Which of the following best illustrates the importance of addressing the three questions of

economics?
A.People's desires and needs are always changing.         
B.Businesses need to use limited resources wisely.                   
C.Traditional methods of production are outdated.      
D.Businesses need to limit production.

Study of economics in relation to real world situations

A.Microeconomics  
B.Econometrics   
C.Macroeconomics   
D.Applied economics

The tension between the limited resources and unlimited wants and needs.
A.natural resources      
B.opportunity cost     
C.scarcity          
D.poverty

The Greek translation of the word economics.

A.ekonomiya
B.okonomea
C.oikonomia
D.oikomia

Government activities towards taxation, borrowings and expenditures

A.national budget   
B.foreign domestic investment     
C.money supply
D.public finance

The three problems of economics is what to produce, how to produce and, ____.
A.when to produce 
B.which one to produce   
C.where to produce 
D.for whom it will be produced

The author of the book "General Theory of Employment, Interests and Money" is
A.Joseph Schumpeter          
B.Karl Marx   
C.Donald Trump 
D.John Maynard Keynes
This is marketing of goods and services to different economic outlets for allocations to individual
consumers.
A.production        
B.exchange           
C.distribution                
D.consumption

What best describes a want?

A.An unnecessary object      
B.An expensive object      
C.A commodity that fulfills a desire   
D.A derived need

Economics is said to deal mostly with the ____________ of resources.

A.Deprivation             
B.Usage   
C.Allocation               
D.Consumption

Countries and states utilize this to solve the problem of allocation.

A.Culture and Norms  
B.Economic Systems
C.Rules and Regulations    
D.Fiscal Policies

When economists say that resources are scarce, it means that they are what?
A.Limited
B.Overflowing
C.Lacking 
D.Rare

 
Aside from the actual monetary resource cost, what other cost is incurred when decisions are
made?
A.Chance Expense               
B.Equivalent Exchange            
C.Trade off  
D.Opportunity Cost

Allocation and scarcity is a problem because people have unlimited ____________.

A.problems            
B.resources    
C.wants and needs       
D.desires
They say that economics is the science of ____________.
A.Money                                 
B.Opportunities 
C.Country Growth                                                            
D.Decision Making

Which one is an example of a good?

A.a nurse     
B.a firefighter 
C.shoes                                                   
D.a teacher

It is a social science concerned with the efficient allocation of scarce resources that have
alternative uses in order to achieve the maximum satisfaction of individuals unlimited needs and
wants.
A.Economics   
B.Microeconomics 
C.Macroeconomics                 
D.Normative economics

Economics comes from the Greek word oikonomia which means ______________.
A.Housekeeping          
B.Household                                     
C.House                   
D.Household Management

It deals with the production and consumption of goods and services.

A.Nature of Economics      
B.Economics as Applied Science                              
C.Economics as Social Science                   
D.Methods of Economics

He is the Father of economics because of his milestones and great contribution.

A.William Smith               
B.Adam Smith           
C.Lionel Robbins          
D.Alfred Marshall

The wealth and resources of a country or region especially in terms of the production and
consumption of goods and services.
A.Scarcity       
B.Needs 
C.Economy   
D.Wants
If the fuel in the Middle East ran out from its natural source, it will be called:
A.Relative Scarcity   
B.Absolute Scarcity 
C.Wants         
D.Needs

 
Face mask becomes important during pandemic but suppliers sometime ran out of it. During this
case, the supply is limited, it may be referred to as:
A.Relative Scarcity  
B.Absolute Scarcity                
C.Wants  
D.Needs

It is physical and human efforts exerted in production

A.Capital
B.Resources    
C.Labor  
D.Wage

This is the man-made resources used in the production of goods and services, which include
machineries and equipment.
A.Capital
B.Resources 
C.Labor
D.Wage

It is a division of economics that is concerned with the overall performance of the entire
economy.
A.Macroeconomics
B.Socio-Economic  
C.Microeconomics
D.Economic System

Describes how consumers make decisions on what to buy.

A.Consumer Theory
B.Consumption
C.Production Theory
D.Output

New businesses mean employment opportunities for the Filipinos.

A.Impact on Households 
B.Impact on the Community
C.Impact on the Government
D.Impact on the consumer

States that as additional units of a good are consumed, the additional utility derived from each
additional unit tends to diminish.
A.Law of Diminishing Marginal Utility
B.Law of Supply 
C.Law of Demand
D.Law of Diminishing Marginal Returns

I. Read the following statement carefully. Choose and encircle the correct answer.

1. Which of the following best illustrates the importance of addressing the three questions of
economics?

a. People's desires and needs are always changing

b. Businesses need to use limited resources wisely
c. Traditional methods of production are outdated
d. Businesses need to limit production

2. Study of economics in relation to real world situations

a. Microeconomics
b. Econometrics
c. Macroeconomics
d. Applied economics

3. The tension between the limited resources and unlimited wants and needs.

a. natural resources
b. opportunity cost
c. scarcity
d. poverty

4. The Greek translation of the word economics.

a. ekonomiya
b. okonomea
c. oikonomia
d. oikomia

5. Government activities towards taxation, borrowings and expenditures.

a. national budget
b. foreign domestic investment
 c. money supply
d. public finance

6. The three problems of economics is what to produce, how to produce and, ____.

a. when to produce
b. which one to produce
c. where to produce
d. for whom it will be produced

