Reviewer for Araling Panlipunan 9 Quiz #2

Which of the following BEST describes Economic Resources?

• The various goods and services that are available for purchase in the economy.

• The financial assets and capital invested in businesses to generate profits.

• The different factors of production used to produce all goods and services in the economy.

• The regulations and policies set by the government to manage economic activity.

Which of the following is NOT an example of Labor?

• Horses

• Software Developer

• Artificial Intelligence

• Assembly Line

Which of the following is NOT an example of Capital?

• Factory Machinery

• Business Skills

• Office Building

• Company Vehicle

Which of the following BEST describes Scarcity?

• It is a temporary condition that happens when there is a lack of supply

• It is a condition where a particular economic resource is scarce in a specific area

• It is a phenomenon that happens when panic buying and hoarding occurs

• It is a long-term problem that happens due to the unlimited wants and needs of humans

Which of the following are NOT considered as scarce?

• Water

• Energy

• People

• Food

Which of the following does NOT define Shortage?

• It is a short-term problem in economics

• It can be resolved immediately

• It is a phenomenon that can be seen when people are hoarding goods

• It is a never-ending problem that exists in all of people's lives

What practice do economists use to address the problem of scarcity?

• Allocation

• Production Increase

• Regulation

• Subsidization

Which of the following BEST describes Production?

• It is the act of distributing goods and services to various markets and consumers.

• It is the management of financial resources to invest in new technologies and innovations.

• It is the act of conducting market research to understand consumer preferences.

• It is the process of using economic resources to produce goods and services that satisfy the needs and wants of individuals and businesses.

What is referred to as products sold directly to the public?

• Producer Goods

• Consumer Goods

• Economic Goods

• Free Goods

What is referred to as products used to produce other products?

• Producer Goods

• Consumer Goods

• Economic Goods

• Free Goods