GE 118 Q3

1. What do you call the condition in which our wants are greater than our limited resources?

• Economics

• Opportunity Cost

• Scarcity

• Trade-off

1. What do you call things that you gave up when you make a choice?

• Choice

• Opportunity Cost

• Problem

• Trade-off

What do you call the application of economic principles and theories to real-world situations?

• Applied Economics

• Economics

• Macroeconomics

• Microeconomics

Which of the following is not a factor of production?

• Capital

• Tax

• Labor

• Land

What is the meaning of "supply"?

• It is a choice that you gave up.

• It refers to the amount of goods for sale.

• It is the totality of our needs.

• It refers to the influx of economy.

6. Which of the following classifications does not fall under underemployment?

• 1. Highly skilled but working in low paying jobs

• 1. Part-time workers who would prefer to be full time

• 1. Without work and currently available for work

• 1. Workers who are highly skilled but working in low skill jobs

1. When does underemployment occur?

• 1. It is when a person does have work.

• 1. It is when a person does not have work.

• 1. It when a person does not work for a job that fits his/her skills.

• 1. It is when a person works for a job that fits his/her skills.

1. Which of the following works best for our country?

• 1. Decrease in the employment rate

• 1. Decrease in the underemployment rate

• 1. Increase in the underemployment rate

• 1. Increase in the unemployment rate

9. What is most likely to happen when the population continues to rise?

• 1. Employment rate will go up.

• 1. Poverty rate will decrease.

• 1. Resources will become scarce.

• 1. Unemployment rate will go down.

1. According to Philippine Statistics Authority (PSA) what is the minimum age that a Filipino must have in order to be classified as an unemployed person?

• 13

• 14

• 15

• 18