Economic Characteristics of the Egyptian Agriculture (B109) Prof.Dr.

Salwa Abd-Elmonem

Assignment #1
2023

Choose the right answer:

1-Which of the following conclusions is true about the statement „Rich people should
be taxed more‟?
A. The statement is an example of positive economic analysis
B. The statement is an example of productive economic analysis
C. The statement is an example of normative economic analysis
D. The statement is an example of negative economic analysis

2-Which of the following statements is the actual meaning of scarcity?

A. The actual meaning of scarcity is that there is an increase in the resources
B. The actual meaning of scarcity is that there is a shortage in the resources
C. The actual meaning of scarcity is that there is no change in the resources
D. None of the above

3-Which of the following is a part of microeconomics?

A. Factor pricing
B. National income
C. Both a and b are correct
D. Both a and b are incorrect

4-The branch of economics that deals with the allocation of resources is.______
A. Econometrics
B. Macroeconomics
C. Microeconomics
D. Statistics

5- The most fundamental economic problem is

A) Security. B) The fact C) Health. D) Scarcity

6- Which of the following is not required for a country to be producing at a point on

its production possibility frontier?

A. Full employment of labour.

B. All producers using the latest technology.
C. Stable prices.
D. All producers having productive efficiency.

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Economic Characteristics of the Egyptian Agriculture (B109) Prof.Dr.Salwa Abd-Elmonem

7- What is society‟s primary economic problem?

A.Unemployment B. Inequality C.Poverty D.Scarcity

8- Scarcity requires that people must

A) Trade. B) Compete. C) Cooperate. D) Make choices.

9- The study of determining the prices in individual markets is called…

A. Negative economics B. Microeconomics
C. Positive economics D. Macroeconomics

10- Macroeconomics is the branch of economics that deals with:

A. the prices of individual goods
B. supply and demand
C. how individual markets work
D. the economy as a whole

11- Macroeconomic issues include :

A. the impact of government regulation on markets
B. total employment nationwide
C. studying what factors affects the price and quantity of automobiles
D. studying the regulation of wages and production costs in the software industry

12- The amount of resources in an economy:

A. Are always fixed B. Can never decrease

C.Always increase over time D. Are limited at any moment in time

13- Human wants are:

A. Always fixed B. Limited C. Unlimited D. Likely to decrease over time

14- Which one of the following is a factor of production?

A. elasticity B.enterprise
C.environmental sustainability D.equilibrium

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Economic Characteristics of the Egyptian Agriculture (B109) Prof.Dr.Salwa Abd-Elmonem

15- Human wants and desires are

A. eventually satisfied in any society.
B. constant from one time period to the next.
C. virtually unlimited.
D. limited and scarce.

16- Scarcity is an economic problem

A. only in capitalist economies.
B. only in command economies.
C. only in poor countries.
D. in every country and in every household

17- Economic analysis would be unnecessary if there was no

A. taxes. B. government. C. scarcity. D. money.

18- Because resources are scarce,

A. opportunity costs are zero.
B. people must make choices among alternatives.
C. all human wants and desires can be satisfied.
D. resource prices are flexible

19- Economics deals with

A. scarce resources and unlimited wants.
B. scarce resources and limited wants.
C. abundant resources and unlimited wants.
D. abundant resources and limited wants.

20- Physical and mental human effort in the attempt to solve the economic problem
is defined in economics as
A. labor. B. manpower. C. productivity. D. performance.

21- In economics, “capital” refers to

A. money.
B. stocks, bonds, and other financial assets.
C. the seat of government.
D. machines, buildings, and tools.

22- The economic behavior of individual decision makers and the determination of
price and output in specific markets are both studies in
A. microeconomics. B. macroeconomics.
C. positive economics. D. normative economics.

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Economic Characteristics of the Egyptian Agriculture (B109) Prof.Dr.Salwa Abd-Elmonem

23- A normative statement is

A. verifiable by facts. B. objective.
C. based on an opinion. D. based on real world data.

24- We are forced to make choices because

A. not everything is limited.
B. shortages are a constant situation.
C. we live in a democracy.
D. all resources are limited.

25- The four factors of production are the resources of land, labor, capital, and
A. services. B. entrepreneurship.
C. technology. D. goods.

26- The value of the next best alternative that had to be given up to do the action that
was chosen is the
A. sale price. B. trade-off. C. opportunity cost. D. capital.

