Welcome to your Grade 9 Economics chapter 1
After carefully reading the following 30 questions, choose the correct answer.
1.
Which ancient Greek word is the term economics originally derived from?
2.
What does the Greek word "oikonomia" mean?
3.
Which branch of science does economics belong to?
4.
Economics is defined as the study of the efficient allocation of what?
5.
What is the primary objective of economics regarding human needs?
6.
Which branch of economics deals with the economic behavior of individual decision-making units?
7.
What does macroeconomics primarily focus on?
8.
Which method of economic study involves reasoning from general principles to specific facts?
9.
Which method of economic study is known as the "analytical" or "abstract" method?
10.
The inductive method involves reasoning from:
11.
Which approach to economics describes the world as it is?
12.
"The current inflation rate in Ethiopia is 12 percent" is an example of what kind of statement?
13.
Which approach to economics deals with value judgments and "what ought to be"?
14.
How are disagreements on normative statements usually resolved?
15.
Which of the following is considered a basic decision-making unit in an economy?
16.
Who are the chief owners of the factors of production?
17.
In what form do households receive income for selling labor services?
18.
What term is used alternately with "business firms" in economics?
19.
What is the primary source of income for the general government?
20.
Which service is typically provided free by the government to satisfy combined needs?
21.
Which of the following is a macroeconomic variable?
22.
The lack of uniformity in defining economics arises from shifting views about:
23.
If economics is regarded as a systematic body of knowledge of "what is," it is considered:
24.
When economics is used as a technique to achieve a goal like reducing poverty, it is considered:
25.
Which of these is a "wealth definition" related problem currently facing countries?
26.
In the deductive method, "the law of diminishing marginal utility" is an example of:
27.
Why is knowledge of economics considered essential today?
28.
What is the main goal of a national tax system?
29.
Which decision-making unit provides factor services to business firms?
30.
Which of the following is NOT a factor of production owned by households?
