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WorksheetsEconomics Quiz
Total questions: 24
Worksheet time: 12mins
Economics is primarily concerned with:
The study of human behavior in all its forms.
The study of government and political systems
The study of the natural world and its processes
The study of production, distribution, and consumption of goods and services.
Which branch of economics focuses on individual households and firms?
Macroeconomics
International Economics
Microeconomics
Behavioral Economics
Which branch deals with inflation, unemployment, and GDP?
Microeconomics
Financial Economics
Labor Economics
Macroeconomics
What is not a basic economic problem?
What to produce
For whom to produce
Why to produce
How to produce
In which economic system does the government control all resources?
Market economy
Mixed economy
Traditional economy
Command economy
A market economy is driven primarily by:
Government orders
Cultural traditions
Consumer choices
Religious leaders
What kind of economy combines government and private sector roles?
Command economy
Mixed economy
Traditional economy
Closed economy
You are a young entrepreneur with a great business idea. You need to borrow money to start your business. Which of the following scenarios would make it EASIER for you to borrow money and start your business?
Interest rates are very high, making borrowing expensive.
Interest rates are very low, making borrowing more affordable.
The government offers a program to provide low-interest loans to small businesses.
The government imposes strict regulations on banks, making it difficult for them to lend money
If the price of a good increases, the quantity demanded generally:
Increases
Stays the same
Decreases
Doubles
What agency of the government is authorized to check if the employer follows the rules and regulations in setting up minimum wage in his company?
BIR
DOLE
DTI
DENR
The supply curve usually slopes:
Downward
Horizontally
Vertically
Upward
Which of the following contemporary economic issues poses the greatest challenge to Filipino entrepreneurs in terms of operational costs?
Rising inflation and interest rates
Fluctuations in the exchange rate
Increasing competition from foreign businesses
Limited access to technology and digital infrastructure
What happens to supply if production costs decrease?
Supply increases
Supply decreases
Supply remains the same
Demand increases
Market equilibrium is when:
Supply is greater than demand
Demand equals supply
Price is fixed by government
No one is buying
If quantity supplied is greater than quantity demanded, there is a:
Shortage
Surplus
Scarcity
Balance
What is a basic feature of perfect competition?
One seller dominates the market
Differentiated products
Many buyers and sellers
Government monopoly
Which market structure involves a single seller?
Oligopoly
Perfect Competition
Monopoly
Mixed Market
An oligopoly market is dominated by:
One company
Thousands of sellers
A few large firms
The government
Which structure has similar but not identical products?
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
A monopoly has:
No barriers to entry
Many substitutes
High barriers to entry
Equal competition
Advertising is most common in:
Perfect competition
Monopolistic competition
Monopoly
Command economy
Which market structure allows price control by firms?
Perfect competition
Monopoly
Mixed market
Traditional market
In which structure is product differentiation important?
Monopoly
Monopolistic competition
Command economy
Perfect competition
What can the government do to help local entrepreneurs?
Increase taxes
Lower interest rates on loans
Restrict trade
Ban imports
