- **Answer: False** _(Scarcity refers to the
condition where most things that people want
Republic of the Philippines
ISABELA STATE UNIVERISTY
Palanan Extension Unit
Soil Fertility Conservation and Management
Long Quiz
COLLEGE OF AGRICULTURAL SCIENCES AND
TECHNOLOGY
Name: __________________________________
Year:____________________________________
Date:___________________________________
Score:___________________________________
GOLDEN RULE
“THOU SHALL NOT CHEAT”
“ERASURES MEANS WRONG”
“TAMPERING MEANS WRONG”
“WRONG SPELLING WRONG”
PART I.
Modified True or False
Write True if the Statement is Correct. If you
believe the statement is Wrong, write False and
underline the word or part of the statement that
makes it false. Provide a brief explanation of
why the statement is false.
Sure, here are 20 modified true or false questions
based on the provided topics:
**Modified True or False Questions:**
1. **The Bureau of Agricultural Economics was
formed in 1963, June 22.**
- **Answer: True**
2. **Allocation refers to the idea of putting
resources into their worst use.**
- **Answer: False** _(Allocation refers to the
idea of putting resources into their best use.)_
3. **Scarcity is a condition where most things
(economic goods) that people want are available
in unlimited supply.**
are available only in limited supply.)_
4. **Goods are intangible products exchanged for
money.**
- **Answer: False** _(Goods are tangible
products exchanged for money.)_
5. **Opportunity cost is the value of the worst
alternative forgone when a choice is made.**
- **Answer: False** _(Opportunity cost is the
value of the best alternative forgone when a
choice is made.)_
6. **Communism advocates for private
ownership of the means of production.**
- **Answer: False** _(Communism advocates
for collective ownership of the means of
production.)_
7. **Socialism promotes a society where there
are distinct classes and private ownership of the
means of production.**
- **Answer: False** _(Socialism promotes a
classless society and collective ownership of the
means of production.)_
8. **Mixed economies primarily rely on centrally
planned economic systems.**
- **Answer: False** _(Mixed economies
combine elements of both free-market capitalism
and centrally planned socialism.)_
9. **Pure capitalism involves minimal
government intervention in the market.**
- **Answer: False** _(Pure capitalism involves
no government intervention in the market.)_
10. **Positive economics involves analyzing
economic facts and making descriptive
statements.**
- **Answer: True**
11. **Normative economics involves making
recommendations based on value judgments.**
- **Answer: True**
12. **The term "microeconomics" refers to the
study of individual economic units and small
markets.**
- **Answer: True**
13. **The term "macroeconomics" refers to the Make sure the content aligns with your course
study of aggregate economic indicators at a material and definitions.
regional level.**
- **Answer: False** _(The term Part II.
"macroeconomics" refers to the study of Matching Type
aggregate economic indicators at a national Match column A by finding the right description
level.)_ from column B.
Column A Column B
14. **Capitalism promotes a classless society and
communal ownership of the means of ___31. Economic a. A condition where most
production.** growth things that people want
- **Answer: False** _(Capitalism promotes a are available only in limited
society with distinct classes and private supply.
ownership of the means of production.)_ ___32. b. A market-based
Microeconomics economic system with
15. **Economic growth is not a primary goal of private ownership.
most economic systems.** ____33. c. The study of individual
- **Answer: False** _(Economic growth is a Communism economic units and small
primary goal of most economic systems.)_ markets.
____34. Scarcity d. Collective ownership of
16. **Full employment refers to a situation where the means of production.
all individuals in the labor force have jobs.** ____35. Mixed e. Tangible products
- **Answer: True** Economics exchanged for money.
____36. Positive f. The value of the best
17. **Price level stability refers to constant Economics alternative forgone when a
changes in the prices of goods and services.** choice is made.
- **Answer: False** _(Price level stability refers ____37. Capitalism g. Analyzing economic
to the situation where the overall price level in facts and making
the economy remains relatively constant over descriptive statements.
time.)_ ____38. h. Combination of private
Opportunity cost and public ownership.
18. **Economic freedom entails heavy ____39. Goods i. Making
government regulation and control over recommendations based
economic activities.** on value judgments.
- **Answer: False** _(Economic freedom ____40. Normative j. The study of aggregate
entails minimal government interference in Economics economic indicators at a
economic activities.)_ national level.
Answer Key:
19. **An equitable distribution of income is not a
goal of any economic system.** Economic Growth - j. The study of aggregate
- **Answer: False** _(An equitable distribution economic indicators at a national level.
of income is a goal of many economic systems.)_
Microeconomics - c. The study of individual
Certainly! Here's another modified true or false
question: economic units and small markets.

20. **In a mixed economy, the government has Communism - d. Collective ownership of the
no role in economic decision-making.** means of production.
- **Answer: False** _(In a mixed economy, the
government plays a significant role in economic
decision-making.)_
Scarcity - a. A condition where most things B. David Ricardo
that people want are available only in limited C. Thomas Malthus
supply. D. John Stuart Mill

**Answer: B. David Ricardo**

Mixed Economy - h. Combination of private
and public ownership. 34. Who directly connected the problems of an
economic system to the rapid growth of
Positive Economics - g. Analyzing economic population in classical economics?
facts and making descriptive statements. A. Adam Smith
B. David Ricardo
Capitalism - b. A market-based economic C. Thomas Malthus
system with private ownership. D. John Stuart Mill

