G9 M2 ECONOMICS QUIZ

1. The word that comes from the Greek word for “one who manages a household” is

• a. market.

• b. consumer.

• c. producer.

• d. economy.

2.  Which of the  following  best describe the  word Economics

•  the study of how people make choices about ways to use unlimited resources to fulfill their unlimited wants and needs.

• the study of how people make choices about ways to use limited resources to fulfill their unlimited wants and needs.

•  the study of how people make choices about ways to use natural resources to fulfill their unlimited wants and needs.

•  the study of how people make choices about ways to use man-made resources to fulfill their unlimited wants and needs.

3.  Which of the  following  statements  does NOT describe the  role  of  an Economist?

• Measure major changes in the price level of goods and services

• Forecast the effect of  changes in the government policy

• Identify ways to make a fairer society

• Explain an economic phenomenon that  exists.

4. Which of  the  following  best describes an “economic problem”.

• Having high levels of unemployment

• Matching endless wants  to limited resources

• Reasons  why economies go to recession

• The reason of high exchange rates in the market

5.  Why is Economics called a 'Science of Choice ?

• The human wants are unlimited, so choice making is essential

• The human needs are essential, so choice making is essential

• Economics  deals with the study of material welfare

• Economics is a study of man and  how they make choice