Economics SS2 (3rd Assesssment)
  • 1. Want or need refers to
A) all the above
B) a list of need
C) a mere desire not backed by ability and willingness
D) a mere demand
  • 2. An effective demand is a want
A) None of the above
B) backed by desire
C) backed by the ability to pay
D) backed by want
  • 3. ________________ is the quantity of any good that producers are willing and able to offer for sale
A) Supply
B) Total production
C) Effective demand
  • 4. The first law of demand States that
A) the higher the price,the higher the demand
B) the lower the price, the lower the quantity supplied
C) all things being equal, the higher the price, the lower the quantity demanded and vice versa
  • 5. Who is the father of Economics
A) Alferd Marshal
B) John Stuart
C) A.C Pigou
D) Adam Smith
  • 6. Economics is regarded as both science and social science
A) False
B) Incorrect
C) True
D) Partially
  • 7. Economics is regarded as science because
A) It adopts socialist methods
B) It adopts philosophical method
C) It adopts scientific methods
D) It adopts humanity method
  • 8. Scarcity is defined as the
A) abundance supply of goods
B) unlimited supply of resources
C) limited supply of resources
D) None of the above
  • 9. There are __________ major types of bar charts
A) six
B) four
C) five
D) three
  • 10. ____________ is also known as forgone alternatives
A) Want
B) Scale of preference
C) Choice
D) Opportunity cost
  • 11. There are _________ major branches of economics
A) Three
B) two
C) six
D) four
  • 12. Exceptional demand is also known as
A) ineffective demand
B) effective demand
C) abnormal demand
D) normal demand
  • 13. One of the following is a cause of exceptional demand
A) articles of ostentation
B) future expectation
C) all of the above
D) articles of necessity
  • 14. A shift in demand is grouped into
A) five
B) three
C) seven
D) two
  • 15. Natural disasters is one of the factors affecting supply
A) false
B) true
  • 16. Decrease in the quantity demanded is caused by
A) price of other goods
B) Price of other services
C) price of the commodity
  • 17. Income of the consumer is one of the factors affecting demand
A) true
B) false
C) partially
  • 18. Decrease in the quantity supplied is caused by
A) number of producers
B) cost of the production
C) taxation
D) price
  • 19. __________ occurs when a certain good can serve two or more purposes
A) Composite supply
B) Joint demand
C) Competitive demand
  • 20. Articles of necessity is also known as
A) substandard goods
B) inferior or giffen goods
C) superior or giffen goods
D) real goods
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