WorksheetsApplied Economics - Review Quizizz
Total questions: 25
Worksheet time: 13mins
Name
Class
Date
1.
It is all about wealth and how this wealth is being used by individuals and society at large for material survival, stability, and development.
a)
Social Responsibility
b)
Economics
c)
Ergonomics
d)
Social Science
2.
In decision making, there are costs and sacrifices that the business enterprises have to carry. What is this cost?
a)
Total Cost
b)
Opportunity Cost
c)
Variable Cost
d)
Expenses
3.
It can be defined as products of nature, qualities of individuals, and man-made things which are used in producing goods or services.
a)
Resources
b)
Environment
c)
Economic Value
d)
All of the Above
4.
These are qualities of human beings that may include, labor, intelligence, creativity, health, education, talents, and many more.
a)
Natural Resources
b)
Human Resources
c)
Man-made Resources
5.
This resources may include various types of buildings, equipment, technology, bridges, airports, factory plants and other physical infrastructure that can be used to provide present and future satisfaction.
a)
Natural Resources
b)
Human Resources
c)
Man-made Resources
6.
It is the primary objective of a business.
a)
Profit
b)
Social Responsibility
c)
Environmental Responsibility
7.
It can be described as differentiated or expanded human needs.
a)
Resources
b)
Human wants
c)
Human needs
8.
It can be defined as a social mechanism to respond to the economic problem of scarcity.
a)
Resources
b)
Allocation
c)
Economics
9.
It is a condition when the supply of a good, service, or resource is not enough to meet the demand.
a)
Scarcity
b)
Shortage
c)
Both scarcity and shortage
10.
It is an allocation mechanism operating on the price mechanism provides incentives and disincentives to consumers and producers that respond to the problem of scarcity.
a)
Market System
b)
Command System
c)
Tradition System
11.
It is an allocation mechanism which was normally observed and practiced in indigenous communities in the past where life was less complicated and the simple needs of the members of the society can be provided by the society itself.
a)
Market System
b)
Command System
c)
Tradition System
12.
It is the manner of processing raw materials or intermediate inputs into transformed outputs through the use of factor inputs.
a)
Machines
b)
Labor
c)
Technology
13.
As a social science, economics is related to the other social sciences that study other dimensions of a society.
a)
True
b)
False
14.
Human wants are based on human needs but differentiated or expanded by the influence of various factors.
a)
True
b)
False
15.
Business enterprises can influence the taste and behavior of consumers through various forms of marketing and advertising.
a)
True
b)
False
16.
Expansion and multiplication of human wants is one of the reasons to an economic problem.
a)
True
b)
False
17.
Price will never be an instrument for the allocation of resources through the mechanism of the market system.
a)
True
b)
False
18.
A surplus can also be associated with the problem of scarcity.
a)
True
b)
False
19.
The command system has been useful as a temporary alternative mechanism in abnormal time when the market system cannot fully operate or the price mechanism is inadequate for allocation.
a)
True
b)
False
20.
Cost can be expressed in terms of money, time, resources and other goods and activities being sacrificed or foregone.
a)
True
b)
False
21.
Shortage is a specific manifestation of scarcity.
a)
True
b)
False
22.
Explicit costs is more difficult to recognize since the decision maker does not have to incur any monetary expense in the course of his action.
a)
True
b)
False
23.
The substitution effect describes the decision of a consumer to substitute an expensive good with cheaper goods when there is a price change.
a)
True
b)
False
24.
Price Ceiling means that the government sets the price of a commodity and it cannot go lower that the set price.
a)
True
b)
False
25.
Implicit benefits can be measured in monetary terms or levels of satisfaction or utility to the decision maker.
a)
True
b)
False
100 %
