WorksheetsAPPLIED ECONOMICS - PART 2 (50 QUESTIONS)
Total questions: 50
Worksheet time: 50mins
1. Which of the following explains economics pertains to the study on how society creates its material wealth, how it makes this wealth available to its people with minimum difficulties, and how it expands its wealth.
Anthropology
Political Science
Psychology
Social Science
Economics is the study of ____________.
How to make money
How to operate a business
People making choices because of the problem of scarcity
The Government decision process
Scarcity exists _____________.
In all countries of the world
Only in poor nations
Only in rich nations
When people consume beyond their needs
Microeconomics approaches the study of economics from the viewpoint of __________.
Economy wide effects
Individual or specific markets
The national economy
Operation of the Bangko Sentral ng Pilipinas
These resources command a price.
Economic resources
Free resources
Natural resources
All of the above
Which of the following is not a resource?
Capital
Labor
Land
Money
This is an analysis of economics which deals what should be.
Economic problem
Economic solution
Normative Economics
Positive Economics
Because of mechanization and mass production, Pepsi Cola used machineries to produced goods. Which of the following methods is used by Pepsi Cola?
Capital-intensive production
Labor-intensive production
Mixed production process
Product-based technology process
Karen is the procurement officer of ABC Company. She bought 10 boxes of bond paper for office consumption. Which of the following market best matches to the given example?
Business market
Consumer Market
Government market
Reseller market
This is a human development measure of the Philippine government that provides conditional grants to the poorest of the poor, to improve health, nutrition, and education of children aged 18.
4 Ps
Free Education
Free housing
Free meal
The excessive use of our natural resources may compromise its ability to provide income and other benefits in the future. Which of the following should be adopted and strictly implemented to protect our environment?
Animal Welfare Act
Clean Air Act
Ecological Solid Waste Management
Total ban on Mining
Which of the following solution mitigates the limited capacity of our energy infrastructure that resulted to daily interruptions of electricity?
Enhance transportation system
Expanding energy production capacity
Entice the participation of private sector on marine facilities
Improve the collection efficiency of energy producing company
Which of the following has a positive impact in the increase of population to a country?
Additional consumers that can expand the economy
Additional waste that can increase junk shop businesses
Increase of purchasing power to buy more goods or services
All of the above
This reflects the consumer’s desire for a commodity.
Demand
Good
Price
Supply
This is the amount of commodity available for sale.
Demand
Good
Price
Supply
An increase in income received from incentives, bonuses and thirteenth month pay increases the purchasing power of the consumers. This shows that the demand curve will _______.
Move downward to right
Move upward to right
Shift to Left
Shift to right
Through information and technology improvements, there is substantial lowered cost of producing cell phones. There is a possibility that the supply will:
Move downward to right
Move upward to right
Shift to left
Shift to right
Which of the following describes equal proportion in demand and supply?
shift of the demand curve to the right and shift of the supply curve to the right
shift of the demand curve to left and shift of the supply curve to the left
demand and supply curve are in a point of equilibrium
shift of the demand curve to the left and shift of the supply curve to the right
When the amount that buyers are willing to buy is not the same as the amount the producers are willing to sell at a given price, is an example of_________.
Disequilibrium
Equilibrium
Market Pressure
Market Situation
If the quantity demanded is greater than quantity supplied, there is _______.
Excess Demand
Excess supply
No Excess
Competition
A decrease in the number of seller shifts the demand curve to:
Downward
Upward
Left
Right
Which of the following describes economic situation when there is a very high demand for land for rent?
Price of land or rent is very low
Price of land or rent is very high
Price of land or rent is manageable
Price of land or rent is negative
If the acquisition price of a land is very high, how condominiums recoup the cost?
Charge high rental rates
Charge low rental rates
Per day charges of rates
Both A and C
The government agency that monitor the price ceiling of the commodities.
Department of Interior and Local Government
Department of Justice
Department of Labor and Employment
Department of Trade and Industry
Which of the following describes monopoly market structure?
