Applied Economics Exit Exam.

It is the proper allocation and efficient use of available resources for the maximum satisfaction of human wants?

• Science

• Mathematics

• Accounting

• Economics

It is an activity of earning money, buying goods and services or saving money in a bank?

• Economics

• Buying

• Accounting

• Financial

Economics also classified as ____ science because it deals with the study of man’s life and how it deals with other men?

• Social

• Cultural

• Biological

• Political

One of the basic economic problems is: What __________ to produce?

• Needs and priorities   

• Clothing and shelter

• Conduct and behavior

• Goods and services

The most essential in understanding the economy as a system?

• Macroeconomics

• Microeconomics

• Economics

• Industry

Why does it cost money to produce and consume the goods society wants?

Note: Answer it in four sentences.

Why do we have to make choices and trade-offs?

Note: Answer it in three sentences

Explain what is Unemployment?

Note: In two sentences

What is Poverty?

Note: answer it in three Sentences

What is Poor Infrastructure?

Note : answer it in five Sentences