SS9 - Diagnostic

Human needs and wants are unlimited. We need to prioritize our needs. We have to satisfy ourselves with food, clothing, and shelter because they are considered as:

• pre-needs

• primary needs

• security needs

• secondary needs

Hierarchy of human needs is a famous theory about human needs. Who formulated this theory?

• Adam Smith

• David Ricardo

• Simon Kuznets

• Abraham Harold Maslow

An economic system in which a state controls and owns all the industries and resources of the country is known as:

• socialism

• capitalism

• communism

• mercantilism

Several factors influence consumption. Consumers' behavior is often affected by these factors. What is the factor that motivates and convinces the consumers to patronize the products?

• Income

• Prices

• Occasions

• Advertisement

There are factors of production which are used to produce goods and services to satisfy our needs. Which of the factors of production has the ability to take the risk and manage the business?

• Capitalist

• Land Owner

• Labor Force

• Entrepreneur

There are determinants of demand which may result to its increase and decrease. When the consumers speculate what will happen to the economy, they______

• save their money

• change their demand

• resort to panic buying

• decrease their demand

The total cost in the production is PhP 900,000 and the total revenue is PhP 1,253,000. How much is the profit.

• 1,163,000

• 553,000

• 353,000

• 335,000

Which mathematical equation describes the relationship of two variables 200-5P?

• supply function

• production function

• consumption function

• demand function

The consumers respond to the price changes. The price of a certain product increases more than the decrease in quantity demanded. The demand is _________.

• Unitary

• Elastic

• Inelastic

• Perfectly inelastic

The demand function is Qd = 30-5P, while the supply function is Qs = 20+5P. How much is the equilibrium price?

• 5

• 10

• 15

• 20