(Week 4) Applied Economics

Which of the following are factors of production?
I. Land

II. Labor

III. Profit

• I and II

• I and IIi

• II and III

• I, II and III

Which of the following are factor payments?

I. Capital

II. Wages

III. Rent

• I and II

• I and III

• II and III

• I, II and III

Which of the following refers to the payment household received for land?

• Rent

• Wages

• Interest

• Profit

Which of the following refers to the payment household received for operating its business?

• Rent

• Wages

• Interest

• Profit

Which of the following refers to the payment household received in exchange for their labor whether manual labor or intellectual labor?

• Rent

• Wages

• Interest

• Profit

Which of the following approach is estimating and summarizing the aggregate spending made on final products like goods and services by households, firms, and government foreigners?

• Income Approach

• Expenditure Approach

Which of the following is a statement that answer what is in economics; what is currently happening like unemployment rate, inflation rate, and cut in income tax improving the incentives to find job?

• Positive Economics

• Normative Economics

Which of the following are basic problems of society?

I. Society should arrive to a decision on the kinds of products to be created.

II. Selection of technique that will be employed by the firm to create products.

III. Target market of the firm as to who will buy or use the foods and services.

• I and II

• I and III

• II and III

• I, II and III

Which division of economics deals with addressing the following questions: (1) What causes the unemployment? (2) What causes inflation?

• Microeconomics

• Macroeconomics

Which of the following are inputs used for the production process?

I. Land
II. Capital
III. Entrepreneurs

• I and II

• I and III

• II and III

• I, II and III