SHS Economics · Year 1
Introduction to Economics practice questions
The meaning and definitions of Economics, microeconomics vs macroeconomics, positive and normative statements, tools of economic analysis, basic concepts (needs, wants, scarcity, choice, scale of preference, opportunity cost), and the three economic systems.
21 questions in this topic: 5 recall, 8 applying skills and concepts, 6 strategic thinking and 2 extended thinking. Every one carries a written explanation.
Sample questions
3 of 21 questions in this topic. Sign up to answer them and see the explanations.
- Question 1Extended thinking
In Bankukrom, private individuals own businesses, employ workers and aim to make profit, while the government regulates and taxes them. This describes a
- amixed economic system, where resources are partly owned by private individuals and partly regulated by the state
- bpure capitalist system, since the government has no role at all
- cpure socialist system, since the state owns all resources
- dbarter system, since no money changes hands
- Question 2Skills & concepts
If a student chooses to study for an exam instead of watching a football match, the opportunity cost of studying is
- athe football match that was given up
- bthe time spent studying
- cthe exam itself
- dzero, since studying has no cost
- Question 3Recall
MicroEconomics is best described as the branch of Economics that studies
- aindividual economic units such as consumers, producers and distributors
- bthe entire economy as a single entity, including national output and inflation
- conly government agencies and their budgets
- dinternational trade agreements between countries
Answer these and 18 more on Introduction to Economics
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Start practising freeMore Economics Year 1 topics
- Economic Systems and Macroeconomic Variables
- Market
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- Price
- Production
- Supply
- Utility