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Grade 08: Weekly Assignment 01

Grade: 08           
Due on: 


Exercise 01. Fill in the blanks by using the following words.

resources          goods                satisfy               unlimited
economics         services                        needs                scarcity
limited               wants
We have many different types of wants and needs. In economics we look at the material (A) -------------- and (B) --------------- of human beings. We (C) -------------- them by consuming either (D) ---------------- or (E) --------------. But, we do not have enough (F) --------------- to produce goods and services required by all people. Our wants are (G) ------------- but resources are (H) -------------------. We study (I) --------------- to deal with this problem of (J) --------------.   

Exercise 02. From the following list, identify Needs (N) and Wants (W).
1. Chocolate                  2. Shelter                      3. Ice-corn
4. Rice                          5. Television set             6. CD Player
7. Air                            8. Computer                  9. Chips

Exercise 03. State whether the following statements are True (T) or False (F).

1.  Lionel Robbins wrote the book named the “Wealth of Nation”

2.  Choice is common for every society

3.  Each economic action has an opportunity cost

4.  Economics do not deal with human behaviour

5.  Wants are above needs

6. Businesses want to minimize profits

7. Governments dislike high standard of living in the country

Exercise 04: Choose the one you consider correct.
1.     Which of the following persons do most people consider as the father of economics?
      A    Alfred Marshall
      B    Lionel Robbins
      C    Adam Smith
      D    David Ricardo

2.  The famous book of Adam Smith, which he published in the year      1776, is called
      A    the United Nations
      B    the Wealth of Nation
      C    the League of Nations
      D    the Resources of the Nation

3.   Economics is a science as well as an art. It has
      A    two dimensions
      B    three dimensions
      C    four dimensions
      D    five dimensions

4.  Goods are tangible things which satisfy our wants. They are produced by using
      A    money                                     
      B    resources
      C    robots                                      
      D    electricity

5.  According to Adam Smith, economics is the study of
      A    welfare
      B    scarcity
      C    human behaviour
      D    wealth

6.   Which of the following statements is true?
      A    resources are scarce
      B    human wants are limited
      C    free goods have to be paid
      D    all economic goods are durable

7.  Which of the following best describes opportunity cost?
      A    the satisfaction derived from consumption
      B    the next best alternative
      C    the output of goods and services
      D    the costs of production

8.  The act of choosing between items is referred to as
      A    choice
      B    opportunity cost
      C    wealth
      D    production possibility curve

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