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