Which of the following is central to the definition of Economics?

A. resources

B. wants

C. scarcity

D. capital

When the production possibility curve shifts outwards, the economy experiences

A. growth

B. over-production

C. inefficient use of resources

D. under-production

Land as a factor of production is made useful through the

A. application of human effort

B. acts of nature

C. application of fertilizer

D. use of machines

In a free market economy, resources are allocated through the

A. government department

B. price mechanisms

C. trade union

D. state planning committee.

Use the figure below to answer question that follows

A. simple bar chart

B. complex bar chart

C. component bar chart

The figure below shows the change in demand for Commodity X which is a normal good. Use it to answer the question that follows.

A. Fall in the income of consumers

B. Rise in the price of a substitute

C. Rise in the price of a complement

D. Fall in the supply of commodity X

Use the figure below to answer the question that follows

A. The supply curve will shift from S\(_{0}\)S\(_{2}\) to S\(_{2}\)S\(_{0}\)

B. The supply curve will shift from S\(_{0}\)S\(_{0}\) to S\(_{1}\)S\(_{1}\)

C. The demand curve will shift from D\(_{0}\)D\(_{0}\) to D\(_{1}\)D\(_{1}\)

D. The supply curve will shift from S\(_{0}\)S\(_{0}\) to S\(_{0}\)S\(_{0}\)

In the figure above

A. excess demand

B. excess supply

C. equilibrium quantity

D. equilibrium price

Goods are described as inferior if their demand

A. decreases as price falls

B. increases as income rises

C. decreases as income increases

D. increases as price increases

A consumer is in equilibrium when

A. his market Supply is equal to his market demand

B. he maximizes his satisfaction from spending his income

C. the market is also in equilibrium

D. he has consumed all he wants