Applied Economics

What do you call the condition in which our wants are greater than our limited resources?

• . Economics

• Scarcity

• Opportunity Cost

• Trade-off

What do you call things that you gave up when you make a choice?

• Choice

• problem

• opportunity cost

• Trade-off

The application of the principles of supply, demand, trade-offs, opportunity-costs, and other economic theories to solve real-world problems?

• Applied Economics

• Macroeconomics

• Economics

• Microeconomics

Which of the following is not a factor of production?

• Capital

• Labor

• Tax

• Land 

Which of the following classifications does not fall under underemployment?

• Highly skilled but working in low paying jobs

• Without work and currently available for work

• Part-time workers who would prefer to be full time

• Workers who are highly skilled but working in low skill jobs

When does underemployment occur?

• It is when a person does have work

• It is when a person does not have work

• It is when a person does not work for a job that fits his/her skills

• It is when a person works for a job that fits his/her skills

Which of the following works best for our country?

• Decrease in the employment rate

• Increase in the underemployment rate

• Decrease in the underemployment rate

• Increase in the unemployment rate

What is most likely to happen when the population continues to rise?

• Employment rate will go up

• Resources will become scarce

• Poverty rate will decrease

• Unemployment rate will go down

According to Philippine Statistics Authority (PSA) what is the minimum age that a Filipino must have in order to be classified as an unemployed person?

• 13 years old

• 14 years old

• 15 years old

• 18 years old

What kind of approach is used by economists to explain how the economy works?

• Collaborative

• positive

• experimental

• scientific