GOVERNMENT BILINGUAL HIGH SCHOOL DSCHANG

ECONOMICS

FIRST SEQUENCE EVALUATION

FORM THREE

DURATION 40MINS

SECTION A
INSTRUCTION: mark an X on the letter corresponding to the correct answer

1. Economics is derived from two Greek words ____ and _____

A) Oikou and nomas b) Oikou and nomos c) Okou and nimos d) Oikia and nomo
2. He defines Economics as “An inquiry in to nature and causes of wealth of nations”
a) Alfred Marshall b)Adam smith c) John Stuart Mills d) Prof Lionel Robbins
3. Who gave the most acceptable definition of Economics?
a) Alfred Marshall b) Adam smith c) John Stuart Mills d) Prof Lionel Robbins
4. The following are characteristics of a free good except?
a) Have no price b) unlimited in supply c) have no cost of production d) scarce
5. The branch of economics that studies the behavior of individual economic agents is known as?
a) Micro economics b) macroeconomics c) positive economics d) inductive method
6. Identify the odd word
a) True cost b) opportunity cost c) forgone alternative d) scarcity
7. Human wants cannot be satisfied because economic resources are?
a) Sufficient b) limited c) numerous d) none of the above.
8. The middle number in the set of numbers arranged in ascending order is known as?
a) Mode b) mean c) average d) median
9. The number that occurs most frequently in a series is known as?
a) Mode b) mean c) average d) median
10. Food, shelter and clothing are examples of
a) Needs b) wants c) luxuries d) economic resources

SECTION B
Instruction: Answer behind this sheet.
1. Give 2 differences between scarcity and shortage
2. What is choice?
3. Give 3 reasons why economics is considered as a social science
4. Give 2 examples of a merit good.