Applied Economics

Identify which economic resource is being referred by the picture.

• Land

• Labor

• Capital

• Entrepreneurship

Identify which economic resource is being referred by the picture.

• Land

• Labor

• Capital

• Entrepreneurship

It refers to the quantity of goods that a seller is willing to offer for sale.

• Demand

• Supply

• Price

• Quantity

In Law of Demand, which shows the correct relationship of price and quantity demanded?

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Identify the three economic systems.

• Monopolistic economy

• Traditional economy

• Command economy

• Market economy

What are the two main branches of Economics?

• Positive economics

• Normative Economics

• Macroeconomics

• Microeconomics

Which of the following scenarios are categorized as MICROECONOMICS? Choose two scenarios.

• Household weekly budget

• Government project on public infrastructure.

• The current unemployment rate of the country.

• A manufacturer's operating expense for the past year.

Choose two characteristics of a monopoly market structure.

• Entry to the market is easy.

• The seller sets the market price.

• There are too many competitors.

• Firms sell a unique product.

It is an interaction between buyers and sellers of trading or exchange.

It is rivalry among various sellers in the market