13. Economics can be best defined as the study of

D. how scarce resources can be used efficiently

A. how to spend the family income efficiently.

B. how to find minimum costs of production

C. the interpretation of scarce resource resources and date

7. The study of Economics becomes necessary because of the

A. large population size of the world.

C. opportunity cost of goods and service

D. need to satisfy every desire of man

9. Choice is necessitated by

C. production possibility curve.

10. The concept of opportunity cost is important to the firm because it

D. guides firms in allocating scarce resource

A. determines the prices of the firm's products.

B. increases the level of output of the firm

C. leads to maximum satisfaction of the consumers

12. The main concern of economists is to

A. allocate scarce resources to satisfy human wants.

C. redistribute income between the rich and the poor

D. control the growth of population

15. Human wants are unlimited because

B. resources have alternative uses.

18. Scarcity implies that

A. goods cannot be produced efficiently.

C. goods and services are limited in supply

D. commodities are evenly distributed within the economy.

19. Economics is regarded as a science because it

B. uses scientific method to explain human behaviour.

A. studies laws that govern human behaviour.

C. makes use of controlled experiments to explain human behavior.

D. makes use of machines to study human behaviour.

20. Economics is a social science because it

A. deals with an aspect of human behaviour.

B. provides people with the commodities they want.

C. deals with limited resources which have alternative uses.

D. deals with the production of goods for present and future consumption.

21. Scarcity in Economics generally refers to

C. monopolization of existing supply of resources.

23. The most basic concern of economists is to

D. allocate scarce resources to satisfy human wants.

C. redistribute income so that it is used correctly.

25. Economics is regarded as a science because

B. it adopts scientific method in making its analysis.

A. its issues can be easily verified by reference to facts.

C. its issues are relevant for national development.

D. its subject matter studies human behaviour.

26. Which of the following defines Economics most comprehensively

C. The study of human behaviour in the allocation of scarce resources.

A. The study of buying and selling.

B. The organization of industries and markets.

D. National development, planning and budgeting.

27. The opportunity cost of a worker going to the university is

C. the wages given up to attend university.

D. transportation and entertainment.

28. The transformation curve slope indicates the

A. opportunity cost of producing one commodity for another.

B. opportunity cost of producing two commodities at a time.

C. sale of the plant to other investors.

D. decrease in the cost of production.

29. The problem of scarcity is reduced by

C. ensuring efficient allocation of resources.

A. controlling consumption of goods and services.

B. producing everything needed by consumers.

D. restricting consumer choices and tastes.

32. The 150.00 Naira which Olu would have used to purchase a textbook was used to buy a T-shirt. This implies that

C. Olu's opportunity cost is the textbook.

A. Olu's real cost is 150.00 Naira.

B. Olu's opportunity cost is the T-shirt he bought.

D. Olu's money cost is also the real cost.

33. Human wants are insatiable because wants are

D. unlimited while means are scarce.

A. limited while means are scarce.

B. unlimited and means are also unlimited.

C. Limited arid means are also limited.

34. Scale of preference is important for the following reasons except in

C. making optimum allocation of resources.

D. using scarce resources efficiently.

35. Economics is often described as a science, because it

D. uses scientific methods to explain observed phenomena

A. adopts the use of laboratory experiments.

B. involves accurate prediction of human beings

C. makes use of controlled experiments.

37. Scarcity in Economics means that

D. resources are limited relative to wants.

A. the economy can scarcely produce anything.

C. the economy has very few resources.

38. Economics is a social science which studies how

D. scarce resources are allocated to satisfy human wants.

39. Scarcity in Economics means

C. limited supply of goods and services.

B. unlimited demand for consumer goods.

D. total absence of a commodity in the market.

40. Economics is the study of how to

A. choose between alternatives, given limited resources.

B. regulate the money that is in circulation in a country.

C. be prudent in the use of available resources.

D. improve the standard of living of the society at large.

41. Scarcity in Economics arises because

C. resources are limited in supply.

A. the resources available are adequate.

B. individuals have limited time.

D. human beings have limited wants.

42. The real cost of a commodity is

A. the cost of the alternative that has to be sacrificed for it.

B. the alternative that has to be forgone in order to purchase it.

D. the alternative cost involved when the opportunity of buying the commodity is missed.

44. The concept of economic efficiency primarily implies

A. obtaining the maximum output from available resources at the lowest possible cost.

B. conserving our petroleum resources.

C. equity in the distribution of the nation's wealth.

46. A scale of preference is a list

A. of consumer's wants arranged in order of importance.

B. that helps the individual to make a rational choice.

C. that enables the consumer to make a wise decision about his choice.

D. that is necessary because human beings are faced with competing wants.

48. The study of Economics enables the individual to

B. derive maximum satisfaction from the money he spends.

A. be miserly in the spending of his money.

C. determine the right market to visit.

D. avoid the purchase of luxurious items.

49. One way of solving the problem of scarcity that faces individuals is for

C. them to choose between alternatives since they cannot meet all their wants.

A. the government to import goods massively so that the citizens can get all they want.

B. them to work very hard so that they are able to buy all their wants.

D. them to use their resources as they wants.

50. To the economist, efficiency of resource use means

D. maximizing output from a given amount of resources.

A. the maximum use of resources to achieve minimum objective.

B. the reduction of cost for adequate output.

C. relating value of input to that of output.

Economics as a Science

Authored by Godson Daniel

Social Studies

12th Grade

Used 4+ times

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50 questions

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MULTIPLE CHOICE QUESTION

30 sec • 2 pts

1. The action of government to forgo road construction in order to provide more health facilities denotes

A. sound economic decision.

B. opportunity cost.

C. practicable government policy

D. scale of preference.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

2. Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses". 'Ends' here refers to

A. resources.

B. Wants

C. Choice

D. Output.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

3. Human wants are

A. limited

B. Scarce

C. Unlimited

D. in grades

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

4. Scarcity in Economics means that resources

A. are not enough to share among the producers of goods and services.

B. needed to satisfy human wants are limited

C. are never enough to share among consumers of goods and services.

D. required to meet our essential wants are unlimited

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

5. Which of the following is an economic activity.

A. attending a town's meeting.

B. a visit to the stadium

C. payment of school fees

D. arresting a petty thief

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

6. Economics is best described as the study of

A. the wealth of nations.

B. how man consumes his product

C. how man provides for his needs

D. the distribution of wealth

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

11. Economists speak about 'opportunity cost' when a consumer

A. has the chance to minimize costs.

B. has to forgo one thing in order to have another

C. can equate his fixed costs with his variable costs

D. is able to save part of his income.

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Economics as a Science

1. The action of government to forgo road construction in order to provide more health facilities denotes

2. Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses". 'Ends' here refers to

3. Human wants are

4. Scarcity in Economics means that resources

5. Which of the following is an economic activity.

6. Economics is best described as the study of

11. Economists speak about 'opportunity cost' when a consumer

13. Economics can be best defined as the study of

7. The study of Economics becomes necessary because of the

8. The concept of opportunity cost is also referred to as

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