7. The author of the book "General Theory of Employment, Interests and Money" is

a. Joseph Schumpeter
b. Karl Marx
c. Traditional Economy
d. Systematic Economy

8. Is the means through which society determines the answers to the basic economic
problems.

a. Social Security System

b. Applied Economy System
c. Donald Trump
d. John Maynard Keynes

9. This is marketing of goods and services to different economic outlets for allocations to
individual consumers.

a. production
b. exchange
c. distribution
d. consumption

10. What best describes a want?

a. An unnecessary object
b. An expensive object
c. A commodity that fulfills a desire
d. A derived need

11. Economics is said to deal mostly with the ____________ of resources.

a. Deprivation
b. Usage
c. Allocation
d. Consumption

12. Countries and states utilize this to solve the problem of allocation.

a. Culture and Norms

b. Economic Systems
 c. Rules and Regulations
d. Fiscal Policies

13. When economists say that resources are scarce, it means that they are what?

a. Limited
b. Overflowing
c. Lacking
d. Rare

14. Aside from the actual monetary resource cost, what other cost is incurred when decisions
are made?

a. Chance Expense
b. Equivalent Exchange
c. Trade off
d. Opportunity Cost

15. Allocation and scarcity is a problem because people have unlimited ____________.

a. problems
b. resources
c. wants and needs
d. desires

16. They say that economics is the science of ____________.

a. Money
b. Opportunities
c. Country Growth
d. Decision Making

17. Which one is an example of a good?

a. a nurse
b. a firefighter
c. a teacher
d. shoes

18. It is a social science concerned with the efficient allocation of scarce resources that have
alternative uses in order to achieve the maximum satisfaction of individuals unlimited needs and
wants.

a. Economics
b. Microeconomics
c. Macroeconomics
d. Normative economics

19. Economics comes from the Greek word oikonomia which means ______________.
 a. Housekeeping
b. Household
c. House
d. Household Management

20. It deals with the production and consumption of goods and services.

a. Nature of Economics
b. Economics as Applied Science
c. Economics as Social Science
d. Methods of Economics

21. He is the Father of economics because of his milestones and great contribution.

a. William Smith
b. Adam Smith
c. Lionel Robbins
d. Alfred Marshall

22. The wealth and resources of a country or region especially in terms of the production and
consumption of goods and services.

a. Scarcity
b. Needs
c. Economy
d. Wants

23. If the fuel in the Middle East ran out from its natural source, it will be called:

a. Relative Scarcity
b. Absolute Scarcity
c. Wants
d. Needs

24. Face mask becomes important during pandemic but suppliers sometime ran out of it.
During this case, the supply is limited, it may be referred to as:

a. Relative Scarcity
b. Absolute Scarcity
c. Wants
d. Needs

25. It is physical and human efforts exerted in production

a. Capital
b. Resources
c. Labor
d. Wage
26. This is the man-made resources used in the production of goods and services, which
include machineries and equipment.

a. Capital
b. Resources
c. Labor
d. Wage

27. It is a division of economics that is concerned with the overall performance of the entire
economy.

a. Macroeconomics
b. Socio-Economic
c. Microeconomics
d. Economic System

28. Describes how consumers make decisions on what to buy.

a. Consumer Theory
b. Consumption
c. Production Theory
d. Output

29. New businesses mean employment opportunities for the Filipinos.

a. Impact on Households
b. Impact on the Community
c. Impact on the Government
d. Impact on the consumer

30. States that as additional units of a good are consumed, the additional utility derived from
each additional unit tends to diminish.

a. Law of Diminishing Marginal Utility

b. Law of Supply
c. Law of Demand
d. Law of Diminishing Marginal Returns

II. Read the following statements carefully. Put T if the statement is TRUE and F if the statement
is FALSE.
1. If the price demanded is above the equilibrium level, the quantity demanded is greater
than the quantity supplied. TRUE
2. If the price is below the equilibrium point, the quantity demanded is lesser than the
quantity supplied. FALSE
3. The law of demand applies during online sales of computers when consumers rush to
buy products at 30% discounts. TRUE
4. The law of supply applies when the producers supply more masks at a higher price;
selling at higher quantity at a higher price increases revenue. FALSE
5. If the price is below the equilibrium level, then the quantity demanded will exceed the
quantity supplied. TRUE
6. Shortage will exist if the price is below the equilibrium point. TRUE
7. The law of supply and demand explains the interaction between the sellers of a product
and the buyers. TRUE
8. The demand curve is always downward sloping due to the law of diminishing marginal
utility. TRUE
9. The supply curve shows an upward slope. FALSE
10. The equilibrium point is the level where the demand and supply curves intersect. TRUE
11. Wealthy people like Bill Gates and Steve Jobs don’t have to deal with scarcity. FALSE
12. The viability of a business is measured by its profit and losses. TRUE
13. Social factors can not hinder the viability of one’s business. FALSE
14. When the losses of the company are high it is at risk of closing and bankrupt. TRUE
15. Resources satisfy wants. TRUE
16. Viability of the business depends also in the work force of the organization. TRUE
17. A company is viable if it ís expected to make profit one day. TRUE
18. Economic market structures can be grouped into four categories: perfect competition,
monopolistic competition, oligopoly, and monopoly. TRUE
19. Hairdressers, freelance writers or artists, financial planners, small retail businesses,
handymen are examples of a corporation? FALSE
20. GoPro & Red Bull. Pottery Barn & Sherwin-Williams. Casper & West Elm. are examples
of partnerships? TRUE
21. Metropolitan Bank & Trust Company (Metrobank) and Nestle Philippines are examples
of a corporation? TRUE
22. BONUS