Identified what is being describe write the best answer On the line before each number 1. The economic system in which production decisions are made according to customs and tradition. a) Tradition economic system c) market system b) Command economy d) mixed economy 2. The system that work under the principle that the interest of society should. Prevail over that individuals. a) Tradition economic system c) market system b) Command economy d) mixed economy 3. The system in which market prices serve as signal to the producers about what gods to produce and how much of these goods should be produced. a) Traditional economic system c) market system b) Command economy d) mixed economy 4. Under the system, the economic problems are answered predominantly through the price mechanism and modified through government intervention. a) Traditional economic system c) market system b) Command economy d) mixed economy 5. An economy where individuals exercise free enterprise a) Traditional economic system c) market system b) Command economy d) mixed economy 6. It is the basic of consuming unit. a Firm c) resources b) Household d) mixed economy 7. It includes water, forest, minerals, and animalsa ) land c ) resources owner b ) labor d ) none of the above 8. It refers to man's mental and physical efforts exerted in production a ) land c) entrepreneur b ) labor d) capital 9. It refers to machine , tools, and equipment used in production. a) Land c) entrepreneur b) Labor d) capital 10. " The brains" behind the business. a ) land c ) entrepreneur b ) labor d) capital 11. Input used in production. a ) land c ) capital b ) labor d ) all of the above 12 . It correspond the price of capital. a) Rent c) profit b) Wages d) interest 13. The payment made for labor. a) Wage c) profit b) Rent d) interest 14. The payment for the use of land. a) Rent c) profit b) Wages d) interest 15. It pertains to the national income analysis a) macroeconomics c) Normative economics b) microeconomics d) positive economics 16. The study of what is? a) macroeconomics c) normative economics b) microeconomics d) positive economics. 17. It is also known as price theory. a) Macroeconomics c) normative economics b) Microeconomics d) positive economics 18. It deals of what should be. a) Macroeconomics c) normative economics b) Microeconomics d) positive economics 19. The desires and needs of consumers that have to be satisfied. a) basic needs c) wants b) luxury goods d) all of the above 20. Man's needs required for survival. a) Basic needs c) wants b) Luxury goods d) all of the above