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WorksheetsApplied Economics Lesson 2
Total questions: 15
Worksheet time: 8mins
The basic question in economics asking about the target market for the product.
For whom to spend?
For whom to produce?
What to produce?
How to produce?
This refers to the resource mix and technology applied in production.
For whom to spend?
For whom to produce?
How much to produce?
How to produce?
The basic economic question that tells you the quantity of a good or service to be produced.
For whom to spend?
For whom to produce?
How much to produce?
How to produce?
Economics that deals with what is happening such as the current inflation rate,
the number of employed laborers, what is the papulation rate, etc.
Negative Economics
Normative Economics
Overload Economics
Positive Economics
Refers to economics which embodies the ideal rate of population growth or the
most effective tax system or in other words “what should be”.
Negative Economics
Normative Economics
Overload Economics
Positive Economics
Which of the following best describe Gross Domestic Product or GDP?
Foreign residents
Made by Filipinos
Made in the Philippines
Residents of a country
Which of the following best describes Gross National Product or GNP?
Foreign residents
Made by Filipinos
Made in the Philippines
Residents of a country
What is the formula to solve for the Gross Domestic Product (GDP)?
Asset = Liability + Equity
C + I + G + (X - M)
C + I + G + (M - X)
GDP + M
Which is the least essential statement about the Philippines’ basic economic
problems?
Economic resources may not be enough to support growing population
Poverty is another significant socio-economic problem in of our country
Unemployment is still a main problem of the Philippine economy
Work from home and home schooling affects our economy
The economic system that based on the working of demand and supply,
decisions are made on what goods and services to produce.
Command economy
Market economy
Overflow Economy
Traditional Economy
In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)
Command
Market
Traditional
Mixed
In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.
Command
Market
Traditional
Mixed
Place where buyers and sellers meet to exchange goods and services for money
Money
Market
Government
Space
Of the three major economic questions, which of the following is the best example of a "What?" question?
Should automobiles be produced using workers or robots?
Should we make faster microprocessors or pest-resistant corn?
Should higher-income or lower-income people buy SUVs?
Should migrant workers or domestic workers be used to pick grapes?
When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ___ question.
how
what
for whom
how much
