WorksheetsEn App Econ Midterm Exam
Total questions: 39
Worksheet time: 32mins
Family Name, First Name:
TRUE or FALSE
Economics will help the student understand why there is a need for everybody, including the government, to budget and properly allocated the use of whatever resources are available.
TRUE
FALSE
TRUE or FALSE
Economics is a study that explains how the consumer attempts to minimize his/her wants within limited means.
TRUE
FALSE
TRUE or FALSE
Business leaders and managers can't draw on the lessons from applied economics to make them better managers.
TRUE
FALSE
TRUE or FALSE
The Law of Demand states that as price increases, the quantity demanded for that product decreases.
TRUE
FALSE
TRUE or FALSE
Applied Economics is the application of economic theory and econometrics in specific settings with the goal of analyzing potential outcomes.
TRUE
FALSE
TRUE or FALSE
The Law of Supply states that as the price increases, the quantity supplied of that product decrease.
TRUE
FALSE
TRUE or FALSE
Improved taste for a product will cause a consumer to buy less of that good especially if its price does not change.
TRUE
FALSE
A condition where there is insufficient resource to satisfy all the needs and wants of a population,
Economics
Scarcity
Demand
Instability
This involves the use of scarce resources to satisfy unlimited wants.
Social Studies
Satisfaction
Statistics
Economics
Refers to the value of the best foregone alternative.
Opportunity cost
Economics
Economic Resource
Resource cost
~soil and natural resources that are found in nature and are not man-made
Land
Labor
Capital
Human
~ made resources used in the production of goods and services, which include machineries and equipment
Land
Labor
Capital
Human
~ a division of economics that is concerned with the overall performance of the entire economy
Microeconomics
Macroeconomics
Minieconomics
Supereconomics
The following are basic economic problems of society, except for ONE.
What to produce and how much
Why produce
How to produce
For whom to produce
~the means through which society determines the answers to the basic economic problems
Economic System
Market System
Intellectual System
Government System
Which of the following measure includes income earned from assets abroad?
GSP
GDP
GAP
GNP
The two fundamental areas of distinction in the study of economics is ______ and ________
(a)
It measures the total income that is earned by a country’s factor of production in producing goods and providing services by a country's residents and businesses.
GSP
GDP
GNP
GAP
~measures the total economic value of all final goods and services produced within a country’s borders during a specific period of time
GNP
GDP
GSP
GAP
Which best describes economics as a social and applied science?
the study of things we need to survive
the study of how people make choices when they are face with an unlimited supply of resources
the study of human behavior
the study of how buyers make choices when there is limited supply of resources
Which of the following are examples of human needs?
iced caramel frap
water and a place to live like houses
cellphone and car
flat screen television
The physical effort of the manpower to produce the protective devices of the frontliners described which factor of production?
Land
Capital
Labor
Entrepreneur
~ is felt when a change in the price of a good changes consumer’s real income or purchasing power
Substitution Effect
Income Effect
Solution Effect
Goods Effect
~is felt when a change in the price of a good changes demand due to alternative consumption of substitute goods
Consumption Effect
Income Effect
Change Effect
Substitution Effect
What is the meaning of GDP?
(a)
What is the meaning of GNP?
(a)
IDENTIFY
~an interaction between buyers and sellers of trading or exchange
(a)
IDENTIFY
~ the willingness of a customer to buy a commodity at a given price
(a)
IDENTIFY
~refers to the quantity of the goods that a seller is willing to offer for sale
(a)
Unscramble the letters to produce the right terminology discussed in our subject.
YASCRCTI
(resources limited)
(a)
Unscramble the letters to produce the right terminology discussed in our subject.
OECNICOSM
(study of scarce resources)
(a)
Unscramble the letters to produce the right terminology discussed in our subject.
DENES
(needed to survive)
(a)
Unscramble the letters to produce the right terminology discussed in our subject.
EOCMSIROCNOMCI
(behavior of individual entities)
(a)
Unscramble the letters to produce the right terminology discussed in our subject.
NAWST
(desired)
(a)
Unscramble the letters to produce the right terminology discussed in our subject.
IRQIEULIUMB
(state of balance)
(a)
The three (3) Economics Systems that answers the basic economic problems of society are:
What are the three (3) Economic Resources that are used to produce good and services?
What is the first name of your teacher? :-)
(a)
