REVIEWER - ANSWER ME!

1. What term refers to the study of how societies use scarce resources to produce valuable commodities and distribute them among different people?

                         

                        

• A.    Economics   

• B.   Management 

• C. Marketing

• D. Science

Who is known as the “Father of Modern Economics”?

                          

                  

• A.    Adam Smith     

• B.   Frederick Taylor 

•    C. Hugo Hursberg

•         D. Max Weber

3. What division of Economics deals with the economy as a whole with the view to understand that interaction between economic aggregate such as employment, inflation, and national income?

                  

                          

• A. Macroeconomics         

• B. Microeconomics  

• C. Minieconomics

• D. Normal Economics

A business owner decides to hire more workers to meet growing customer demand. What economic concept is being applied?

                                   

                       

• A. Allocation   

• B. Capital formation  

• C. Labor as a resource

• D. Scarcity

How is economics considered a social science?

• A. It focuses only on math and graphs

• B. It involves laboratory experiments

• C. It is unrelated to people and decisions

• D. It uses scientific methods to study human behavior related to choices and scarcity.

What is the basic economic problem faced by all countries?

• A. Corruption

• B. Inflation

• C. Scarcity

• D. Unemployment

Which of the following refers to the limited availability of resources to meet unlimited wants?

                              

                                       

• A. Consumption  

• B. Inflation 

• C. Opportunity

•   D. Scarcity

If a local government decides to use its limited budget to build health centers instead of roads, what economic problem is being addressed?

• A. Inflation     

• B. Overproduction   

• C. Scarcity and prioritization

• D. Scarcity

A student creates a budget to divide their weekly allowance among food, transportation, and savings. What economic concept is the student applying?

• A. Allocation

• B. Labor

• C. Market equilibrium

• D. Opportunity cost

Which of the following best analyzes the impact of poor allocation of resources in a developing country?

• A. It encourages more foreign investments

• B. It increases economic growth

• C. It leads to balanced development in all sectors

• D.  It can cause unequal wealth distribution and slower economic progress