27- Which of the following best describes the three fundamental economic questions?

A .What to produce, when to produce, and where to produce

B .What time to produce, what place to produce, and how to produce
C .What to produce, when to produce, and for whom to produce
D .What to produce, how to produce, and for whom to produce

28- A production possibilities curve shows the various combinations of the output of
___________
A .What consumers would like to consume?
B .What producers would like to produce?
C .What an economy can produce?
D .What should an economy produce?

29- How do you satisfy your unlimited wants in a world of limited resources?
A.by making more money B.by making choices
C.by stealing D.by setting a budget

30- Unemployment would cause an economy to

A. produce inside its production possibilities frontier.
B. produce on its production possibilities frontier
C. produce outside its production possibilities frontier.
D. experience an inward shift of its production possibilities frontier

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Economic Characteristics of the Egyptian Agriculture (B109) Prof.Dr.Salwa Abd-Elmonem

31- A production possibilities frontier shifts outward when

A. the economy experiences economic growth.
B. the desires of the economy‟s citizens change.
C. at least one of the basic principles of economics is violated.
D. opportunity costs are lessened.

32-The resources in the economy do not include:

A.Demand B. Land C.Labour D.Capital

33- If an economy moves from producing 10 units of A and 4 units of B to producing 7

As and 5Bs, the opportunity cost of the 5th B is:

A. 7 B. 10 C.3 D.1

34-Economic growth can be shown by:

A. An inward shift of the production possibility frontier incorrect

B. A movement along the production possibility frontier incorrect

C. An outward shift of the production possibility frontier correct*

D. A decision by the government to produce inside the production possibility

frontier incorrect

35- An economy operates on PPF when there is:

A. Optimum utilisation of resources
B. Inefficient use of resources
C. Underemployment of resources
D. None of these

36- Production Possibility Curve is:

(A) Concave to the axis (B) Convex to the axis
(C) Parallel to the axis (D) Vertical to the axis

37- Which of the following is a source of production?

(A) Land (B) Labor (C) Capital (D) All of these

38- The central problem of an economy is:

(A) What to produce ? (B) How to produce?
(C) How to distribute produced goods? (D) All of these

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Economic Characteristics of the Egyptian Agriculture (B109) Prof.Dr.Salwa Abd-Elmonem

39- Consumer behavior is studied in:

(A) Micro Economics (B) Income Theory
(C) Macro Economics (D) None of these

40- Which of the following cannot be considered as a basic economic problem?

(A) What to produce (B) Why produce
(C) For whom produce (D) How to produce

Using the following figure, answer the question41,42

41-Which one of the following concepts is NOT illustrated by a production
possibilities frontier?
A. attainable and unattainable points B. monetary exchange
C. scarcity D. opportunity cost

42- Which of the following points is not attainable under the current situation?
A.A B.D C. F D. E

43- Which of the following statements is true?

A. A point inside the production possibility curve indicates inefficient use of
resources.
B. A point outside the production possibility curve indicates efficient use of
resources.
C. The production possibility curve is always a straight line.
D. The production possibility curve shows consumer preferences.

44- Which of the following factors can cause an outward shift of the production
possibility curve?
A. A decrease in population B. Technological advancement
C. An increase in unemployment D. A decrease in investment

45-In a production possibility curve, the opportunity cost is represented by:

A. The distance between the x-axis and the curve
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Economic Characteristics of the Egyptian Agriculture (B109) Prof.Dr.Salwa Abd-Elmonem

B. The distance between two points on the curve

C. The slope of the curve
D. The absence of scarcity

46-.If an economy is operating at a point inside the production possibility curve, it

indicates:
A. Full employment of resources B. Efficient allocation of resources
C. Inefficient use of resources D. Maximized economic growth

47-Which of the following can cause an inward shift of the production possibility
curve?
A. Increase in the labor force
B. Technological advancement
C. Natural disaster
D. Increase in investment

48- Economics is a science which deals with _________.

A. matters and substance B. chemicals and reactions
C. human wants and resources D. numbers and combinations

49-Microeconomics deals with the study of __________economic entities.

A. Aggregate B. Individual C. Macro D. Socio

50-Positive Economics is based on _________.

A. Value judgment B. Ethics C. Facts D. Public opinion

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