APPLIED ECONOMICS - PART 2 (50 QUESTIONS)

1. Which of the following explains economics pertains to the study on how society creates its material wealth, how it makes this wealth available to its people with minimum difficulties, and how it expands its wealth.

• Anthropology

• Political Science

• Psychology

• Social Science

Economics is the study of ____________.

• How to make money

• How to operate a business

• People making choices because of the problem of scarcity

• The Government decision process

Scarcity exists _____________.

• In all countries of the world

• Only in poor nations

• Only in rich nations

• When people consume beyond their needs

Microeconomics approaches the study of economics from the viewpoint of __________.

• Economy wide effects

• Individual or specific markets

• The national economy

• Operation of the Bangko Sentral ng Pilipinas

These resources command a price.

• Economic resources

• Free resources

• Natural resources

• All of the above

Which of the following is not a resource?

• Capital

• Labor

• Land

• Money

This is an analysis of economics which deals what should be.

• Economic problem

• Economic solution

• Normative Economics

• Positive Economics

Because of mechanization and mass production, Pepsi Cola used machineries to produced goods. Which of the following methods is used by Pepsi Cola?

• Capital-intensive production

• Labor-intensive production

• Mixed production process

• Product-based technology process

Karen is the procurement officer of ABC Company. She bought 10 boxes of bond paper for office consumption. Which of the following market best matches to the given example?

• Business market

• Consumer Market

• Government market

• Reseller market

This is a human development measure of the Philippine government that provides conditional grants to the poorest of the poor, to improve health, nutrition, and education of children aged 18.

• 4 Ps

• Free Education

• Free housing

• Free meal