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WorksheetsApplied Economics
Total questions: 12
Worksheet time: 8mins
Identify which economic resource is being referred by the picture.
Land
Labor
Capital
Entrepreneurship
Identify which economic resource is being referred by the picture.
Land
Labor
Capital
Entrepreneurship
It refers to the quantity of goods that a seller is willing to offer for sale.
Demand
Supply
Price
Quantity
In Law of Demand, which shows the correct relationship of price and quantity demanded?
Identify the three economic systems.
Monopolistic economy
Traditional economy
Command economy
Market economy
What are the two main branches of Economics?
Positive economics
Normative Economics
Macroeconomics
Microeconomics
Which of the following scenarios are categorized as MICROECONOMICS? Choose two scenarios.
Household weekly budget
Government project on public infrastructure.
The current unemployment rate of the country.
A manufacturer's operating expense for the past year.
Choose two characteristics of a monopoly market structure.
Entry to the market is easy.
The seller sets the market price.
There are too many competitors.
Firms sell a unique product.
It is an interaction between buyers and sellers of trading or exchange.
(a)
It is rivalry among various sellers in the market
(a)
As a consumer who buys products from the market, which type of imperfectly competitive market do you like most?
Monopoly
Monopolistic Competition
Oligopoly
Why is competition an important factor that has to be studied before putting up a business? Answer the question in 2-3 sentences.
