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WorksheetsApplied Economics Quiz#2
Total questions: 10
Worksheet time: 10mins
Which of the following is an example of positive externalities?
Government Budget Surplus
More export than import
Motorway improvement scheme
Noise pollution
Which of the following is a macroeconomic topic?
The reasons for a rise in the price of orange juice.
The reasons for the rise in average prices.
Whether the army should buy more tanks or more rockets.
Why plumbers earn more than janitors.
Which of the following statements about factors of production is false?
The factor of production land means natural resources.
The factor of production termed capital means the money which the owners of firms need to set their firms up.
The factor of production termed labor means human resources.
The term factors of production is another term for resources.
What is this condition where there are insufficient resources to satisfy the needs and wants of a population?
Economics
Scarcity
Social Science
Unemployment
Which of the following gives the best meaning of the term gross domestic product?
Conditions of economic system in which the organization operates.
Total quantity of goods and services produced by an economic system.
Total quantity of goods that a country’s citizen can purchase with the currency used in their economic system.
Total values of all goods and services produced within a given period by national economy through domestic factors of production.
Studies the decisions and choices of the individual units and how these decisions affect the prices of goods in the market?
Absolute scarcity
Macroeconomics
Microeconomics
Relative scarcity
Which one of the following is a supply side policy which the government could use to help meet its economic objectives?
An improved apprenticeship program.
An increase in the rate of corporation tax.
Higher unemployment benefits
Quantitative easing
What is the most fundamental economic problem?
Buying more imported products
Health
Scarcity
Security
The main problem of the Philippine economy despite improvements reported by the National Statistics office.
Economics
Social science
Scarcity
Unemployment
Mr. Lim experience an increase loss in his business due to recession. If you were Mr. Ching what is the best action you should do?
Close the Business
Hire another worker
Lay-off some of the workers
Noise pollution
