Year 10 ECONOMICS REVISION

   Economics can be defined as the study of     

• how to spend the family income efficiently          

• how to find minimum cost of production

• the interpretation of scarce resources and data

• how scarce resources can be used efficiently.

   Economics is a social science because it        

• deals with an aspect of human behaviour 

• provides people with the commodities they want

• deals with limited resources which have alternative uses

• deals with the production of goods for present and future consumption

  Economics is the study of how to

• choose between alternative, given limited resources                  

• regulate the money that is in circulation in a country

• be prudent in the use of available resources     

• improve standard of living of the society at large.

   The definition of Economics as the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses was given by       

• Adam Smith 

• David Ricardo  

• Lionel Robbins 

• Robert Giffen.

  Economics is the study of human behaviour as it relates to the       

• efficient allocation of resources   

• operation of companies

• organize production at the lowest cost 

• decide under what circumstances the government should intervene in the economy.

The concept of economic efficiency primarily implies    

• obtaining the maximum output from available resources at the lowest possible cost   

• conserving our problem resources   

• equity in the distribution of the nation’s wealth  

• producing without waste.

The study of Economics enables the individual to 

• be miserly in the spending of his money        

• derive maximum satisfaction from the money he spends    

• determine the right market to visit 

• avoid the purchase of luxurious item

   Economics as a field of study is a

• pure science

• political science  

• social science      

• physical science

  Which of the following is not an activity in economics?   

• attending a town’s meeting

• a visit to the stadium 

• payment of school fee

• arresting a petty thief.

   Economics is regarded as a science because      

• its issues can be easily verified by reference to facts    

• it adopts scientific method in making its analysis

• its issues are relevant for national development 

• its subject matter studies human behaviour.