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WorksheetsSocial Science Economics 1st Quarter Exams Review
Total questions: 50
Worksheet time: 13hrs 30mins
Name
Class
Date
1.
Which of the following IS NOT an example of a capital good?
a)
Printers and photocopiers used in reproduction of documents
b)
DPWH is renovating the PNR system
c)
Logs and lumbers converted into furniture and kitchen wares
d)
San Miguel Corp. asked for a P 100 million loan from BDO
2.
Which of the following is NOT considered as part of the labor force?
a)
Yna, who is actively seeking for work but can't find one
b)
Danie, a full time mom, busy taking care of her baby twins
c)
Drei, who was a band member but is now a manager in a BPO
d)
Gino, a fresh graduate, applying for a clerical job in BPI
3.
Which of the following DOES NOT illustrate equity?
a)
Those who have higher income has a higher tax rate
b)
DepEd receives the highest budget every year
c)
DSWD distributed 1 pack of relief goods for every evacuee
d)
Sam gives more allowance to her eldest son being in tertiary
4.
Which of the following is the BEST example of Right to Redress?
a)
Yuri submitted a case anti SM for not putting a price tag
b)
Mel posted on Facebook the Starbucks coffee with rats inside
c)
Frank yelled at the service crew for giving coke of sprite
d)
Jay asked for a replacement of the broken headphone
5.
What is Engel's Law?
a)
Percent of money spent on food decreases as income increases
b)
Percent of money spent on food is same as income increases
c)
Percent of money spent on food increases as income increases
d)
Percent of money spent on food increases as income decreases
6.
Which of the following is NOT a characteristic of a traditional economic system?
a)
Economic decisions are based on customs and traditions
b)
Has poor technological advancement
c)
Used by the less developed countries
d)
Rigid in following their social structure and systems
7.
What are the two requirements in capitalism according to Adam Smith?
a)
Free market economy and invisible hand
b)
Laissez Faire and Market Economy
c)
Absolute advantage and laissez faire
d)
Invisible Hand and Absolute Advantage
8.
Who among the following wrote the Principles of Political Economy and Taxation?
a)
David Ricardo
b)
Karl Marx
c)
Adam Smith
d)
Alfred Marshall
9.
David Ricardo emphasized on his Theory of Comparative Advantage that ____________.
a)
Producers must minimize the needs and wants of the people
b)
Producers must consider the outputs to be lost in production
c)
Producers must consider the highest possible profit in prod.
d)
Producers must maximize the resources by producing more
10.
Economics is the study of _________________.
a)
Decisions regarding consumption
b)
How society decides how, what and for whom to produce
c)
The best way to run the society
d)
Production technology
11.
Which of the following IS a characteristic of shortage?
a)
A natural Phenomenon
b)
long term problem
c)
cannot be replenished
d)
A man made Phenomenon
12.
Which of the following is a scarce resource?
a)
ecunemical resources
b)
Human Resources
c)
Scientific Resources
d)
Transportation Resources
13.
What is the income generated by Labor?
a)
Wage
b)
Interest
c)
Profit
d)
Interest
14.
Which of the following is a Factor of Production
a)
Entrepreneur
b)
Businessmen
c)
Music
d)
None of the above
15.
In Thomas Malthus' Theory on Poulation Growth he said that we should check the population by any means so in this sense is he supporting ISIS, Terrorism, Genocide and etc.?
a)
Yes
b)
No
16.
In Thomas Malthus' Essay on the Principle of Population how does the human population grow?
a)
Exponentially/Geometric
b)
In an arithmetic rate
17.
In Thomas Malthus' Essay on the Principle of Population how does food produrction grow?
a)
Exponentially/Geometric
b)
In an Arithmetic rate
18.
One should achieve homeostasis in order to survive. What need is being described?
a)
Safety Needs
b)
Physiological Needs
c)
Self-actualization
d)
Love and Belongingness Needs
19.
Which of the following BEST describes Demonstration Effect?
a)
purchasing a product because of the influence of others
b)
sudden purchasing of a product because of calamities
c)
purchasing a product based on its effectivity
d)
purchasing a product because of promos, discounts and sales
20.
This refers to the choice that was given up because of choosing another selection.
a)
Opportunity Cost
b)
Trade-off
c)
Alternative
d)
Exchange
21.
Which of the following is a characteristic of a socialist economy?
a)
The government answers the basic economic questions
b)
People do not entertain the use of technology
c)
People can create small scale industries
d)
The government cannot interfere in any market activities
22.
Who among the following economists emphasized on having greater exports than imports?
a)
David Ricardo
b)
Karl Marx
c)
John Maynard Keynes
d)
Thomas Malthus
23.
Who wrote "Utopian Socialist"?
a)
Karl Marx
b)
John Maynard Keynes
c)
Adam Smith
d)
Robert Owen
24.
