Applied Economics Midterm
Authored by MARJORIE AGAPAY
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12th Grade
Used 2+ times
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50 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is a social science that involves the use of scarce resources to satisfy unlimited wants.
Relative Scarcity
Scarcity
Economics
Applied Economics
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is a condition where there are insufficient resources to satisfy all the needs and wants of a population.
Relative Scarcity
Scarcity
Economics
Resources
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a good is scarce compared to its demand.
Relative Scarcity
Scarcity
Economics
Resources
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When supply is limited, what kind of scarce is it?
Relative Scarcity
Absolute Scarcity
Economics
Resources
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It refers to the value of the best foregone alternative.
Land
Opportunity cost
Labor
Capital
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is a kind of economic resources which soil and natural resources that are found in nature and not man-made.
Land
Opportunity Cost
Labor
Capital
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is a kind of economic resources which physical and human effort exerted in production.
Land
Opportunity Cost
Labor
Capital
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