Q.1 is the value of all goods and services bought by households. A. Consumption B. Investment Production Q.2 we all want progress and we all want to reduce hunger, poverty and inequality, but our resources are A. Maximum B. Finite C. Infinite 0.3 is spending on goods bought for future use i.e., capital goods. A. Consumption B. Investment Production Q.4 It is the economist's job to list the options available and to predict the likely costs and of each option A. Profit B. Benefit C. Revenue Q.4A is a quantity measured at a point in time A. stock B. flow Capital Q.5 Economics is the study of how society manages its resources A. scarce B. unlimited limited Q.6 A is a quantity measured per unit of time A. Stock B. flow C. Capital Q.7 Rational people respond to A profit B. money C. Incentives Q8. G includes all goverment spending on goods and services. It excludes transfer payments (c.g., unemployment insurance payments), because they do not represent on goods and services. A. spending B. Investment C. double 0.9. A group of buyers and sellers in a location is called A market B. bank c. hospital Q.10 _GDP measures these values using current prices. A. Real B. Actual c. Nominal Q.11 GDP measure these values using constant prices (the prices during the base year). A. Real B. Actual . Nominal Q.12 The interaction of buyers and sellers determines of a commodity in the market. A. prices B. quantity C. quality