BASIC

MICROECONOMICS
LONG QUIZ 130 POINTS
PREPARED BY: ROSETTE LUCAS LABASAN
TYPES OF QUIZ
• TRUE OF FALSE (40 POINTS)
• IDENTIFICATION (60 POINTS)
• ENUMERATION (30 POINTS)
 MODIFIED TRUE OF FALSE.
WRITE TRUE, IF THE STATEMENT
IS CORRECT AND IF INCORRECT
WRITE FALSE AND MODIFY THE
UNDERLINE WORDS.
2 POINTS EACH.

any erasure and alteration will

be automatically wrong
1.
ADAM SMITH WAS A
SCOTTISH PHILOSOPHER AND
POLITICAL ECONOMISTS.
2
“ THE BEST OUTCOMES ARE
CREATED BY PEOPLE
LOOKING FOR THEMSELVES”
3
MICROECONOMICS IT IS A BRANCH
OF ECONOMICS THAT STUDIES THE
BEHAVIOR OF INDIVIDUALS
4
ECONOMICS WAS TREATED AS PART OF
ECONOMICS WAS TREATED AS PART OF
PHILOSOPHY,
PHILOSOPHY,RELIGION
RELIGIONAND/OR
AND/ORMORAL
MORAL
PHILOSOPHY.
PHILOSOPHY.
5
THE
THESTUDY
STUDYOF
OFWAYS
WAYSTHAT
THATHUMANS
HUMANSDEAL
DEAL
WITH
WITHTHESE
THESEPROBLEMS
PROBLEMSOF
OFPROVISIONING
PROVISIONINGISIS
CALLED
CALLED“ECONOMICS”
“ECONOMICS”
6
IN THE LAST PART OF 19TH CENTURY,
“POLITICAL ECONOMY” BECAME
“ECONOMICS”.
7
“THE STUDY OF HOW SCARCE
RESOURCES ARE ALLOCATED TO
SATISFY UNLIMITED WANTS”
8
FROM THE TIME OF GREEK SMITH'S
CONTRIBUTIONS TO ECONOMICS INCLUDE
IDEAS RELATED TO THE DIVISION OF
LABOR AND PRODUCTIVITY

