WorksheetsAppliedEcon Chapter 1 Quiz
Total questions: 20
Worksheet time: 11mins
It is the study of the ways that individuals and societies allocate their limited resources to satisfy their unlimited wants.
Economics
Statistics
Sociology
Psychology
It is the limited availability of a commodity, which may be in demand in the market or by the commons.
Supply
Demand
Scarcity
Economics
The following are reasons why Economics is considered as a Social Science EXCEPT
Studies human behavior just like psychology and sociology.
Uses scientific method of inquiry in the study of society and its components.
Studies how individuals make choices in allocating scarce resources to satisfy their unlimited wants.
Studies the mind and behavior which includes the conscious and unconscious phenomena, including feelings and thoughts.
The following are reasons why Economics is considered as an Applied Science EXCEPT
Helps students to learn about the relationship of a business and basic economic theories.
Formulates general theories through testing, mainly using data from the past.
Deals with the study of collecting, analyzing, interpreting, presenting, and organizing data in a particular manner.
Focuses on urban problems, the health-care crisis, agricultural problems, poverty, economic growth and the environment.
These are the basic economic problems that our country is facing EXCEPT
How to produce?
Why to produce?
What to produce?
For whom to produce?
The labor, capital, land and natural resources and entrepreneurship that are used to produce goods and services.
Stuffs
Producer
Consumer
Resources
Which of these is NOT an example of wants?
Rice
Luxury car
Golden ring
Expensive shoes
Which of these is NOT an example of needs?
Cooking oil
Drinking water
Gaming laptop
Liquefied petroleum gas
Macroeconomics is defined by the following EXCEPT
It's concerned with overall performance of the entire economy.
It's concerned with process of setting prices of goods known as price theory.
It studies the economic system as a whole rather than the individual economic units that make up the economy.
It's about the nature of economic growth, expansion of productive capacity and growth of national income.
Microeconomics is defined by the following EXCEPT
It's concerned with overall performance of the entire economy.
It's concerned with the behavior of individual entities such as the consumer, the producer and the resource owner.
It studies the decisions and choices of the individual units, and how these decisions affect the prices of goods in the market.
It is more concerned with how goods flow from the business firm to the consumer and how resources move from the resource owner to the business firm.
One of the basic economic problems where society decides which goods/service it wants to produce and the quantity required.
How to produce?
Why to produce?
What to produce?
For whom to produce?
One of the basic economic problems which refers to the resource mix and technology that will be applied in production.
How to produce?
What to produce?
For whom to produce?
What provision should be made for economic growth?
One of the basic economic problems where society decides on the distribution of the goods and services among the members of society.
How to produce?
Why to produce?
What to produce?
For whom to produce?
One of the basic economic problems where society must decide on the part of the resources that it wants to save for future progress.
How to produce?
What to produce?
For whom to produce?
What provision should be made for economic growth?
The most democratic form of economic system.
Market economy
Barter economy
Command economy
Traditional economy
The use of inputs to produce outputs.
Production
Distribution
Consumption
Public finance
They are commodies or services that are used to produce goods and services.
Inputs
Outputs
Public finance
Entrepreneurship
It's the allocation of the total product among members of society.
Production
Distribution
Consumption
Public Finance
It's the use of a good or service and the ultimate end of economic activity.
Output
Production
Distribution
Consumption
It's concerned with government expenditures and revenues
Production
Distribution
Consumption
Public finance
