First Quarterly Assessment in Economics

Which branch of social science deals with the analysis of how members of society react with one another on the creation and utilization of wealth?

• Economics

• Economic Theory

• Macroeconomics

• Microeconomics

What is the most fundamental economic problem?

• Health

• Security

• Scarcity

• Poverty

What is the primary concern in studying the determination of prices in individual markets?

• Price Theory

• Economic Theory

• Macroeconomics

• Microeconomics

Indicate which branch of economics studies the behavior of the individuals like the households?

• Command Economy

• Macroeconomics

• Microeconomics

• Traditional Economy

Which of the following best describes the statement, "applying economic theories to solve an economic problem"?

• Economics as an applied science

• Economics as social science

• Nature of economics

• Scope of economics

Which of the following statements best describe the features of economics as a social science.

• Consumers usually buy needs over wants

• Entrepreneurs raises the price when supply is low

• Smart buyers purchase products when demand is low

• Using of an economic model to improve the economy of a community

Choose the best statements that describes the study of economics? It is the study of

• affluence in a morally bankrupt world.

• the choices we make because of scarcity.

• the distribution of surplus goods to those in need.

• ways to reduce wants to eliminate the problem of scarcity.

Which statement is relevant Economics as an Applied Science?

• Jeepney drivers complain about the high increase of gasoline prices.

• People have no freedom of choice in arriving at decisions on what to buy.

• Philippines government uses economic models to solve insufficiency or rice in the country

• People always complain about not having enough money to pay debts, not enough food on the table and not enough income to meet all the family's needs.

Which of the following issues can be classified under the scope of microeconomics?

• reasons for a decline in average prices

• reasons why he buys less orange juice

• cause of why total employment may decrease

• effect of the government budget deficit on inflation

Which type of economic system applies to authoritarian, socialist, and communist countries.

• Command Economy

• Market Economy

• Mixed Economy

• Traditional Economy