G9-Economics-STB-2023-web

Due to the growing number of countries facing economic problems.

Because public expenditures tend to grow with the national product, and taxes finance these expenditures.

An increase in productivity in one sector, such as improved technology.

The basic economic problems, central problems of economies, and economic systems.

Problems facing an economy due to the scarcity of resources.

Resource allocation or the problem of price determination.

Total employment, total output, national income, total investment, total consumption.

The efficient allocation of scarce resources to fulfill unlimited human needs.

What goods and services are to be produced?

Scarcity, choice, and opportunity cost.

The decision made by individuals or societies regarding the allocation of scarce resources.

Because views about the subject matter have shifted over time.

Both, as it involves objective analysis and subjective value judgments.

As a science or as an art.

Investigating the interrelationships of numerous aggregate economic variables and their fluctuations over time.

It denotes a shift in preference, reflecting the concept of choice.

Households, business firms, and the government.

Every citizen.

The value of the next best alternative that is forgone when making a choice.

The limited availability of resources to meet unlimited wants and needs.

It studies how people choose to use scarce productive resources like land, labor, and equipment.

Capitalism, command economy, mixed economy, and traditional economy.

The economic behavior of individual economic units and variables.

In response to worldwide economic problems such as poverty, unemployment, inflation, and recession.

Generates knowledge of specific instances from general knowledge.

The analysis of facts and describing the world as it is.

Both private and government enterprises.

A socialist economy.

By referring to the facts.

An economic system where the government makes all decisions regarding production and distribution.

Barter instead of money.

If resources can produce either one meter of cloth or 20 computers, the opportunity cost of one meter of cloth is the value of 20 computers.

The Right to Private Property.

Microeconomics addresses what, how, and for whom to produce; macroeconomics addresses full employment of resources.

A method that proceeds from general to particular, reasoning from principles to specific facts.

Microeconomics and Macroeconomics.

Deductive and Inductive methods.

To sustain the activities of public investments necessary for sustainable development.

The Production Possibilities Frontier represents the maximum output combinations of two goods that can be produced with available resources.

The optimal distribution of resources to meet needs and wants.

Providing principles and methods to solve economic problems like unemployment, poverty, and inflation.

The amount or value of the next best alternative that must be sacrificed to obtain one more unit of a product.

To address the scarcity of natural and human-made resources.

Traditional economy, capitalist economy, command economy, and mixed economy.

It involves value judgments and opinions that cannot be proved or disproved with facts.

It relates to how a material product is distributed among different members of society.

By an outward shift of the PPF.

They hire services of factors of production from households to produce commodities.

It helps individuals and societies make informed decisions regarding resource allocation and understanding market dynamics.

False.

True.

Logical thinking, analytical skills, observation, and judgment.

Microeconomics and Macroeconomics.

All points on the curve are both attainable and efficient.

The efficient allocation of scarce resources to maximize the fulfillment of human needs.

Individuals or firms that make choices regarding the allocation of resources.

It deals with the efficient allocation of scarce resources.

Scarcity is a universal and endless problem, while a shortage is a specific and short-term issue.

Development economics, environmental economics, industrial economics, international economics, labor economics, and more.

Barter.

The available supplies of diverse production factors and their relative prices.

False

It refers to deciding the type and quantity of goods to be produced in an economy.

Labour-intensive techniques and capital-intensive techniques.

Consumers can buy goods and services that suit their tastes and preferences.

To establish valid generalisations about certain aspects of human behaviour.

False.

The economic behavior of individual decision-making units such as households, firms, and governments.

Deductive and inductive methods.

Scarcity refers to the limited supply of economic resources relative to unlimited human wants.

It produces a systematic and organized body of knowledge linking causes and effects.

Microeconomics and Macroeconomics.

Questions like what is, what was, or what will be.

As production of a product increases, the opportunity cost per unit of additional output also increases.

The state.

It can only occur between groups that do not compete.

An increase in the quantity and quality of economic resources or advances in technology.

D. All of the above (They are the main buyers of factors of production, leading producers of commodities, consist of both private and government enterprises).

They migrate with the seasons to find food and compete for scarce natural resources.

B. Countries normally experience higher unemployment during recessions.

They include households, firms, and government, each playing distinct roles in production, consumption, and regulation.

Some inputs are better adapted to the production of one good than to the production of another.

Scarcity.

They are the problems of what goods and services to produce, how to produce them, and for whom to produce.

All possible combinations of the maximum output that can be produced in an economy with given resources and technology.

It implies that every economy must decide on the type and quantity of goods to be produced.

The cost of the next best alternative foregone when making a choice.

The value of the next best alternative foregone when making a choice.

Deductive and Inductive methods.

People substitute other activities in its place.

Agriculture, fishing, hunting, and gathering.

Households, business firms, and the government.

Factors of production: land, labor, capital, and entrepreneurship.

True

A combination of both capitalism and socialism, with private and public ownership.

Aggregate demand and aggregate supply of an economy as a whole.

A method that reasons from the particular to the general, developing theories based on observations.

By collecting comprehensive data about prevailing economic conditions and forming hypotheses.

The maximum level of output a manufacturer can produce without lowering the output of another product.

It is attainable but inefficient.

They hire factors of production from households to produce commodities.

The alternative production possibilities of food and computers given limited resources.

Scarcity is a permanent condition due to limited resources, while a shortage is a temporary situation where demand exceeds supply.

Scarcity means that even with optimal resource use, a society cannot produce an infinite amount of output.

Choices must be made regarding the allocation of limited resources.

An enormous portion on purchasing goods and services.

For whom goods and services are to be produced?

The various possible combinations of goods and services that society can produce given its resources and technology.

Producing necessary goods for the whole population before luxury goods.