Few Buyer
Few Seller
Single buyer in the market
Single seller in the market
Oligopoly sellers producing similar and differentiated products. This characterizes that the products are ________.
Heterogeneous products
Homogeneous products
Single products
Both A and B
Which of the following best describes a perfectly competitive market?
A market that sells a variety of goods and services
A market such that several firms are competing fiercely
A market with many sellers and buyers
A market such that the government controls the market price
Car manufacturing firms, airlines company and telecommunication companies are an example of _________.
Monopoly
Monopolistic competition
Oligopoly
Perfect Competition
Man’s mental and physical efforts exerted in production:
Capital
Entrepreneur
Labor
Land
Which of the following statements is incorrect:
Normative economics deals with what actually is taking place in economy
Positive economics deals with what should take place in the economy
Positive economics and normative economics are always identical
Positive economics need not conform with normative economics.
Which of the following is not classifiable as a natural resource?
Capital
Forests
Land
Minerals
An increase in income shifts the demand curve upward rather than downward because:
income increases demand
increase in income decreases price
price is increased
none
A decrease in the number of seller shifts the demand curve to:
Downward
Upward
Leftward
Rightward
If the cost of product of pork increases, supply will:
Decrease
Increase
Remain constant
It depends
What kind of graph is shown on the leftside?
Elastic
Inelastic
Perfectly Inelastic
Perfectly Elastic
What kind of graph is shown on the leftside?
Elastic
Inelastic
Perfectly Inelastic
Perfectly Elastic
What kind of graph is shown on the leftside?
Elastic
Inelastic
Perfectly Inelastic
Perfectly Elastic
What kind of graph is shown on the leftside?
Elastic
Inelastic
Perfectly Inelastic
Perfectly Elastic
Assume Samantha likes hot dogs and hamburgers equally, and the price of hamburgers (a normal good) declines. She will most likely purchase more hamburgers; this is
a reflection of the income effect
a reflection the substitution effect
a reflection of the income and substitution effect
no reflection of income and substitution effect
If the price of a good declines from $5.00 per unit to $4.00 per unit, and you continue to purchase 5 units of this good, as you had in the past, your real income has
decreased by $5.00
increased by $4.00
decreased by $4.00
increased by $5.00
In moving along a given demand curve, quantity changes in response to a change in
Consumer Taste
Consumer Income
Consumer Expectations
Price of the Good
Which of the following would not be considered compliments?
Shoes and socks
Tennis Racquet and Tennis Balls
Coke and Pepsi
Automobiles and Gasoline
Refer to Exhibit 3-2. A shift from S to S` would illustrate:
a decrease in supply
a decrease in quantity supplied
an increase in quantity supplied
an increase in supply
Refer to Exhibit 3-2. Which of the following would not cause the shift from S to S`?
an increase in the price of resources
an improvement in technology
a decline in taxes
an increase in the number of producers
Refer to Exhibit 3-3. At a price of $1.00,
the market generates a shortage
the market generates a surplus
the market generates equilibrium
the supply will shift outward
Refer to Exhibit 3-3. A shortage would be properly indicated by the distance:
A-B
A-D
C-D
B-C
In order to park on campus, one must purchase an expensive parking permit; yet there still is difficulty finding a parking spot. This indicates ________.
parking permits are priced to high
parking permits are priced to low
we need more parking spots
the first year students should not be allowed to have cars on our campus
As a certain type of clothing becomes more fashionable, we would expect its equilibrium price:
to decrease and quantity will remain constant
and quantity will decrease
to increase and quantity to decrease
and quantity to increase
If supply and demand both shift outward, but demand shifts outward more than supply, the equilibrium price:
will increase and quantity will increase
will increase and quantity will decrease
will decrease and quantity will decrease
will decrease and quantity will increase
An increase in the tax on gasoline would
shift the supply curve outward
shift the supply curve inward
shift the demand curve outward
shift the demand curve inward