Should wants be eliminated in one's life?
a)
Yes
b)
No
25.
Which of the following DID NOT happen during the Great Depression?
a)
High bankruptcy rate
b)
High Poverty Rate
c)
High Inflation Rate
d)
High employment rate
26.
What is the definition of Production Possibility Curve?
a)
A graphical representation of the economic systems
b)
A graphical representationof the effects of poverty
c)
A graphical representation on the economic goals of a country
d)
A graphical representation of the alternative combinations of the amounts of two goods or services
27.
Which of the following countries DOES NOT follow a command economy?
a)
Cuba
b)
North Korea
c)
WWII Italy
d)
Not in the choices
28.
Which among the following is NOT a characteristic of an entrepreneur?
a)
Dedicated
b)
Risk-taker
c)
Pessimistic
d)
Analytical
29.
Scarcity happens because _______________.
a)
Humans have infinite needs but resources are limited
b)
Humans have limited needs but resources are unchanged
c)
Humans have unlimited wants but resources remains constant
d)
Humans have limited needs that increases production process
30.
Who among the following groups of economists are considered as classical?
a)
David Ricardo, John Maynard Keynes and Karl Marx
b)
David Ricardo, Michael Todaro and Adam Smith
c)
Adam Smith, Robert Owen and Alfred Marshall
d)
Adam Smith, Karl Marx and Thomas Malthus
31.
What is the definition of the Law of Diminishing Marginal Utility?
a)
as a person increases consumption of a product while keeping consumption of other products constant, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.
b)
as a consumer consumes something it gets destroyed
c)
wla kong pake diyan
32.
Which basic economic question is considered when distributing the final goods and services?
a)
For whom to produce?
b)
When to Produce
c)
Why to Produce
d)
How to Produce
33.
Which of the following states the BEST significance of PPF?
a)
To know the goods that can be produced by the economy
b)
To know how to produce efficiently given the resources
c)
To know the amount of products to be produced by the economy
d)
To know what combinations are possible given the resources
34.
Which of the following is NOT a form of productive consumption?
a)
Vanessa bought apples and made a pie to be sold in her store
b)
Joaqin took medicine this morning for his headache
c)
Bianca used potatoes for her experiment in Physics about energy
d)
Allen used plastic bottles as a material for his toy car
35.
What is absolute advantage?
a)
producing goods and services at the lowest production cost
b)
producing at the lowest number of resources
c)
producing goods and services at the maximum resources
d)
producing goods and services at the lowest opportunity cost
36.
What is the mechanism in the market that is caused by the promotion of self- interest?
a)
Engel's Law
b)
Law of Diminishing Marginal Utility
c)
Invisible Hand
d)
Demonstration Effect
37.
What is the branch of economics that deals with specifics of the economy?
a)
Macroeconomics
b)
Specific economics
c)
Malthusian Economy
d)
Microeconomics
38.
What is the income generated by Land?
a)
Rent
b)
Wage
c)
Profit
d)
Interest
39.
What is the income generated by utilizing the entrepreneurs?
a)
Wage
b)
Interest
c)
Profit
d)
Rent
40.
He formulated the ERG Theory.
a)
Clayton Alderfer
b)
Thomas Malthus
c)
Abraham Maslow
d)
Alfred Marshall
41.
He formulated the Hoerarchy of Needs
a)
Clayton Alderfer
b)
Karl Marx
c)
Abraham Maslow
d)
David Ricardo
42.
He stated that it is better to spend than to save.
a)
John Maynard Keynes
b)
Alfred Marshall
c)
Adam Smith
d)
David Ricardo
43.
A type of economic system that evolves around social status?
a)
Traditional
b)
Command
c)
Mixed
d)
Market
44.
It refers to the branch of Social Science that deals with man’s culture and tradition.
a)
Political Science
b)
Anthropology
c)
Sociology
d)
Geography
45.
This refers to the capital resources that have a specific purpose.
a)
Fixed Capital
b)
Specialized Capital
c)
Monetary Capital
d)
Capital lang
46.
Knowing the nutrition facts and expiration date are examples of what kind of consumer right?
a)
Right to Safety
b)
Right to Information
c)
Right of Redress
d)
Right to Choose
47.
Which of the following is NOT a concern of macroeconomics?
a)
National budget
b)
International Trading
c)
Businesses and Companies
d)
Unemployment Rate
48.
These are goods that are partially or totally enjoyed in the process of enjoyment.
a)
Economic Goods
b)
Non-durable goods
c)
Durable goods
d)
Consumer Goods
49.
This term was used to describe the high level of consumption.
a)
Consumer rights
b)
Demonstration effect
c)
Exploitation
d)
Consumerism
50.
According to ERG Theory, what needs are included in existence needs?
a)
Self-actualization and esteem needs
b)
Security and physiological needs
c)
Physiological and esteem needs
d)
Love and belongingness and safety needs
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