False di ko alam sagot haha

9
ECONOMICS AS A STUDY OF PROVISIONING
ARE CONCERNED WITH THE RELATIONSHIP
AMONG INDIVIDUALS, BETWEEN
INDIVIDUALS AND THE COMMUNITY
10
“PROVISIONING TREATS ECONOMICS
AS A SOCIAL SCIENCE”
11 THE DOMAIN OF ECONOMICS IS THE
STUDY OF PROCESSES BY WHICH
SCARCE RESOURCES ARE ALLOCATED
TO SUPPLY UNLIMITED WANTS.
12
SUPPLY, DEMAND, PREFERENCES, COST,
BENEFITS, PRODUCTION RELATIONSHIP,
AND EXCHANGE ARE TOOLS THAT ARE
USED TO DESCRIBE THE MARKET
PROCESSES.
13
SOCIETY IS CONFRONTED WITH A FINITE
SET OF RESOURCES AND A GIVEN STATE
OF TECHNOLOGY AT ANY GIVEN POINT IN
TIME.
14
THE PROBLEM OF SCARCITY MIGHT BE RESOLVED
BY REDUCING INDIVIDUAL WANTS OR BY
INCREASING THE OUTPUT OF GOODS AND SERVICES.
15
IN MODERN, NEOCLASSICAL, ECONOMIC
ANALYSIS (WE WILL CALL THIS
"ORTHODOX ECONOMICS”.
16
SPECIALIZATION AND THE DIVISION
OF LABOR ARE TWO IMPORTANT
FORMS OF SOCIAL INTERACTION
17
PRODUCTION IS THE PROCESS OF
ALTERING INPUTS TO INCREASE
THEIR ABILITY TO SATISFY HUMAN
WANTS.
18
INPUTS ARE SOMETIME CALLED
"FACTORS OF PRODUCTION" OR
RESOURCES.
19LABOR IS DEFINED AS HUMAN
EFFORT
20
DISTRIBUTION USUALLY DESCRIBES THE
PROCESS OF ALLOCATING THE GOODS AND
SERVICES THAT HAVE BEEN PRODUCED.
 IDENTIFICATION
ANY ERASURE AND ALTERATION
WILL BE AUTOMATICALLY WRONG
1.CONSUMPTION THE END PURPOSE OF
ECONOMIC ACTIVITY IS TO PROVIDE GOODS
AND SERVICES THAT CAN BE CONSUMED BY
INDIVIDUALS TO SATISFY NEEDS AND WANTS.
2. PHILANTHROPY THE ACT OF
GIVING A GIFT WITH NOTHING
EXPECTED IN RETURN.
3.EMINENT DOMAIN IS A
REDISTRIBUTION OF PRIVATE PROPERTY
RIGHTS THROUGH THE AUTHORITY OF
SOME ORGANIZATION. THE INDIVIDUAL IS
REQUIRED TO GIVE UP THEIR CLAIMS TO
PRIVATE PROPERTY BY AN AUTHORITY.
4. SCARCITY IS THE STATE OF BEING
OF BEING IN SHORT SUPPLY.
5. SOCIAL INTERACTION IS THE BEHAVIOR
IN A COMMUNITY THAT MUST BE
COORDINATED BY THE INDIVIDUALS.
6.PROBLEM OF PROVISIONING HAS A
FINITE SET OF RESOURCES AND A
GIVEN STATE OF TECHNOLOGY AT
ANY GIVEN POINT IN TIME.
7.DISTRIBUTION USUALLY DESCRIBES THE
PROCESS OF ALLOCATING THE GOODS AND
SERVICES THAT HAVE BEEN PRODUCED.
8. HE DOES NOT ALLOW THE
PHILOSOPHER KINGS TO HOLD PRIVATE
PROPERTY RIGHTS, ALL OF THEIR
PROPERTY IS HELD IN COMMON

