TMA 1
1 Change in input price, government policy, organizational change may lead to_.
*higher cost of production for a firm
2 Income and substitution effects are better use in explaining the link between_ and _.
*demand and price
3 Quantity of a commodity purchased by an individual or family or group of people at different prices at a given time and place is known as the _.
*demand for such commodity
4 Goods and services usually referred to as _are produced by firms while household individuals are the _ of the commodities.
*‘Commodities’ , consumers
5 In a _ economy, the economic decision are made based on _, _ and _ of that society.
*traditional; believes, norms, religion and customs
6 In a controlled economy, it is the _ that makes the economic decision and it is solely done, meaning that there are no _ initiatives.
*government, private sector
7 Free market economy or market economy is an economic system where the basic economic decisions are made by the buyers and sellers, individual households and businesses in the economy_mechanism
*through the price
8 In Mixed economy, economic decision on what to produce; how and where to produce; for whom to produce; is made jointly by the_ and _ sectors in the economy.
*government and the pr ivate
9 _ and _work together to answer basic economic problems in relation to the resources in the society and its _
*individual and institutions, scarcity
10 An economic system consists of _, _ and their interaction in the process of answering basic_.
*individual, institutions; economic problems
11 _ have its influence on human behavior which determines their decisions in answering basic
*Social institutions, economic problem
12 In Market economy, _ are made by the invisible hand of market forces.
*decisions, invisible hand
13 Thorough evaluation and rating of_ from most valued to least valued is a required step in arriving at a _ of what to produce.
*goods and services, decision
14 Human wants are unlimited and ever dynamic due to ever changing _ and needs for _which are limited.
*demands, resources
15 There is the need to strike a balance between _ and _ human wants.
*scarce resources and unlimited, insatiable
16 In making a decision, we implicitly compare the _ of our _ over the other one.
*costs and benefits, choices
17 Capitalist Economy is usually an _ while the aim of a _ is social control
*occupational freedom, Socialist Eco nomy
18 The term rationality is somewhat deceptive according to _
*Friedman (1990)
19 The decisions made by _ , _ and _are vital to their survival.
*individuals, corporations and gov ernments
20 Famous economists includes all except
*Alfred Sha llmar
1 Change in input price, government policy, organizational change may lead to_.
*higher cost of production for a firm
2 Income and substitution effects are better use in explaining the link between_ and _.
*demand and price
3 Quantity of a commodity purchased by an individual or family or group of people at different prices at a given time and place is known as the _.
*demand for such commodity
4 Goods and services usually referred to as _are produced by firms while household individuals are the _ of the commodities.
*‘Commodities’ , consumers
5 In a _ economy, the economic decision are made based on _, _ and _ of that society.
*traditional; believes, norms, religion and customs
6 In a controlled economy, it is the _ that makes the economic decision and it is solely done, meaning that there are no _ initiatives.
*government, private sector
7 Free market economy or market economy is an economic system where the basic economic decisions are made by the buyers and sellers, individual households and businesses in the economy_mechanism
*through the price
8 In Mixed economy, economic decision on what to produce; how and where to produce; for whom to produce; is made jointly by the_ and _ sectors in the economy.
*government and the pr ivate
9 _ and _work together to answer basic economic problems in relation to the resources in the society and its _
*individual and institutions, scarcity
10 An economic system consists of _, _ and their interaction in the process of answering basic_.
*individual, institutions; economic problems
11 _ have its influence on human behavior which determines their decisions in answering basic
*Social institutions, economic problem
12 In Market economy, _ are made by the invisible hand of market forces.
*decisions, invisible hand
13 Thorough evaluation and rating of_ from most valued to least valued is a required step in arriving at a _ of what to produce.
*goods and services, decision
14 Human wants are unlimited and ever dynamic due to ever changing _ and needs for _which are limited.
*demands, resources
15 There is the need to strike a balance between _ and _ human wants.
*scarce resources and unlimited, insatiable
16 In making a decision, we implicitly compare the _ of our _ over the other one.
*costs and benefits, choices
17 Capitalist Economy is usually an _ while the aim of a _ is social control
*occupational freedom, Socialist Eco nomy
18 The term rationality is somewhat deceptive according to _
*Friedman (1990)
19 The decisions made by _ , _ and _are vital to their survival.
*individuals, corporations and gov ernments
20 Famous economists includes all except
*Alfred Sha llmar
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