1) There is a _______when demand is greater than supply a) Surplus b) Overdemand c) Shortage d) Inflation 2) What happens when the demand is equal to supply a) Shortage b) Surplus c) Equilibrium d) Equilatral 3) How dos the money in the household sector flow into the finanical sector according to the flow of income diagram a) investment b) taxation c) income d) savings e) expenditure f) goods and services provided 4) In the economy, everyone is a_______ a) Producer b) Manufracturer c) Government d) consumer e) buyer 5) What is the basic economic question a) satisfing unlimed recources with limited needs and wants b) satisfing limited needs and wants with limited resouces c) satisfing limited needs with unlimited resources d) satisfing unlimited needs and wants with limite resouces e) how to earn money with competition and limited resouces 6) what is economics a) An economy encompasses all of the activities related to the production, consumption, and trade of goods and services in an entity, whether the entity is a nation or a small town. No two economies are identical. Each is formed according to its own resources, culture, laws, history, and geography. b) An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources'. c) Stephen William Hawking CH CBE FRS FRSA was an English theoretical physicist, cosmologist, and author who, at the time of his death, was director of research at the Centre for Theoretical Cosmology at the University of Cambridge d) Stephen illiam Hawking CH CBE FRS FRSA was an English theoretical physicist, cosmologist, and author who, at the time of his death, was director of research at the Centre for Theoretical Cosmology at the University of Cambridge

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