Activity Review in Economics - Q1

Which branch of economics focuses on how society creates its material wealth and distributes it with minimum difficulties and expands it?

• Anthropology

• Political Science

• Psychology

• Social Science

Economics is the study of ________.

• how to make money

• how to operate a business

• the government decision-making process

• people making choices because of the problem of scarcity

Scarcity exists __________.

• only in poor nations

• only in rich nations

• in all countries of the world

• when people consumer beyond their needs

Microeconomics approaches the study of economics from the viewpoint of ___________.

• economy wide effects

• individual or specific markets

• the national economy

• the operation of the Bangko Sentral ng Pilipinas

This resources command a price.

• economic resources

• free resources

• natural resources

• aquatic resources

Which of the following is NOT a resource?

• capital

• labor

• land

• money

Suppose that you, being the eldest of five siblings were not able to finish your studies. You were forced to stop going to school at the age of 13 and find a job at an early age to support your siblings. What economic problem can be seen here?

• Poverty

• Trade-off

• Underemployment

• Unemployment

Which of the following decisions must be made by all economics?

• How much to produce? When to produce? How much does it cost?

• What is the price? Who will produce it? Who will consume it?

• What to produce? How to produce it? For whom to produce?

• none of the above

Because of mechanization and mass production, the bottling company used machinery to produced goods, which of the following methods is used by the bottling company?

• capital-intensive production process

• labor-intensive production process

• mixed production process

• product-based technology process

Karen is the procurement officer of ABC Company, she bought 10 boxes of bond paper for office consumption. Which of the following market best matches to the given example?

• business market

• consumer market

• government market

• reseller market