Applied Economics Midterm Grade 12 ABM

Economics comes from two old Greek words - 'oiko', which means 'home' and 'nomos' which means ______.

• household

• management

• Owner

• household management

Economics is considered a science because:

• It involves the collection and analysis of data

• It relies on subjective opinions and beliefs

• It is based on experimentation and laboratory testing

• It is primarily concerned with ethical issues

Who is the father of Modern Economics?

• Paul Samuelson

• Roger Le Roy Miller

• Adam Smith

• Hall Loeberman

Studying economics is essential because:

• It helps individuals make informed financial decisions

• It provides a framework for understanding economic systems

• It enables policymakers to develop effective economic policies

• All of the above

It is a condition where there are insufficient resources to satisfy all the needs and wants.

• Scarcity

• Needs

• Wants

• Trade off

The basic economic problem is:

• How to produce goods and services efficiently

• How to distribute income fairly

• How to satisfy unlimited wants with limited resources

• How to achieve economic growth

It is a science because it is an organize body of truth, coordinated, arranged and systematizes with reference to certain general laws and principles.

• demand

• market

• supply

• economics

Introduction to economics focuses on:

• The history of economic thought

• The fundamental concepts and principles of economics

• The application of economic analysis to real-world problems

• The development of economic models

It is when a good is scarce compared to its demand.

• Relative scarcity

• Absolute scarcity

• Opportunity Cost

• Trade off

Economic choices are influenced by:

• Scarcity of resources

• Unlimited wants

• Opportunity cost

• All of the above