AAA406 - QUIZ 1 - 20244

The Economics is defined as how people allocate their ___________ to fulfill their _____________

• Limited Resources
• Unlimited needs
• Labor
• Cost
• Equity

Select the three (3) categories of resources

• Labour
• Cost
• Capital
• Efficiency
• Land

What is the two (2) branch of Economics

Select the two (2) goals of microeconomics

• Efficiency
• Land
• Capital
• Equity
• Policy

Select the three (3) goals of macroeconomics

• Rapid Economics Growth
• Stable Prices
• High Employment
• Inflation
• Unlimited Resources

Select two (2) components of Opportunity cost

• Supply and Demand
• Monetary
• Labour
• Non-monetary
• Choice

What is the name of an Economic Model which measures the potential output of an economic identity?

• Supply Curve
• Equilibrium
• Production Possibilities Frontiers
• Unlimited Resources
• Opportunity Cost

Image below showing an Economic Model measuring the potential output from Pak Pandir's Farm. Select the answer describing the situation of Green Dot

• Unattainable due to limited resources
• Underutilized resources
• Overutilized resources
• Opportunity cost

"An economic system in which resources are allocate through individual decision-making" is the definition of

• Mixed Economy
• Free/Market Economy
• Centrally Planned Economy
• Communism

Select four (4) Economics Systems

• Market Capitalism
• Market Socialism
• Centrally Planned Capitalism
• Centrally Planned Socialism
• Free market