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WorksheetsQUIZ 1( special quiz)
Total questions: 20
Worksheet time: 9mins
Which of the following is NOT an example of man’s basic needs?
Fried chicken
Bag
Pajama
Water
Which of the following is considered as resource?
Capital
Profit
Interest
Salary
It serves as the economy’s producing unit
Government
Business firm
Investor
Household
What is the role of household in the economy?
Producing unit
Consuming unit
undertake external activity that is outside the control of the domestic economy
provide the legal and social framework
Households and businesses can never be next to each other.
True
False
In a flow of economy, Money and goods/ services will always go in different way.
True
False
Money and goods/ services will always go in dfferent Household sells factors of production. Which of the following is not example of factors of production?
Income
Labor
Entrepreneurial abilities
Capital
Treats the economic system as a whole rather than individual economic units of which it is composed.
Economics
Macro economics
Micro economics
The 4 agents in consumption incudes households, business firm , government and _______________.
Local firms
Domestic sectors
Foreign sectors
Investors
When we refer to the skill , we are referring to what kind of resources?
Land
Labor
Capital
Entrepreneurship
It is the question of the economy which refers to the quantity of each good that the many will have to produce to make up the total output.
How much to produce
How to produce
What to produce
Whom to produce
The factor market and product market can never be next to each other.
True
False
Panelco is an example of what kind of competition?
Monopoly
Oligopoly
Pure competition
Monopolistic competition
Agricultural products like rice, corn and vegetable is an example of what competition?
Monopoly
Oligopoly
Pure competition
Monopolistic competition
The following are examples of monopolistic competition EXCEPT:
Supermarket
Restaurants
Globe
Cenpelco
The following are the characteristics of Microeconomics except:
Microeconomics looks at the decisions of individual units
Microeconomics has a limited focus
Microeconomics develop skills
Microeconomics only focus on business entity that could contribute to the economy.
The payment for labor is called salary.
True
False
Poverty is one of the problem of our economic system.
True
False
When the firm would sell the goods or services, they will sell it to the product market.
True
False
When the household would like to buy the finished goods, they would buy it to the Factor Market.
Correct
Wrong