Di ko alam sagot hehe

9. DIVISION OF LABOR IS THE PROCESS OF
DIVIDING A TASK. IT ALSO IMPLIES ASSIGNING
EACH WORKER TO THE JOB THAT SUITS HIM BEST.
10.ADAM SMITH HE SHOWED THE NEED
FOR JUSTICE AND A SYSTEM OF
MORALITY IN THE THEORY OF MORAL
SENTIMENTS.
11. 1776 IN WHAT YEAR DID ADAM
SMITH PUBLISHED HIS BOOK THE
“WEALTH OF NATIONS”
12.THE TECHNOLOGY IN ECONOMICS IT IS
THE KNOWLEDGE ABOUT THE USE OF
SCARCE RESOURCES TO PRODUCE GOODS
AND SERVICES THAT SATISFY HUMAN WANTS.
13. INTUITION HAS INTERRELATIONSHIP
BETWEEN PSYCHOLOGY AND ECONOMICS
AND IT CAN BE POWERFUL AND ACCURATE,
REQUIRES PRACTICE AND IS “ RAPID AND
EFFORTLESS.”
14 ECONOMIC DECISION IT IS ALSO
KNOWN AS DECISION MAKING.
15. HYPOTHESIS IS A PROPOSITION OR SET
OF PROPOSITIONS THAT IS AN ATTEMPT
TO EXPLAIN AN EVENT OR CLASS OF
PHENOMENA
16. MODELS IS A SIMPLIFICATION OF
VARIOUS RELATIONSHIPS AMONG ECONOMIC
VARIABLES AND IS USED TO EXPLAIN OR
PREDICT ECONOMIC PHENOMENA
17. CAUSE UNDERSTANDING HOW ONE
FACT IS RELATED TO ANOTHER FACT
18 THEORIES IS AN EXPLANATION
ABOUT A CLASS OF PHENOMENA
19. METHODOLOGY IS ONE OF THE
ASPECTS OF EPISTEMOLOGY THAT DEALS
WITH THE SYSTEM OF VALUES, BELIEFS,
PRINCIPLES AND RULES THAT GUIDE
ANALYSIS WITHIN A GIVEN DISCIPLINE
20 EPISTEMOLOGY IS THE STUDY OF
THE ORIGIN, NATURE, METHODS AND
LIMITS OF KNOWLEDGE.
21.LAWS IS USED TO REPRESENT A
WIDELY ACCEPTED PREMISE OR THEORY
ABOUT A PARTICULAR CAUSAL
RELATIONSHIP.
22.ECONOMIC FORCASTING IS THE PROCESS OF
ATTEMPTING TO PREDICT THE FUTURE
CONDITION OF THE ECONOMY USING A
COMBINATION OF IMPORTANT AND WIDELY
FOLLOWED INDICATORS
23.DEDUCTIVE REASONING IS A BASIC
FORM OF VALID REASONING.
24 INDUCTIVE REASONING IS THE
OPPOSITE OF DEDUCTIVE REASONING,
MAKES BROAD GENERALIZATIONS FROM
SPECIFIC OBSERVATIONS.
25 ABDUCTIVE REASONGING ANOTHER FORM
OF SCIENTIFIC REASONING THAT DOESN'T FIT IN
WITH INDUCTIVE OR DEDUCTIVE REASONING ,
USUALLY STARTS WITH AN INCOMPLETE SET OF
OBSERVATIONS AND PROCEEDS TO THE
LIKELIEST POSSIBLE EXPLANATION .
26.KARL POPPER HE PROPOSES THAT SCIENTIFIC
KNOWLEDGE GROWS THROUGH A PROCESS OF MAKING
HYPOTHESES ABUT THE NATURE OF PROBLEMS AND THE
FALSIFICATION OR TESTING OF THOSE HYPOTHESES.
27 MILTON FRIEDMAN IS ONE OF THE BEST-
KNOWN ECONOMIST OF THE 20TH CENTURY.
28. JOEL MOKYR AN ECONOMIC
HISTORIAN, RELATES THE PROBLEM OF
HUMAN KNOWLEDGE TO ECONOMIC
GROWTH AND THE ECONOMIC PROBLEM.
29. THOMAS KUHN HE OFFERS ANOTHER
EXPLANATION FOR THE EVOLUTION
AND CHANGE OF SCIENTIFIC THOUGHT IN
THE “HARD SCIENCES.”
30. DEIRDRE MCCLOSKEY ACCORDING TO
HIM MODERNISM IS A “WORD THAT CAN BE
FULLY DEFINED ONLY IN USE.”
 ENUMERATION
ANY ERASURE AND ALTERATION WILL BE AUTOMATICALLY
WRONG
1-7
THE STEPS IN SCIENTIFIC METHOD
• 1) recognition of a problem
• 2) creation of a hypothesis about the
nature of the problem
• 3) collect relevant data to test the
hypothesis
• 4) propose a solution to the problem
• 5) act on the proposed solution or policy
to solve the problem
• 6) monitor the results of the policy: collect
and analyze data on
• the application of the policy
• 7) make adjustments in the hypothesis and
solutions
• as needed.
8-9
TWO IMPORTANT FORMS OF SOCIAL
INTERACTION.
Objectives
Universal Generalizations
10-12
3 CATEGORIES OF ECONOMIC
ACTIVITIES
Production
Distribution
exchange
13-15
3 CREATIVES IDEAS OF JACOB
BRONOWSKI
Order
Causes
chance
16-18
3 FORMS TO COORDINATE INDIVIDUAL
ACTIVITIES
Cooperation
Competition
Conscription
19-21
TYPES OF REASONING
Inductive reasoning
Deductive reasoning
Abductive reasoning
22-30
EXAMPLES OF SOCIAL SCIENCE