Revie SS9

It is said that people have unlimited needs and wants. Which of the following statement is true?

• Human needs are always materialistic

• Human needs have different degrees

• Human needs and wants are predictable

• Human needs and wants are expensive in nature

Needs and wants change as time passes. Which factor affects the changes?

• Age

• Income

• Profession

• Education

The economic system that allows ownership of property, free enterprise, and competition to acquire profit is ____.

• Socialism

• Communism

• Capitalism

• Traditional

The government has different programs and projects to improve the lives of the people. Which of the following programs and projects should be supported by the members of the society?

• Tax reforms

• Economic programs

• Patronizing own products

• Traffic reforms

Economics is mainly concerned with which of the following?

• How to earn higher salaries

• How societies allocate limited resources

• How to calculate national income only

• How to create new businesses

Why is economics considered a “social science”?

• Because it only studies numbers and statistics

• Because it is more focused on business profits

• Because it studies human behavior in using resources

• Because it depends on physical sciences like biology

What does scarcity mean in economics?

• Unlimited resources for limited wants

• Balanced supply and demand

• Surplus production in society

• Limited resources for unlimited wants

Which of the following situations best illustrates scarcity?

• A student deciding whether to buy a book or watch a movie with their allowance

• A farmer having enough water supply for rice farming

• A store giving away free goods every day

• A family receiving average income that they can spend

Imagine the Philippines is experiencing a shortage of healthcare workers. As an economic planner, what strategies would you suggest to reduce the effects of this scarcity?

• Encouraging brain drain for higher remittances

• Importing more foreign workers

• Increasing investment in education

• Limiting medical school slots to reduce costs

A family has enough income to cover food, shelter, and education, but chooses to spend on leisure travel. What is the best reflection of this situation?

• It reflects prioritizing needs since leisure is necessary

• It reflects prioritizing wants, which may risk long-term stability if not budgeted properly

• It shows that wants are more important than needs, as applied to the situation

• It proves that needs are not part of family priorities