Which of the following statements does not describe an economic model?

a. It is an empirical representation of economic theory.

b. It describes the economic situation through equations, graphs, etc.

c. It can predict future phenomenon.

What is positive economics?

a. It is based on subjectivity.

b. It uses value judgement based on opinions.

What is normative economics?

a. It is based on the subjectivity.

b. It refers to an objective statement.

Which of the statements is NOT TRUE about macroeconomics?

d. It discusses the law of demand and supply.

a. It is used to address national economic problem.

b. It can predict future events.

c. It deals with poverty, education, and aggregate production.

Which of the following statements does not describe microeconomics?

c. It deals with poverty, education, and aggregate production.

a. It seeks to answer the household management.

b. It can predict future events.

d. It discusses the law of demand and supply.

Which of the following statements is NOT TRUE?

c. Economic resources are naturally unlimited.

a. The economic resources are used to produce goods and services.

b. Economic resources are land, labor, capital, and entrepreneurship.

d. Economic resources are the factors of production.

Which of the following belongs to the basic economic questions?

b. What to produce?; For whom to produce?; and How to produce?

a. What to produce?; For whom to produce?; and Where to produce?

c. What to produce?; For whom to produce?; and When to produce?

Which of the following refers to natural resources?

a. Land, minerals, water, and air

Which of the following statements is TRUE about opportunity cost?

c. Opportunity cost happens when you sacrifice one thing to obtain another.

a. Opportunity cost is the same as trade-off.

b. Opportunity cost is the foregone benefit in choosing the best alternative.

Which of the following statements is TRUE about trade-off?

b. Trade-off happens when you sacrifice one thing to get something.

a. Trade-off is the same as opportunity cost.

c. Trade-off is the benefit in choosing the best alternative.

Which of the following group is the classification of economic systems?

a. Traditional, Command, Market, and Mixed

b. Agricultural, Industrial, Technological, and Developmental

c. First World, Second World, Third World, and Fourth World

Which of the following is NOT TRUE about barter system?

a. It refers to the exchange of goods and services without the use of money.

b. It is an old form of commerce.

c. It is evident in traditional economy.

Which of the following statements best describes the production possibilities frontier?

a. It shows different combinations in producing two goods.

b. It is the production schedule of a good.

c. It reflects the possible solution to the problem.

What is unemployment?

a. People who are available for work but do not find any jobs.

b. These are the people who have no work.

c. It refers to a person who leave their current job.

Which of the following is NOT TRUE about poverty?

a. It is a condition where people’s basic needs for foods, clothing, and shelter are not being met.

b. It occurs when people do not enjoy a certain minimum level of living standards as determined by a government.

c. It is a state which the income for a family/individual is not enough to sustain the basic food and non-food requirements.

Which of the following is a cause of poverty?

a. Exposure to risk such as natural disasters

b. High inflation during crisis

Which of the following is a cause of unemployment?

a. Due to people moving between jobs

b. Fewer jobs available in the market

Which of the following statements refers to demand?

A. A relationship between the price of a product and the quantity demanded during a given period.

B. It refers to a quantity of a good or service consumers would choose to buy at a particular price.

C. It shows the number of goods that consumers are willing and able to buy.

Which of the following statements does not describe the law of demand?

c. Price is directly affected by quantity demanded.

A. It shows the relationship between price and quantity demanded.

B. There is a negative relationship between price and quantity demanded.

Which of the following is TRUE about ceteris paribus?

c. It means that all other things held constant.

a. It is only focused on market demand.

b. It refers to factors of demand shift.

Which of the following scenarios causes the demand to shift upward?

b. Increase in consumer’s income

a. Consumers are satiated with product

c. The price is expected to decrease next week

Which of the following factors does not cause a shift in the demand curve?

c. Expectations of future prices

The law of supply states that:

A. As price goes up, ceteris paribus, the producers will offer more for sale.

B. As income increases, ceteris paribus, quantity supplied also increases.

C. As price increases, ceteris paribus, quantity supplied decreases.

The relationship between the price and quantity supplied is:

C. negative first, then positive

D. positive first, then negative

This factor causes shifts of the supply curve.

A. PriceB. The income of consumers

This happens when the price is not allowed to increase.

B. Increase in quantity supplied

A. The decrease in quantity demanded

C. The new equilibrium price is formed

This is where the price ceiling located in the graph.

C. Parallel to the equilibrium point

ECONOMICS QUARTER 1

11th Grade

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88 Qs

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d. It is the only solution to the economic problem.

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