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pob course test form 4 Thomas

Quiz by Alicia Marcano

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25 questions
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  • Q1
    Human beings produce and consume goods and services from the resources in their environment. It is precisely for this reason that humans are called
    economic animals
    30s
  • Q2
    Humans were created with certain needs. The need for food, clothing, shelter, entertainment and
    education
    30s
  • Q3
    Activity which results in the satisfaction of our needs is often referred to as
    economic activity
    30s
  • Q4
    At first man produced everything for himself and his family. When he produced for self and family without outside help, for example making his own house, planting or hunting his own food he engaged in
    direct production
    30s
  • Q5
    A .................................................... .................................................... is therefore, persons providing just sufficient to survive but not to improve their way of life
    subsistence economy
    30s
  • Q6
    ................................................ is the exchange of goods or services without the use of money.
    barter
    30s
  • Q7
    A disadvantage of Barter was that a person had to find someone else who wanted what he had to exchange and that person had to have what was needed, before exchange could take place. This is known as
    Double coincidence of wants
    30s
  • Q8
    Another disadvantage may be; If an individual failed to find a willing partner within a reasonable time one’s perishable goods could be destroyed
    Spoilage
    30s
  • Q9
    With all the difficulties affecting the Barter System a stable system of exchange had to be developed that would not be plagued with the problem of barter. ............................................ therefore solved the problem of Barter.
    money
    30s
  • Q10
    Identify a characteristic of money
    Acceptability
    30s
  • Q11
    Man is termed an ‘economic animal’ because he
    Has the ability to understand economic activities
    Lives a life which is governed by economic principles
    Studies economics in order to live a comfortable life
    Utilizes his ability to satisfy his wants from the gifts of nature
    30s
  • Q12
    Human beings produce and consume goods and services from the resources in their environment. It is precisely for this reason that humans are called
    economic animals
    30s
  • Q13
    Human beings produce and consume goods and services from the resources in their environment. It is precisely for this reason that humans are called
    economic animals
    30s
  • Q14
    Humans were created with certain needs. The need for food, clothing, shelter, entertainment and
    education
    30s
  • Q15
    One is NOT a function of money
    Indivisibility
    Medium of exchange
    Measure of Value
    Store of value
    30s

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