ECONOMICS AS APPLIED SCIENCE

COMPLETE NAME (LN, FN, MI.)

GRADE 12, SECTION_________________

The physical effort of the manpower to produce the basic needs of the consumers describes which factor of production.

• Land

• Labor

• Capital

• Entrepreneurship

The initiative and creativity to produce something new describe which factors of production.

• Land

• Labor

• Capital

• Entrepreneurship

The equipment of the barbershop to provide services is referred to as _________.

• Consumer goods

• Capital Goods

• Either consumer goods or capital goods

• Economic goods

The four basic economic problems are the following stated below except?

• What to produce

• How to produce

• For whom to produce

• What policy or law governed in production of goods and services

• What are the needs and wants of the people

If goods are scarce in a society, the firm must make a wise decision on what goods/services should be produced and determine the quantity to pay.

• What to produce

• How to produce

• For whom to produce

• What policy or law governed in production of goods and services

• What are the needs and wants of the people

Society would always consider the immediate beneficiary of the goods. The statement is referring to what economic problem?

• What to produce

• How to produce

• For whom to produce

• What policy or law governed in production of goods and services

• What are the needs and wants of the people

The society must decide also on the part of the resources to be saved for future progress. The statement is referring to what?

• What to produce

• How to produce

• For whom to produce

• What policy or law governed in production of goods and services

• What are the needs and wants of the people

Applied economics seeks to solve the problems of scarcity. This happens when human wants for goods and services exceed the available supply.

• True

• False