Economics

What is the major reason why we study Economics?

• To understand human behavior
• To allocate resources efficiently
• To study scarcity
• To maximize profit

Why is Economics considered a Science?

• It adopts scientific methods
• It studies human behavior
• It is a natural science
• It is predictable

What is the definition of Want in Economics?

• Human satisfaction from goods and services
• Human need for food and water
• Human desire for goods and services
• Human preference for goods and services

What is the concept that involves ranking and listing of human wants in an order of priority?

• Opportunity cost
• Scale of preference
• Choice
• Scarcity

What is the concept of Effective Demand?

• Desire for essential goods
• Desire for goods and services
• Desire backed up by ability to pay
• Desire for luxury goods

What is the study of large units and aggregate economy called?

• Microeconomics
• Macroeconomics
• Market economics
• Industrial economics

What is the desire for goods and services that gives satisfaction called?

• Opportunity cost
• Demand
• End
• Satisfaction

What is the nature of Economics as a subject?

• Natural Science
• Social Science
• Humanities
• Applied Science

What is the scope of Economics?

• Distribution only
• Production only
• Consumption only
• Production, consumption, distribution, and exchange

What is the table that illustrates the relationship between price and quantity demanded of a commodity called?

• Market demand
• Demand schedule
• Demand curve
• Supply schedule