**Answer: C. Thomas Malthus**

Opportunity Cost - f. The value of the best
alternative forgone when a choice is made.
35. Who is often considered the heir to David
Ricardo in the exposition of classical economics in
Goods - e. Tangible products exchanged for the principles of political economy?
money. A. Adam Smith
B. David Ricardo
Normative Economics - i. Making C. Thomas Malthus
recommendations based on value judgments. D. John Stuart Mill

Part III. **Answer: D. John Stuart Mill**

Multiple Choice
36. Which economist is associated with
Here are 10 analytic multiple choice questions Neoclassical economics and is known for his work
with the answer key: on general equilibrium theory?
A. Leon Walras
31. What period of time does "Prehistory" refer B. Alfred Marshall
to in economic theories? C. John Maynard Keynes
A. The era before recorded history D. Karl Marx
B. The Middle Ages
C. The Renaissance **Answer: A. Leon Walras**
D. The Industrial Revolution
37. Who is considered the father of
**Answer: A. The era before recorded history** macroeconomics and published "The General
Theory of Employment, Interest, and Money" in
32. Who is often regarded as the "father of the 1930s?
modern economics" and advocated laissez-faire A. Adam Smith
in classical economics? B. David Ricardo
A. Adam Smith C. John Maynard Keynes
B. David Ricardo D. Karl Marx
C. Thomas Malthus
D. John Stuart Mill **Answer: C. John Maynard Keynes**

**Answer: A. Adam Smith**
33. Which economist proposed the labor theory
of value in classical economics?
A. Adam Smith
38. Who is known for his contributions to socialist
economics and co-authored "The Communist
Manifesto" with Karl Marx?
A. Karl Marx
B. Friedrich Engels
 C. Leon Walras
D. Alfred Marshall
**Answer: B. Friedrich Engels**
39. Which economic theory emphasizes the role
of government intervention in managing the
economy?
A. Classical economics
B. Neoclassical economics
C. Keynesian economics
D. Socialist economics
**Answer: C. Keynesian economics**
40. Who among the following proposed the idea
of a planned economy where the means of
production are owned and controlled by the state
in socialist economics?
A. Adam Smith
B. David Ricardo
C. Karl Marx
D. John Maynard Keynes
**Answer: C. Karl Marx**
Part IV.
Definition of Terms
Certainly! Here are 10 definitions of terms based
on the provided topics:
41. **Classical Economics:**
- Definition: Classical economics refers to the
economic theories and ideas developed by
economists such as Adam Smith, David Ricardo,
Thomas Malthus, and John Stuart Mill during the
18th and 19th centuries. It emphasizes the
importance of free markets, limited government
intervention, and the role of self-interest in
economic decision-making.
- **Answer: Classical economics**
42. **Neoclassical Economics:**
- Definition: Neoclassical economics is a school
of economic thought that emerged in the late
19th century and emphasizes individual decision-
making, rational behavior, and the importance of
supply and demand in determining prices. It
builds upon classical economics but incorporates
mathematical models and marginal analysis.
- **Answer: Neoclassical economics**
43. **Macroeconomics:**
- Definition: Macroeconomics is the branch of
economics that studies the overall performance
and behavior of an economy as a whole. It
focuses on aggregate measures such as gross
domestic product (GDP), unemployment rates,
inflation, and national income to analyze
economic trends and policies.
- **Answer: Macroeconomics**
44. **Microeconomics:**
- Definition: Microeconomics is the branch of
economics that studies the behavior of individual
agents, such as consumers, firms, and markets. It
examines how these agents make decisions
regarding the allocation of resources and the
interactions between supply and demand in
specific markets.
- **Answer: Microeconomics**
45. **Keynesian Economics:**
- Definition: Keynesian economics is a
macroeconomic theory developed by John
Maynard Keynes during the 20th century. It
advocates for government intervention in the
economy to stabilize output, employment, and
prices, especially during periods of economic
downturns. Keynesian economics emphasizes the
role of aggregate demand in influencing
economic activity.
- **Answer: Keynesian economics**
46. **Socialist Economics:**
- Definition: Socialist economics is an economic
system characterized by collective ownership of
the means of production and central planning of
economic activities. It aims to achieve social
equality and reduce income disparities by
distributing resources and goods based on need
rather than market forces.
- **Answer: Socialist economics**
47. **Labor Theory of Value:**
- Definition: The labor theory of value is a
concept in economics that suggests the value of a
commodity is determined by the amount of labor
required to produce it. This theory was proposed
by classical economists such as Adam Smith and
David Ricardo as a way to explain the source of
value in a capitalist economy.
- **Answer: Labor Theory of Value**
48. **Laissez-Faire:**
- Definition: Laissez-faire is an economic
philosophy that advocates for minimal
government intervention in the economy and
emphasizes the importance of free markets and
individual liberty. It suggests that markets operate
most efficiently when left to their own devices,
without government regulation or interference.
- **Answer: Laissez-faire**

49. **General Theory of Employment, Interest,

and Money:**
- Definition: The General Theory of
Employment, Interest, and Money is a book
written by John Maynard Keynes and published in
1936. It presents Keynesian economics and
argues that aggregate demand determines
economic output and employment levels. The
book played a significant role in shaping modern
macroeconomic theory and policy.
- **Answer: General Theory of Employment,
Interest, and Money**

50. **Father of Modern Economics:**

- Definition: The title "Father of Modern
Economics" is often attributed to Adam Smith, a
Scottish economist who wrote "The Wealth of
Nations" in 1776. Smith's work laid the
foundation for classical economics and advocated
for free-market principles, specialization, and the
division of labor. His ideas greatly influenced
subsequent economic thought and the
development of modern economics.
- **Answer: Father of Modern Economics**

Ensure these definitions align with the content

covered in your course.