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WorksheetsINTRODUCTION TO ECONOMICS
Total questions: 15
Worksheet time: 4mins
Economics is about ___________; a choice among alternative uses of scarce resources.
decision making
economizing
spending
The man in this image is _________. He is the founder of Modern Economics.
Adan Smith
Alfred Marshall
Marshall, Aldred
Smith, Adam
This is a policy or attitude of letting things take their own course, without interfering. In economics, this means abstention by governments from interfering in the workings of the free market.
c'est la vie
c'est la vien
laissez-faire
laisez-fairre
Which of these is the contemporary definition of Economics?
Economics is the practical science dealing with the production and
distribution of wealth.
Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.
Economics is the study of human behaviour as a relationship between ends and scarce means which have alternative
uses.
Economics is the study of the individual and his social actions which is most closely connected
with the attainment and with the use of the material requisites of well
being.
Wealth is a _____ to achieve certain ____.
luxury; lifestyle
means; ends
means; goals
privilege; perks
Man is not merely motivated by the desire of acquiring maximum wealth for its own sake.
true
false
Marshall's definition of economics ignores the ____________ aspects of
human life
occupational
non-occupational
material
non-material
Ends are limited; means are unlimited.
true
false
In economics, a ____ is an effective desire for a thing, which can be satisfied by making an effort for obtaining it.
dream
passion
need
want
Man have unlimited wants and as one's want gets satisfied another want arises.
What is the idea being expressed in this statement?
greed
dissatisfaction
insatiability
vulnerability
Means are required to be used for the satisfaction of various wants.
true
false
Scarce means have alternative uses.
true
false
This generally applies to markets of goods and services and deals with individual economic issues.
macroeconomics
microeconomics
This analyzes all aggregate indicators and the microeconomic factors that
influence the economy.
macroeconomics
microeconomics
Microeconomics is also known as ___________.
economic theory
factor theory
price theory
product theory
