acquired only after all the necessities have been satisfied
a) Necessities c) demand
b) Luxuries d) none of the above
_____8. It is defined as any product that has an income-elasticity if demand greater than one. This means that as income rises, proportionately more income is spent on such products
a) Necessity products c) Consumers Goods and services
b) Luxury Products d) None of the above
_____9. It is the need, want or desire for a product backed by the money to purchase it.
a) Necessity products c) Demand
b) Luxury Products d) None of the above
_____10. It is the amount off a product made available for sale.
a) Supply c) Demand
b) Luxury Products d) None of the above
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