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WorksheetsApplied Economics Q1
Total questions: 25
Worksheet time: 13mins
It is a condition when the supply of a good, service, or resource is not enough to meet the demand.
scarcity
shortage
allocation
elasticity
The proper use of resources is to:
Maximize the benefits
Hasten the production
minimize the opportunity cost
A. A and B
It can be an instrument for the allocation of resources through a market system.
price
income
interest
demand
Bridges are example of:
Natural Resources
Human Resources
Man-made resources
None of the above
Wealth is capital.
This statement is true.
This statement is false.
This statement is a hypothesis.
This statement is a theory.
Water is an example of:
Natural Resources
Human Resources
Man-made Resources
None of the above
These are inputs of production that are subject to further processing and transformation.
Direct Labor
Factory Overhead
Raw Materials
None of the above
What is a Lorenz Curve?
It shows the share of various household groups on the total national income.
It is a measure of income inequality derived from another Lorenz Curve.
The curve of the body of Lorenz
None of the above
Scarcity is the same as shortage.
This statement is true
This statement is false
Both A and B
None of the above
Table is an example of:
Natural Resources
Human Resources
Man-Made Resources
None of the above
Teachers produce:
Goods
Service
Both A and B
None of the above
It is the income needed to purchase these minimum nutritional requirements and other necessities for daily survival.
Poverty Challenge
Poverty Threshold
Absolute Poverty
Relative Poverty
The analysis being used in making choices is:
Gini Coefficient
Cost- Benefit Analysis
Opportunity Cost Analysis
None of the above
The two major questions answered by wealth utilization are:
Production and Wastage
Production and Reservation
Production and Consumption
None of the above
It is the foregone benefit on making choices.
Sunk cost
Opportunity Cost
Incentive Cost
Coastal Road
The economic transformation of a country could be linked on its:
Human Resources
Natural Resources
Physical Resources
Susana Resources
Which of the following cause/s the limitation of the natural resources?
Time
Difficulty to produce
Both A and B
None of the above
It is the expansion of human needs:
Human Resources
Natural Resources
Allocation
None of the above
One of the implications of an expanded population is the enlargement:
Of natural resources
Of the body
Of the houses
Of the labor force
It is a state when the buyers and sellers transact on the purchase or sales of goods or services.
School
Market
Community
House
Scarcity could be solved by:
Changing the attitude of an individual
Expansion of limited resources
Both A and B
None of the above
Surplus could be solved by:
Increasing the price
Decreasing the price
By wearing pants
None of the above
Shortage could be solved by:
Increasing the price
Decreasing the price
By wearing pants
None of the above
Relative poverty is measured by:
Lorenz Curve
The Gini Coefficient
Either A or B
Both A and B
Which of the following is not part of the three strands in the development of the definition of Economics?
Wealth getting and wealth using
Decision making process
Scientific method
Allocation process