The study of an economy as a whole, focusing on broad, economy-wide aggregates.

False.

True.

Self-interest guides and motivates individuals to strive for economic gain.

No, they are complementary to each other.

It refers to growth due to an increase in productivity in one sector, illustrated by a shift of the PPF along the Y-axis or X-axis.

To study how to satisfy unlimited human needs through efficient allocation of scarce resources.

The aggregate behavior of all decision-making units in an economy and the interrelations among various aggregate economic variables.

The imbalance between unlimited human wants and limited available resources.

Mainly through taxes levied on households and business firms.

The functions of the economy as a whole.

It involves choosing between alternative methods or techniques of production.

It relies on customs, history, and time-honored beliefs to guide economic decisions.

It entails value judgment in applying knowledge to solve problems.

True

True

Price determination and allocation of resources.

Public and private sectors.

D. The behaviour and operation of the economy as a whole.

Because resources are limited, and economics aims to maximize utility and efficiency in their use.

Keeping other factors constant, an increase in supply leads to a fall in prices.

Positive economics deals with what is, while normative economics deals with what ought to be.

To raise revenue for government expenditures.

To generate revenues to pay for government expenditures.

The factors of production: land, labor, capital, and entrepreneurship.

By selling factor services to producers in the form of rent, wages, interest, and profit.

Generates general conclusions from specific instances.

To purchase goods and services from producers and provide free services to the people.

No, the definition is still under improvement and has evolved over time.

Questions about what the economy ought to be or should be.

A set of organizational and institutional arrangements established to answer basic economic questions.

It deals with knowledge and facts.

Through voting.

The quantity and quality of economic resources are fixed, there are two broad classes of output, and the economy is operating at full employment.

To achieve coordinated rapid economic development using both private and public sectors.

Competition exists among sellers, buyers, and workers to attract customers, obtain goods, and secure jobs, respectively.

Capitalism emphasizes private ownership and market-driven economies, while socialism focuses on collective ownership and planned economies.

A. potential output.

The distribution of finite resources to specified purposes selected from among several feasible possibilities.

It is derived from the ancient Greek word 'oikonomia', meaning the management of a family or household.

Households, business firms, and government.

A situation where resources are limited and choices must be made.

To optimize resource allocation and maximize utility or profit.

The limited availability of resources compared to unlimited wants.

Labour-intensive techniques and capital-intensive techniques.

A set of organizational and institutional arrangements established to answer basic economic questions.

How to produce goods and services?

Police, education, medical facilities, sanitation, and judicial services.

B. Poverty is something society should reduce.

The Great October Revolution in 1917.

They are essential for addressing the scarcity of resources in any economic system.

The creation of some form of money.

The government has complete control over all economic activities.

Microeconomics studies individual economic units, while macroeconomics studies the economy as a whole.

True.

True

Industries of national and strategic importance, such as heavy industry and defense services.

A structure that a society uses to allocate its resources and distribute goods and services.

False.

It studies scarce resources, allocation of resources, and emphasizes efficient allocation.

Scarcity implies choice, which in turn implies an opportunity cost.

They influence decision-making regarding resource allocation and priorities.

As we produce more of a product, the opportunity cost per unit of additional output increases.

In terms of goods and services, not in terms of money.

A curve that illustrates the maximum feasible amount of two goods that can be produced with available resources.

False

They evolve once they start farming and settling down.

The study of individual decision-making units of an economy, like households and business firms.

Limited resources lead to limited output, which contrasts with unlimited human wants.

The problem of scarcity and how to allocate limited resources.

It influences their decisions on resource allocation and production methods.

Determination of the level of income and employment.

Limited involvement, mainly focusing on defense and law and order.

Both systems aim to provide goods and services to meet the needs of society, though they differ in ownership and distribution methods.

It helps make predictions about the future.

It involves the use of more capital relative to labour per unit of output.

The limited availability of resources to meet unlimited wants.

Human efforts directed towards the production of goods and services to satisfy needs and wants.

They produce only what they need, rarely creating a surplus.

From taxes levied on households and business firms.

Microeconomics focuses on individual units like households and firms, while macroeconomics looks at the economy as a whole.

Positive economics deals with objective analysis and facts, while normative economics involves value judgments and opinions.

No, air is not a free resource as pollution affects its quality and availability.

C. Matching endless wants with limited resources.

Opportunity cost is the sacrifice of one good to produce more of another, as shown by the PPF's downward slope.

Based on the ownership of economic resources.

True

The incentive for individuals and firms to maximize their profits.

Collective ownership; there is no right to private property.

By a controlling authority based on socio-economic goals.

In emerging markets and developing countries, often in Africa, Asia, Latin America, and the Middle East.

Relative equality of incomes due to the absence of private property and profit motive.

True

Inequalities in income between the rich and the poor.

True.

It involves the use of more labour relative to capital per unit of output.

Because of the law of increasing opportunity cost, indicating that resources are not completely adaptable to alternative uses.

Traditional, capitalist, command, and mixed economies.

D. All of the above (Households, Government, Business firms).

A. Producers.

The oldest formal economic system where all means of production are privately owned.

A. From taxes levied on households and business firms in the form of direct and indirect taxes.

Economics can be defined as the study of how societies allocate scarce resources to maximize wealth and welfare.

Private property is allowed, but rules exist to prevent wealth concentration, ensuring equal pay for equal work regardless of race, gender, or other unrelated characteristics.

Demand and supply of particular commodities and factors.

A. Falling prices are good for consumers.

Simplified pictures of reality that provide the basis for economic analysis.

False.

False.

If man is mortal and Abebe is a man, then Abebe is mortal.

This requires an analysis of current economic policies and practices in Ethiopia, focusing on the balance between private and public sectors.

C. scarcity.

D. scarcity was eliminated.