Examination
180 minutes
Instructions:
1. Read each question carefully.
2. Answer all questions.
3. Use the provided answer sheet to mark your responses.
4. Ensure all answers are final before submitting the exam.
5. Please answer each question below and click Submit when you
have completed the Exam.
6. This test has a time limit, The test will save and submit
automatically when the time expires
7. This is Exam which will assess your knowledge on the course
Learning Resources.
Good Luck!
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Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -
What type of economies are more common in the world
- Answer>> mixed
Market failure - Answer>> occurs when the market
mechanism does not generate the best possible
What maybe necessary for market failures - Answer>>
government intervention
Government failure - Answer>> Occurs when the
government intervention fails to improve economic
outcomes
Macroeconomics - Answer>> the study of aggregated
economic behavior, of the economy as a whole
Microeconomics - Answer>> the study of individual
economic behavior, of the components of the large
economy
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, There aren't enough _____________ in an economy to
produce all the goods and services desired by society -
Answer>> Resources
Scarcity - Answer>> Lack of available recourses to
satisfy all desired uses of those resources. Forces us to
make choices
Economics - Answer>> The study of how best to allocate
care resources among competing uses
Individuals resources - Answer>> time and money
Society's resources - Answer>> the factors of production
Factors of production (definition) - Answer>> Inputs used
to produce goods and services
The factors of production - Answer>> land, labor, capital,
entrepreneurship
opportunity cost - Answer>> the most desired goods and
services that are forgone, the goods and services that
are forgone, the value of the next best alternative that
could have been selected
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