ECON 1.1 1.2

Scarcity is where

• Unlimited resources meet limited wants

• Infinite wants meet limited resources

• Limited wants meet limited resources

• Infinite wants meet infinite resources

Ceteris paribus stands for

• Everything else stays the same

• Everything else changes

• live and let live

• Command and conquer

Opportunity cost means

• the next best alternative foregone

• the value of the next best alternative foregone

• the cost of producing the good

• the cost to the third party

Which if of the following is not a renewable form of energy

• wind

• solar

• hydro

• coal

Which of the following is not a function of money?

• Medium of exchange

• Store of value

• Standard of deferred payment

• Durability

Who is famous for inventing the division of labour theory?

• J M Keynes

• F A Hayek

• Adam Smith

• M Freidman

Which of the following is NOT and IRRATIONAL BEHAVIOUR?

• Habitual

• Herding

• Lack of info at computation

• Maximising utility

Demand is best described as

• Willingness to buy a good

• The ability to purchase a good

• The willingness and ability to purchase a good

• The will to purchase a good

The best way to remember the demand side SHIFTERS is...

• PACIFIC

• PASIFIC

• ATLANTIC

• INDIAN

The best way to remember the SUPPLY SHIFTERS is.....

• PINTSWC

• PINTSHP

• LITRESWC

• LITRESHP