AE Quiz

What do you call the resources that is also known as factors of production, that are used to produce goods and services?

• Economic Resources

• Production Resources

• Good and Services Resources

• Economist Resources

If you are a doctor, in what factors of production do you belonged?

• Land

• Labor

• Capital

• Professionals

If you have an agricultural farm at it is the main source of your income, what factors of production does your farm belong?

• Land

• Labor

• Capital

• Professionals

What branch of economics is concerned with the overall performance of the entire economy?

• Macroeconomics

• Microeconomics

• None of the above.

Mr. Eduardo was working as a bus driver in a bus corporation. His working in his company for over 5 years but still, his salary was within the minimum wage. What branch of economics does the first two statements says?

• Macroeconomics

• Microeconomics

• None of the above.

When the Inuit hunt, it is traditional for them to distribute the harvest with other families in the community. If a walrus or bear is harvested, hunters divide it evenly into as many pieces as there are heads of families in the hunting party. What type of economic system exist on the given situation?

• Market Economy

• Traditional Economy

• Command Economy

In North Korea, residential housing prices are low, as the government owns all of the country's homes and sets real estate prices accordingly. In addition, key public services like health care and education are free, or come at minimal cost? What type of economic system exist on the given situation?

• Market Economy

• Traditional Economy

• Command Economy

What type of economic system were based on the workings of demand and supply, where decisions are made on what goods and services to produce?

• Market Economy

• Traditional Economy

• Command Economy

What will happen to the quantity demanded for a certain good when the price of it increases?

• Quantity demanded will also increase.

• Quantity demanded will decrease.

• The quantity demanded will remain constant.

• All of the above.

What will happen to the quantity demanded for a certain good when the price of it decreases?

• Quantity demanded will also increase.

• Quantity demanded will decrease.

• The quantity demanded will remain constant.

• All of the above.