1. Economics is ____A. ScienceB. An Art

A) A only
B) B only
C) Both A and B
D) Neither A nor B



2. Who used the concept of the production possibility curve to explain the economic problem of a society?

A) Professor Ragnar Frisch
B) Professor Marshall
C) Professor Samuelson
D) Professor Keynes



3. Which of the following country have features of capitalistic economic system?

A) United Kindom (UK)
B) United States of America (USA)
C) Germany
D) All of the above



4. In a free market economy the allocation of resources is determined by â??

A) Votes taken by consumers
B) A central planning authority
C) Consumers preference
D) The level of profits of firms



5. The study of microeconomics includes the study of___

A) Output and employment growth as markets expand in reaction to a rising price level in the economy
B) How firms, workers, consumers, and investors interact and make decisions in the market place
C) The number of new jobs and income created as the economy grows
D) Business investment and government spending in the marketplace