Multiple choice:

1. What is the meaning of the ancient Greek words oikos and nomos?

a. law and people b. custom and money c. law and house

2. It was first conceived as the study of the allocation of resources within the household level.

a. anthropology b. economics c. history

3. This term was dropped and the term economy was used to refer to the discipline that studies
interaction of economic agents and the systems.

a. politics b. political c. political science

4. This focuses on analyzing the determinants of national income.

a. microeconomics b. macroeconomics c. economics

5.This focuses on a small-scale market interaction that transpire between individuals consisting of
business firms and households.

a. microeconomics b. macroeconomics c. economics

6. This is where exchange between consumer and seller transpire.

a. market b. economics c. trading place

7. It is a system where such exchanges of goods take place.

a. market b. economics c. trading place

8. It is a theoretical arena where sellers compete for the patronage of customers.

a. market b. economics c. trading place

9. It is the process involved in harvest and transfer of raw materials and products entails consequences
to the environment.

a. surrounding b. environmental c. nature

10. This field of economics focuses its analyses on the equitable allocation of resources and goods
among the populace.

a. social economics b. equitable economics c. welfare economics

11. He was the Chinese admiral who established China’s Naval dominance.

a. Tao Lou b. Gao Shou c. Zeng He

12. It represents the actual quantity of goods or services that the public requires from the market

a. production b. demand c. supply

13. This refers to the entirety of available goods that the market can offer.

a. production b. demand c. supply