1) Oikonomia means management of society in Greek a) True b) False 2) Economics is the study of wealth and in part the study of man a) True b) False 3) Scarcity leads to the need for allocation a) True b) False 4) Scarcity of resources means a) Minimum resources b) Shortage of resources c) slight resources d) excess resources 5) The payment received from capital a) wage b) interest c) rent d) profit 6) Which stage of business cycle refers to the lowest point in a cycle? a) depression b) peak c) trough d) recession 7) Refers to the branch of economics concerned with the description and explanation of economic phenomena? a) Normative b) Positive c) Microeconomics d) Macroeconomcis 8) Economic question determine by consumers preferences a) For whom to produce b) How much to produce c) How to produce d) What to produce 9) Economic system system known as centralized economy a) Market b) Command c) Traditional d) Mixed 10) Economics can be used in evaluating the choices and alternatives in our lives a) True b) False

Introduction of Applied Economics

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