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A. Multiple Choices
1.C
2.B
3.B
4.
5.C
6.D
7.B
8.A
9.A
10.D
B. Essay
1. Explain the definition of consumption, production, and distribution!
2. Explain the different between consumption, production, and distribution.!
3. Explain the consumer behaviour with the indiffrent curve approach!
4. Explain the economic activity circular flow diagram!
5. Explain the role of consumption households and firms households!
6. Explain the role of government and society!
7. Explain the role of foreign costumers and producers!
8. Give detile explaination on every economic entities in a economy!
9. Explain the flows formed by the interaction between consumption households and firms households!
10. Explain types of incomes received by consumption households!
Answer :
1.a. Consumption is the direct usage of goods and services to fulfill one's needs.
b. Production is making goods or providing services.
c. Distribution is the activity of distributing goods or services into consumers' hands.
2. Differences in consumption, production, and distribution:
- Consumption: the direct usage of goods and services
- Production: making goods of providing services.
- Distribution; broader meaning than merely deliverimg goods.
3. The indifferent curve shows the copmbination ponits of (two) consumed goods that give the same satisfaction.
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