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Revie SS9

Authored by Alvin Requiero

Social Studies

1st - 5th Grade

Used 3+ times

Revie SS9
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Age

Income

Profession

Education

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Socialism

Communism

Capitalism

Traditional

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does scarcity mean in economics?

Unlimited resources for limited wants

Balanced supply and demand

Surplus production in society

Limited resources for unlimited wants

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