Economics Quiz

Is the study that attempts to explain how an economy operates and how the consumer attempts to maximize his/her wants within limited means.

• Economics

• scarcity

• Microeconomics

• Macroeconomics

Is a condition where there are insufficient resources to satisfy all the needs and wants of a population.

• Scarcity

• Economics

• insufficiency

• none of the above

Economics as __________ because it studies of observing how theories work in practice

• Social

• Applied

• psychology

• Scarce

Economics as ____________ science, because it studies human behavior and how individuals make choices in allocating scarce resources to satisfy their unlimited wants.

• Applied

• Scarce

• social

• econometrics

An applied economics where there is an application of statistical and mathematical theories to economics for the purpose of testing hypotheses, forecasting future trends, and compare and contrast against real life.

• Microeconomics

• Macroeconomics

• Economics

• Econometrics

It refers to the quantities of a particular good or service that consumers are willing and able to buy different possible prices.

• Demand

• Supply

• Income

• None of these

It is the amount of a product that is offered for sale at all possible prices in the market.

• Demand

• Supply

• Income

• Expenditure

What is it when buyers and sellers transact in a market when they agreed on the price of the commodity and the amount to be sold and bought.

• Law of Supply

• Law of Demand

• Equilibrium Price

• Price Disequilibrium

It is when there are disagreements among buyers and sellers on the price and quantity.

• Law of Supply

• Law of Demand

• Equilibrium Price

• Price Disequilibrium

The law of demand states that the quantity of a good demanded varies ____________________.

• inversely with its price.

• directly with population.

• directly with income.

• inversely with the price of substitute goods.