Prelim Examination

Cellphone is an example of _____________.

• Needs

• Wants

• Both Needs and Wants

• Depends upon the use

Maria wants to buy both chicken and spaghetti but she realize that her allowance is not enough. So, Maria just bought chicken. This is an example of __________.

• Needs

• Wants

• Opportunity Cost

• Scarcity

Jay wants to buy the limited shoes offered by a well known shoe brand. But his allowance is not enough for the price of the shoes. This is an example of _____________.

• Needs

• Wants

• Opportunity Cost

• Scarcity

During Pandemic, there are shortage in alcohol and facemask. This is an example of Absolute Scarcity.

• True

• False

Which is not an example of Relative Scarcity?

• Rice

• Tshirt

• Fish

• House

The most common misconception in economics is that we have unlimited resources.

• False

• True

Due to our desire to acquire needs and wants, it resulted to our needs for consumption

• False

• True

Scarcity leads as to maximize our resources in the best way possible.

• True

• False

Economics means understanding how household manage their resources.

• False

• True

Economics also deals un understanding and analyzing the products and services offered in the market.

• True

• False