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3. It is study of economics in relation to real world situation as opposed to the theory of Economics. a. Economics b. Applied Economics c. Pure economics d. Macroeconomics 4. Scarcity means: a. Infinite b. Finite resources c. Definite resources d. Unlimited resources 5. It is the system's task of selecting the proper combination of economic resource in producing the right amount of output. a. What to produce b. How to produce c. For whom to produce d, How much to produce 6. This has something to do with the needs of consumers: a. What to produce b. How to produce c. For whom to produce d, How much to produce 7. Because of scarcity, people and economies must make decision over how to: a. Allocate resources b. Import resources c. Export resources d. Stagnation of resources 8. The used of applied economics is designed to: a. Analytically review potential outcomes b. Apply statistical and mathematical theories c. Increase production d. Validate economic theories 9. This has something to do with the problem of distribution: a. What to produce b. How to produce c. For whom to produce d, How much to produce 10. It is the value of what is foregone in order to have something else. a Production possibility frontier b. Invisible hand
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