Economics ss1

A basic economic problem of any society is

• The price system

• The banking system

• The central planning body

• Resource allocation

A demand curve is a

• straight line representing trade

• graphical representation of what is on the demand schedule

• change in quantity in a limited space

• Non- Profit picture

A demand schedule is

• A table containing the price of goods

• A table showing the relationship between price and quantity of a commodity

• A table showing the consumer demand in order of importance

• The quantity of goods the consumer is prepared to buy

The range of the data 14,13,15,18,20,35 and 13 is

• 22

• 18

• 20

• 35

An economy wherein there is a joint decision making process between the government and individuals in production. allocation and distribution is

• A mixed economy

• A Capitalist economy

• A Socialist economy

• A voluntary economy

If the Variance of a set of data is 81, what is the Standard Deviation?

• 9

• 18

• 20

• 35

The economic system in which resources are privately owned is known as

• Capitalism

• Socialism

• Communism

• Unitarism

A society that operates below (inside) the production possibilities curve (PPC) is using productive resources

• Optimally

• Efficiently

• Maximally

• Inefficiently

An improvement in technology and discovery of better ways to produce will make the Production Possibilities Curve (PPC) to

• Collapse

• Shift inward

• Become inverse

• Shift outward

A society experiencing recession will have its Production Possibilities Curve

• Shift outward

• Become parallel

• Remain constant

• Shift inward