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11TH ECONOMICS FORMATIVE TEST 1

Total questions: 20

Worksheet time: 11mins

Name
Class
Date
1.

Adam Smith's definition of economics is

a)

Growth oriented

b)

Scarcity oriented

c)

Wealth oriented

d)

Welfare oriented

2.

Which Economist has given this definition of economics?

"Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses"

a)

Prof. Lionel Robbins

b)

Paul Samuelson

c)

Adam Smith

d)

J.M. Keynes

3.

Identify the Economist. His definition of economics is based on

a)

Lionel Robbins, Scarcity

b)

Paul Samuelson, Scarcity

c)

Adam Smith, Wealth

d)

Paul Samuelson, Growth

4.

Which definition states that giving solution to economic problems is as a part of economics?

a)

Scarcity Oriented

b)

Welfare Oriented

c)

Growth Oriented

d)

Wealth Oriented

5.

This definition of economics is given by which economist?

"Economics is a study of administration of a scarce means and the determinants of employment and income."

a)

J.M. Keynes

b)

Alfred Marshal

c)

Paul Samuelson

d)

Adam Smith

6.

Who is the author of this book? What does his definition of economics focus on?

a)

Adam Smith, Wealth

b)

Lionel Robbins, Growth

c)

Lionel Robbins, Scarcity

d)

Paul Samuelson, Scarcity

7.
What is a characteristics of a market economy?
a)
lack of choice
b)
individual choice
c)
competition
d)
central ownership of property
8.
If I produce meat but, the government has to check to make sure I can put this product on the market, what economic system is this?
a)
Mixed
b)
Traditional
c)
Market 
d)
Command
9.
If the government makes me produce 70 T-Shirts, what economic system is this?
a)
Mixed
b)
Traditional
c)
Command
d)
Market
10.

All personal needs, such as health care and education, are provided by the government.

a)

Traditional Economy

b)

Free enterprise (Capitalist) Economy

c)

Communist (Command) Economy

d)

Socialist Economy

11.

Entrepreneurs bear their own risks but reap ALL their own PROFITS!

a)

Traditional Economy

b)

Communist (Command) Economy

c)

Socialist Economy

d)

Free Enterprise (Capitalist) Economy

12.

Cuba and North Korea are close to having this type of system.

a)

Socialist

b)

Command

c)

Free enterprise

d)

Traditional Economy

13.

Almost every person is a farmer. The government provides few services for health and education.

a)

Socialist Economy

b)

Communist (Command) Economy

c)

Free Enterprise (Capitalist) Economy

d)

Traditional Economy

14.

Below are the characteristics of capitalist economy EXCEPT

a)

Private ownership of resources

b)

Price mechanism of lesser importance

c)

Freedom of enterprise and choice

d)

Competition

15.

An economy in which a central authority draws up a plan and makes all economic decision is:

a)

a capitalist economy

b)

a laissez faire economy

c)

a socialism economy

d)

a mixed economy

16.

Malaysia is one of the countries that exercise _______________ as the system economics.

a)

Capitalism

b)

Command economy

c)

Mixed economy

d)

Laissez-faire economy

17.

The following are an example of economic resources under Land EXCEPT

a)

timber

b)

minerals

c)

silk

d)

agriculture product

18.

What does the form of labour’s earn in economics?

a)

profit

b)

wage

c)

interest

d)

bonus

19.

An economy in which a central authority draws up a plan and makes all economic decision is:

a)

a capitalist economy

b)

a laissez faire economy

c)

a socialism economy

d)

a mixed economy

20.

An economy in which individual people and firms pursues their own self-interests without any central direction or regulation is

a)

a command economy

b)

a laissez-faire economy

c)

a mixed economy

d)

a private sector economy