Economics 9

1. What is the main problem faced by the family in the grocery scenario?

• Too many choices

• Limited budget

• No items available

• Lack of transportation

 Which of the following is considered a need?

• Chips

• Rice

• Toys

• Soda

If the parent prioritizes milk, vegetables, and rice, what concept is being applied?

• Wants over needs

• Scarcity

• Allocation of budget

• Consumption of wants

Why is buying a toy considered a want and not a need?

• It is cheap

•  It is not essential for survival

• It can be shared with others

• It replaces food

Which of the following falls under Macroeconomics?

• Advising a corporation about an investment proposal.

  
  

• Studying how consumer demand reacts to advertising.

• Measuring the rate of unemployment

• Studying how household demand is influenced by income.

Which of the following statements best describes Macroeconomics?

• It is a branch of economics that studies the economy as a whole, such as inflation and national growth.

• It is a study of economics at the level of individual consumers.

• t is the study of individuals, groups, and organizations, and all activities associated with the purchase, use, and disposal of goods and services.

• ) It is a branch of economics that studies the increasing consumption of goods and services.

Which of the following is an example of a want?

• Education

• Clothing

• Swatch

• Shelter

Which of the following is an example of a need?

• Gaming computer

  
  

• Sports Car

•  Designer bags

• Food and water

Which of the following factors is NOT typically considered a driver of consumption?

• Income Level

  
  

• Weather patterns

• Cultural influences

• Geographical location

This refers to the use of goods and services by households and individuals

• Buying

• Consumption

• Production

• Consumerism