Economics is about making right choice.

Economics as a science follows the scientific approach in arriving at conclusions.

Microeconomics is concerned with the performance of the economy as a whole or its major aggregates.

Money is resource and classified as capital.

The Physical effort expended by miners and steel workers represents labor resources.

Coal deposit is in the ground is an example of a capital resource.

The reward for labor is wage.

The reward for capital is interest.

Human wants are insatiable over an aggregate period of time because man is never contented.

Essential goods are always free.

Under socialism, both public and private institutions exercise economic control.

To decide how to use scarce resources to satisfy human wants, pure capitalism relies on price system.

The dictator or planning committee determines what to produce in a market economy.

Laissez Faire means no government intervention.

Economic Principles are formulated and derived through the scientific approach.

Economics is a __________ science.

A branch of economics that is concerned with aggregates.

Which of the following is not applicable in the study of macroeconomics?

Which of the following variables is not included in the study of microeconomics?

Goods that are used to produce other goods.

A factor of production that organizes and coordinates other factors.

Resources that command a price.

Which characteristic does not belong to capitalism?

Which Stage of scientific approach does logic apply to?

An economic system that is known as mixed economy.