Economics First Term 2023/2024 Half Term Test

Economics can be described as the study of

• the wealth of nation

• consumption of product

• provision of daily need

• distribution of wealth

When the economics situation is viewed from the point of value judgment economics is said to be _____

• positive

• negative

• normative

• predictive

The three major economic activities are ________

• occupation, production and distribution

• production, distribution and consumption

• utilization, production and consumption

• distribution, exchange and consumption

In order to reach a sound conclusion about human behaviour economics relies on the finding of other _____ subject

• commercial

• art

• pure science

• social science

Unlike pure science the generalized law in economics is majorly based on _____

• certainly

• probability

• precision

• accuracy

Career prospect in the study of economics means _______

• employment avenue

• fraudulent avenue

• job scarcity

• wealth distribution

Economics is often described as a science because it ______ adopt the use of laboratory equipment

• uses scientific method

• involves accurate prediction of human beings

• deals with observation and field work

• deals with calculations

The most basic concern of the economist is to

• create human want

• satisfy all human want

• redistribute income

• use alternative scare resources to satisfy human want

Scarcity in economic means that resources are ______

• needed to satisfy human wants

• never enough to share

• limited in relation to unlimited wants

• that are scarce at the moment

Choice is necessary because resources are ______

• unlimited

• b. scarce

• seen everywhere

• available