3. Economics is a _____I. Physical scienceII. Pure scienceIII. Social scienceIV. Statistical science

A) I & IV
B) I & III
C) III only
D) II only



4. In a free market economy, when consumers increase their purchase of good and the level of ___ exceeds ___ then prices tend to rise.

A) Demand; supply
B) Supply; Demand
C) Prices; Demand
D) Profits; Supply



5. Economics choices can be summarized in five big questions. They are-

A) What, how, what, where and would you please
B) Why not, what, how, when and where
C) What, how, when, where and who
D) None of the above