G11: Economics: Introduction

Economics comes from the Greek word, Oikonomia, which means?

• management of the household

• management of the city

• management of the country

• personal management

Which 2 of the choices below are resources classified into?

• natural

• man-made

• unnatural

• extraterrestrial

How do you define capital goods? SELECT 2.

• They are goods made by humans

• They are goods that people use to create more goods

• They are the natural things that we gather from the environment.

• They are rare goods like oil and some Earth metals.

Which of the following is not a scope of microeconomics?

• demand

• supply

• inflation

• individual behavior

Which 3 of the following are part of the scope of microeconomics?

• goods

• services

• prices

• gross domestic product

Which of the following is not a scope of macroeconomics?

• gross domestic product (GDP)

• individual behavior

• general behavior

• gross national product (GNP)

Which 3 of the following are part of the scope of macroeconomics?

• Inflation

• Aggregate Demand

• Employment

• Supply of good

Which 3 of the following are used by economists to provide information?

• concepts

• theories

• simple models

• tarot cards

Speaking of models, which of the following is an example of an economic model?

• Two-factor circular flow model

• Geological model

• Model of natural gravitation

• Fibonacci sequence model

Why is Economics under the scope of Social Science?

• because it studies human behavior

• because it studies the displacement properties of water

• because it studies photosynthesis that provides life to all living things on Earth

• because it considers the table of elements in its study