Economics

​PRE-TEST

ECO​NOMICS

Multiple Choice

1. Which of the following is NOT a factor of production?

• A. Capital

• B. Land

• C. Labor

• D. Money

Multiple Choice

2. It is a mam made goods, such as tools, which are used to produce other goods

• A. Resources

• B. Capital Resources

• C. Physical Capital

• D. Human Capital

Multiple Choice

3. Which of the following is the best example of opportunity cost?

• A. Is what you give up when you make a choice

• B. Building skills that are scarce in the labor market

• C. How many should I produce

• D. In what order should I produce

Multiple Choice

4. What is the quantity of goods or services produced?

• A. output

• B. Productivity

• C. Inputs

• D. Standard of living

Multiple Choice

5. This is reward or compensation to factor of production for productive services rendered by them in the production process and for them these are factor income.

• A. Transfer Payment

• B. Factor Payment

• C. Input

• D. Opportunity Cost

Multiple Choice

6.  Government policies is example of -

• A. External Economic Scale

• B. Internal Economic Scale

• C. Production Funtions

• D. Factors of Production

Multiple Choice

7. If you sum all the factor payment. What is the result?

• A. Total Cost

• B. Fixed Cost

• C. Variable Cost

• D. Average Cots

Multiple Choice

8. Production technique in the Philippines

• A. Labor Intensive

• B. Capital Intensive

• C. Monopoly

• D. Monopolistic Competition

Multiple Choice

9.  Iron and plants are example of which productive resource?

• A. Land

• B. Labor

• C. Capital

• D. Entrepreneurship

Multiple Choice

10. Additional product brought about by one additional unit of a variable input

• A. Marginal Product

• B. Marginal Input

• C. Marginal Function

• D. Marginal Revenue