QUESTION 1 1.1 Choose the correct answer from the options given. Write only the letter next to the question number e.g 1.1.6 B 1.1.1 The study of money and the banking industry in the country is called... A international economics. B monetary economics. C labour economics. D development economics. 1.1.2 The loss of other alternatives when one alternative is chosen... A opportunity cost. B secondary sector. C tertiary sector. D comfort zone. 1.1.3 In a circular flow model, any factor that decreases the flow of spending is called... A injections. B nominal flow. C leakages. D real flows. 1.1.4 An indicator that changes at the same time as the economy changes is called a... indicator. A composite. B coincidental. C leading. D lagging. 1.1.5 Internal factors that affect the business cycle are referred to as... A exogenous. B amplitude. C extrapolation. D endogenous.
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1.1.1 B 1.1.2 A 1.1.3 C 1.1.4 B 1.1.5 D Ever wondered how money got its groove? The concept of money has gone through a fascinating evolution, from bartering goods in ancient civilizations to using precious metals, and finally to the modern electronic transactions we use today! Each step represented not just a technological advance but also a shift in societal trust and convenience, making it easier to trade, save, and invest. When it comes to opportunity costs, think of them as the sneaky little gremlins of decision-making! Choosing one path means giving up others—like choosing pizza over sushi for dinner. Understanding this concept helps individuals and businesses make smarter choices by weighing the benefits of one option against the potential gains from the alternatives they pass up. Who knew making decisions could be such a tasty topic?
