MID TERM QUIZ_Introduction to Economic_1A (Int'l)

1. What is economic?

• a. The study of how business and government make decisions about ways to use scarce resources to fulfill wants and needs

• b. The study of how business and government make a planning about ways to use scarce resources to fulfill wants and needs

• c. The study of how individuals and societies make decisions about ways to use scarce resources to fulfill wants and needs.

• d. The study of how individuals and societies make a planning about ways to use scarce resources to fulfill wants and needs.

The study of economics consists of….

• a. Macroeconomic and microeconomic

• b. Global economic and microeconomic

• c. Macroeconomic and Enterprise

• d. Macroeconomic and international economic

What are resources?

• a. The things used to solve the problems

• b. The things used to make other goods

• c. The things used to reach the goals

• d. The things used to make other decisions

What is “needs”?

• a. “stuff” we must have to make an identity

• b. “stuff” we must have to make some choices

• c. “stuff” we must have to group some customers

• d. “stuff” we must have to survive

What is “wants”?

• a. “stuff” we must have to make an identity

• b. “stuff” we must have to make some choices

• c. “stuff” we would really like to have

• d. “stuff” we must have to survive

The statements below are the economic sector, except:

• a. Primary sector

• b. Secondary sector

• c. Complementary sector

• d. Tertiary sector

Primary sector also known as….

• a. Primary industry

• b. Extractive Industry

• c. Complementary industry

• d. Tertiary industry

Secondary sector is….

• a. The extractive & construction sector of the economy

• b. The manufacturing & natural sector of the economy

• c. The manufacturing & construction sector of the economy

• d. The service & construction sector of the economy

Economic activity which Provides support services for the extractive & manufacturing sectors and to consumers, we called it as….

• a. Primary sector

• b. Extractive sector

• c. Complementary sector

• d. Tertiary sector

10. The statements below are 4 stages in the development of the economy, except….

• a. Decline stage

• b. Mature Stage

• c. Growth stage

• d. Globalization stage