Pagsusulit sa Ekonomiks

What is the term for the choice or sacrifice of one thing for another?

• Trade off

• Incentives

• Opportunity cost

• Marginal thinking

• None of the above

What do we call the things that a person must have to live?

• Luxury

• Wants

• Wealth

• Needs

• Power

What is the problem that the saying 'There isn't enough to go around' by Adam Smith refers to?

• Allocation

• Scarcity

• Production

• Consumption

• None of the above

Where does the production of goods and services that meet our needs depend?

• Producers

• Customers

• Workers

• Entrepreneurs

• None of the above

What do we call the use of goods or services to meet needs?

• Allocation

• Distribution

• Consumption

• Production

• None of the above

Which factor of needs and wants is referred to by a person's status in their community and workplace?

• Income

• Age

• Social status

• Environment

• Climate

What type of business did Mario and Pedring establish?

• Cooperative

• Corporation

• Partnership

• Sole Proprietorship

• Entrepreneurship

What is the reason that having an iPod, tablet, and cellphone is considered a want?

• They are expensive

• They symbolize being famous

• The owner is satisfied having them

• Not everyone can afford them

• None of the above

Which method should society use to cope with the problems caused by scarcity?

• Monopoly

• Cooperative

• Allocation

• Production

• Investment

As an economist, which problem should you focus on first?

• Scarcity

• Wants

• Shortage

• Needs

• None of the above