
Applied Economics Midterm Grade 12 ABM
Authored by Nodelyn Rosillosa
History
12th Grade
Used 1+ times

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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics comes from two old Greek words - 'oiko', which means 'home' and 'nomos' which means ______.
household
management
Owner
household management
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is considered a science because:
It involves the collection and analysis of data
It relies on subjective opinions and beliefs
It is based on experimentation and laboratory testing
It is primarily concerned with ethical issues
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is the father of Modern Economics?
Paul Samuelson
Roger Le Roy Miller
Adam Smith
Hall Loeberman
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Studying economics is essential because:
It helps individuals make informed financial decisions
It provides a framework for understanding economic systems
It enables policymakers to develop effective economic policies
All of the above
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is a condition where there are insufficient resources to satisfy all the needs and wants.
Scarcity
Needs
Wants
Trade off
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The basic economic problem is:
How to produce goods and services efficiently
How to distribute income fairly
How to satisfy unlimited wants with limited resources
How to achieve economic growth
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is a science because it is an organize body of truth, coordinated, arranged and systematizes with reference to certain general laws and principles.
demand
market
supply
economics
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