APPLIED ECONOMICS

DAY 1 - Competencies
 Differentiate economics as social
science and applied science in
terms of nature and scope
 Examine the utility and
application of applied economics
to solve economic issues and
problems
Question 1
 What two Greek words are the
origin of the word Economics?
A. Oikos and Nomos
B. Eco and Nomos
C. Oikos and Nomy
D. Eco and Nomy
Question 2
 Why is there a scarcity according to
Thomas Malthus?
A. Because of the pollution
B. Because of the government
C. Because of the population
D. Because of improper allocation
Question 3
 Why is there a scarcity according to
John Stuart Mill?
A. Because of the pollution
B. Because of the government
C. Because of the population
D. Because of improper allocation
Question 4
Which of the following statements define
Economics?
A. It is the study of culture, society, and
politics.
B. It is the study how culture affects the
society.
C. It is the study of life and every living
microorganism.
D. It is the study how household or society
Question 5
 What is Microeconomics?
A. Study of economic individual
behavior
B. Study of the behavior of the whole
economy
C. Study of both individual and whole
economy’s behavior
Question 6
 Why is Economics considered as Social
Science?
A. It study theories about the economy
B. It study the application of the
theories in the economy
C. It study both theories and its
application in the economy
Question 7
 Whatare the 5 economic resources?
A. Land, Labor, Capital,
Entrepreneurship and Foreign Exchange
B. Water, Fire, Air, Earth and Minerals
C. Goods, Products, Services, Money
and Human
Question 8
 Which of the following is NOT a
basic economic questions?
A. What to produce?
B. When to produce?
C. How to produce?
D. For whom to produce?
Question 9
 Which of these Economic Systems has
a democratic or freedom of choice
with no government involvement?
A. Traditional Economy
B. Command Economy
C. Market Economy
D. Mixed Economy
Question 10
 Which of these Economic Systems is
evident in most countries?
A. Traditional Economy
B. Command Economy
C. Market Economy
D. Mixed Economy
DAY 2 - Competencies
 Analyze market demand,
market supply and market
equilibrium
 Determine the implications
of market pricing on
economic decision-making
Question 11
 Which of the following is the needs
and wants of the consumers?
A. Demand
B. Supply
C. Equilibrium
D. Market
Question 12
 What is the movement of Law of Supply?
A. When the price increase the supply
also increases vice versa
B. When the price increases the supply
decreases vice versa
C. When the price increases/decreases
the supply is not affected
Question 13
 Demand curve is also known as
_____.
A. Linear slope
B. Downward slope
C. Upward slope
D. Zigzag slope
 Question 14
 What is the equilibrium price and
quantity on this table?
A. 8 and 60
B. 9 and 50
C. 7 and 70
D. 10 and 40
 Question 15
 What happen if the price is 4
dollars?
A. There will be shortage
B. There will be surplus
C. There will be equili-
brium
Question 16
Which of these statements is NOT a
categories to differentiate the Market
Structures?
A. Number of firms in the market.
B. Location of the firms in the market.
C. Degree of product differentiation.
D. Ease of entry and exit of firms in the
market.
Question 17
Which of the following is NOT
characteristics of Oligopoly?
A. It has only one firm in the market.
B. It has identical products with slight
differentiation.
C. It has barriers to firms who wants to enter the
market.
D. It has control over but interdependent with
other firms.
Question 18
Which of the following is an
example of Monopolist
Competition?
A. Wet Markets
B. Electricity Service Provider
C. Clothing Apparels business
D. Oil Companies
 Question 19
Which of these is the charge imposed by the
government?
A. Interest Rate
B. Minimum Wage
C. Taxes
D. Rentals
 Question 20
 Which of these statements is the effect of
minimum wage to entrepreneurs?
A. It makes the entrepreneur’s employees perform
less.
B. It will bear the interest rate that will
accumulate if not paid on time.
D. It does not guarantee you a very big sale right
away, so if you don’t make a sale and you still must
pay rent, it will really cause problems.
 END OF
DISCUSSION
God Bless on your upcoming
exams! Do YOUR best with
HONESTY and God will bless you
abundantly.