1.

Economics is derived from the Greek word “oikanomia” meaning:

a. Economic management

b. Household management

c. Social management

d. Local Management

2. Economics is a social science because it deals with:

a. Human nature

b. Natural resources

c. Experimentation

d. Culture

3. Scarcity of resources means:

a. minimum resources

b. excess resources

c. shortage of resources

d. no resources

4. These are examples of human wants except:

a. smartphone

b. perfume

c. watch

d. clothing

5. Deals with the economic behavior of the whole economy or its aggregates.

a. Macroeconomics

b. Microecomics

c. Economic income

d. Gross domestic product

6. Deals with the economic behavior of individual units.

a. Macroeconomics

b. Microecomics

c. Economic income

d. Gross domestic product

7. It refers to the process of producing or creating goods needed by the households to satisfy their
needs.

a. Production

b. Goods

c. Services

d. Distribution

8. It is something that can be used or consumed.

a. Production

b. Goods

c. Services

d. Distribution

9. It is something done for someone else. Sometimes people are paid for it, sometimes they are not.

a. Production

b. Goods

c. Services

d. Distribution

10. Is a person or business that makes goods or provides services

a. Producer

b. Consumer

c. Seller

d. Distributor
11. It refers to the marketing of goods and services to different economic outlets.

a. Production

b. Exchange

c. Services

d. Distribution

12. It refers to the process of transferring goods and services to a person in return for something
present medium of exchange – money.

a. Production

b. Exchange

c. Services

d. Distribution

13. Refers to the proper utilization of economic goods. However, goods and services could not be
utilized unless you pay for it. Hence, consumption could also be spending money for goods and services.

a. Buying

b. Consumption

c. Utilization

d. Spending

14. Pertains to the activities of the government regarding taxation, borrowings and expenditures. It
deals with the efficient use and fair distribution of public resources.

a. Buying

b. Consumption

c. Budgeting

d. Public Finance

15. Refers to all human efforts, be it mental or physical, that help to produce satisfying goods and
services.

a. Labor

b. Capital

c. Entrepreneurs

d. Foreign Exchange