ECO111 - FULL FINAL EXAM 2025/26
(QUESTIONSBANK) 2000 QUESTIONS WITH COMPLETE
SOLUTIONS, GRADED A+
The word that comes from the Greek word for "one who manages a
household" is
a. market.
b. consumer.
c. producer.
d. economy. Answer - d. economy.
The word "economy" comes from the Greek word oikonomos, which means
a. "environment."
b. "production."
c. "one who manages a household."
d. "one who makes decisions." Answer - c. "one who manages a household."
Resources are
a. scarce for households but plentiful for economies.
b. plentiful for households but scarce for economies.
,c. scarce for households and scarce for economies.
d. plentiful for households and plentiful for economies. Answer - c. scarce for
households and scarce for economies.
In considering how to allocate its scarce resources among its various members,
a household
considers
a. each member's abilities.
b. each member's efforts.
c. each member's desires.
d. all of the above Answer - d. all of the above
Economics deals primarily with the concept of
a. scarcity.
b. money.
c. poverty.
d. banking. Answer - a. scarcity.
Which of the following is correct?
a. The word economy comes from the Greek word for "rational thinker."
b. Economists study the management of scarce resources.
c. Because economists believe that people pursue their best interests, they are
not interested
in how people interact.
,d. All of the above are correct. Answer - c. Because economists believe that
people pursue their best interests, they are not interested
The overriding reason as to why households and societies face many decisions
is that
a. resources are scarce.
b. goods and services are not scarce.
c. incomes fluctuate with business cycles.
d. people, by nature, tend to disagree. Answer - a. resources are scarce.
The phenomenon of scarcity stems from the fact that
a. most economies' production methods are not very good.
b. in most economies, wealthy people consume disproportionate quantities of
goods and
services.
c. governments restrict production of too many goods and services.
d. resources are limited. Answer - d. resources are limited.
Approximately what percentage of the world's economies experience scarcity?
a. 25%
b. 50%
c. 75%
d. 100% Answer - d. 100%
, When a society CANNOT produce all the goods and services people wish to
have, it is said that the economy is experiencing
a. scarcity.
b. surpluses.
c. inefficiencies.
d. inequalities. Answer - a. scarcity.
Which of the following products would be considered scarce?
a. golf clubs
b. Picasso paintings
c. apples
d. All of the above are correct. Answer - d. All of the above are correct.
Economics is the study of
a. production methods.
b. how society manages its scarce resources.
c. how households decide who performs which tasks.
d. the interaction of business and government. Answer - b. how society
manages its scarce resources.
In most societies, resources are allocated by
a. a single central planner.
b. a small number of central planners.
(QUESTIONSBANK) 2000 QUESTIONS WITH COMPLETE
SOLUTIONS, GRADED A+
The word that comes from the Greek word for "one who manages a
household" is
a. market.
b. consumer.
c. producer.
d. economy. Answer - d. economy.
The word "economy" comes from the Greek word oikonomos, which means
a. "environment."
b. "production."
c. "one who manages a household."
d. "one who makes decisions." Answer - c. "one who manages a household."
Resources are
a. scarce for households but plentiful for economies.
b. plentiful for households but scarce for economies.
,c. scarce for households and scarce for economies.
d. plentiful for households and plentiful for economies. Answer - c. scarce for
households and scarce for economies.
In considering how to allocate its scarce resources among its various members,
a household
considers
a. each member's abilities.
b. each member's efforts.
c. each member's desires.
d. all of the above Answer - d. all of the above
Economics deals primarily with the concept of
a. scarcity.
b. money.
c. poverty.
d. banking. Answer - a. scarcity.
Which of the following is correct?
a. The word economy comes from the Greek word for "rational thinker."
b. Economists study the management of scarce resources.
c. Because economists believe that people pursue their best interests, they are
not interested
in how people interact.
,d. All of the above are correct. Answer - c. Because economists believe that
people pursue their best interests, they are not interested
The overriding reason as to why households and societies face many decisions
is that
a. resources are scarce.
b. goods and services are not scarce.
c. incomes fluctuate with business cycles.
d. people, by nature, tend to disagree. Answer - a. resources are scarce.
The phenomenon of scarcity stems from the fact that
a. most economies' production methods are not very good.
b. in most economies, wealthy people consume disproportionate quantities of
goods and
services.
c. governments restrict production of too many goods and services.
d. resources are limited. Answer - d. resources are limited.
Approximately what percentage of the world's economies experience scarcity?
a. 25%
b. 50%
c. 75%
d. 100% Answer - d. 100%
, When a society CANNOT produce all the goods and services people wish to
have, it is said that the economy is experiencing
a. scarcity.
b. surpluses.
c. inefficiencies.
d. inequalities. Answer - a. scarcity.
Which of the following products would be considered scarce?
a. golf clubs
b. Picasso paintings
c. apples
d. All of the above are correct. Answer - d. All of the above are correct.
Economics is the study of
a. production methods.
b. how society manages its scarce resources.
c. how households decide who performs which tasks.
d. the interaction of business and government. Answer - b. how society
manages its scarce resources.
In most societies, resources are allocated by
a. a single central planner.
b. a small number of central planners.
