Economics Review Quiz (Week 1 to Week 3)

A student receives a weekly allowance of ₱100. He buys a notebook and saves the remaining. What concept does this situation show?

• Resource production

• Consumption of goods

• Income taxation

• Allocation of resources

Which set of words best explains the origin of the word "Economics"?

• Market and price

• Trade and income

• House and management

• Labor and capital

In a family, parents plan their monthly budget to cover bills and food. What economic concept is applied?

• Growing needs

• Proper management of resources

• Unlimited supply

• Global finance

Why is economics classified as a social science?

• It solves environmental problems

• It focuses on farming activities

• It studies human behavior and decisions

• It calculates all prices in the market

A Grade 9 student chooses to reuse old materials for a project instead of buying new ones. What does this show?

• Wise use of available resources

• Inflation of prices

• Household consumption

• Labor cost increase

During a barangay meeting, leaders vote between building a daycare or a basketball court. This relates to:

• How to produce

• For whom to produce

• What to produce

• Who will consume

If a rice farmer in Mindoro chooses to rent a tractor instead of hiring more workers, he is answering:

• What to produce

• How to produce

• For whom to produce

• Where to sell the product

An LGU prioritizes food packs for senior citizens during a storm. This reflects the question:

• What to produce

• How to produce

• For whom to produce

• Why to produce

A river provides water to a town, but improper use leads to shortage. What concept does this show?

• Natural disaster

• Resource mismanagement

• Global warming

• Agricultural expansion

Teenagers want clothes, gadgets, and food that change over time. This shows:

• Constant production

• Changing wants and needs

• Economic equilibrium

• Unchanging consumption