• 1. 
    Fundamental facilities and systems serving a country, city, or area, as transportation and communication systems, power plants, and schools

  • Globalization
  • Infrastructure
  • Industrialization
  • All of these
  • 2. 
    It either has a king, queen, emperor, or empress. its passed down to heirs

  • monarchy
  • dictator
  • oligarchy
  • none of these
  • 3. 
    The statement that “the human being’s want cannot be fully satisfied with limited resources is called _______________.

  • opportunity cost
  • choices
  • scarcity
  • desire
  • 4. 
    scarcity means:

  • Indicates that the want of consumer will be satisfied in a Mixed system
  • the want of a consumer will never be satisfied completely
  • Is only for underdeveloped countries
  • Is not for rich and developed countries
  • 5. 
    Marx believed in

  • Private Ownership of the Means of Production
  • Dictatorship of the Proletariat
  • Religion
  • Profit Theory of Value
  • 6. 
    Capitalism is an economic system where individuals take all themain economic decisions.

  • True
  • False
  • 7. 
    How do Governments Make Money?

  • Tax the population
  • Go into business
  • Borrow
  • All of these
  • None of these
  • 8. 
    Which is not a central problem of an economy:

  • What to produce?
  • How to maximize the profit
  • How to produce?
  • For whom to produce?
  • 9. 
    “In order to save cost, the “Food Industry” should use more labor than machines.”This statement refers to

  • What to produce?
  • How to produce?
  • How many to produce?
  • None of the above
  • 10. 
    Individuals A and B can produce good X. We say that A has a comparative advantage in the Production of good X if:

  • A has a lower opportunity cost of producing X than B
  • A can produce less units of X in a given time period than B.
  • A can produce X using newer technology than B.
  • A can produce more units of X in a given time period than B.
  • 11. 
    A government that recognizes god or a divine being the ultimate authority

  • Junta
  • Monarchy
  • Theocracy
  • Anarchy
  • 12. 
    The term refers to nations where major social problems occur often, like famine or hunger, diseases, and low incomes

  • Developing Nation
  • Emerging Nation
  • Colonialism
  • Industrialization
  • 13. 
    People who are allowed to vote in an election because they have reached the age of suffrage

  • Electorate
  • Diplomacy
  • Globalization
  • Colonialism
  • 14. 
    Central Problems are not faced by Developed economies.

  • True
  • False
  • 15. 
    Has a democratic government that limits the monarchs control

  • Traditional Monarchy
  • Constitutional Monarchy
  • 16. 
    The core problem in economics study is

  • Money
  • Scarcity
  • Production
  • Allocation
  • 17. 
    Central Planned Economy is on the basis of

  • Maximizing social welfare
  • Supply and Demand forces in the market
  • Both A and B
  • Other
  • 18. 
    Disadvantage of Central Planned Economy

  • Social justice
  • Limited choice of product and services
  • Public goods
  • Profit
  • 19. 
    How to produce in Capitalism Economy refers to

  • Labor intensive
  • Capital intensive
  • The cheapest method
  • Inefficiency method
  • 20. 
    A political system headed by a dictator that calls for extreme nationalism and racism and no tolerance of opposition

  • Facism
  • Communism
  • Socialism
  • All of These
  • 21. 
    Elected leaders do the day to day work of governing the country: they consider the issues, work to find the solutions, pass laws, and stuff to keep the country going. although citizens have the ultimate power

  • representative democracy
  • direct democracy
  • oligarchy
  • none of these
  • 22. 
    What do you mean by Marginal Opportunity Cost ?

  • It is the ratio between the loss of output and gain of output
  • It refers to the total loss of output
  • It is the ratio between the loss of input and gain of input
  • Both B and C
  • 23. 
    Citizens are directly involved in the day to day work of governing the country.

  • Direct Democracy
  • Representative Democracy
  • None of these
  • Oligarchy
  • 24. 
    System of resource allocation, commerce, and trade in which markets coexist with government intervention

  • Free market
  • Mixed Market
  • Command
  • Both A & B
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