Applied Economics - 1st Quarter Examination (2022-2023)
Quiz by Fil Edrick Fabia
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- Q1
It is the application of economic principles and theories to real situations and trying to predict what the outcome might be.
Applied Economics
Microeconomics
Economics as Social Science
Macroeconomics
60s - Q2
It focuses on the production, distribution, and consumption of goods and services, and analyzes how individuals/businesses allocate limited resources to satisfy their unlimited wants.
Microeconomics
Applied Economics
Economics as Social Science
Macroeconomics
60s - Q3
It is a condition where there are insufficient resources to satisfy all the needs and wants of the population.
Scarcity
Recession
Disequilibrium
Poverty
60s - Q4
It is the loss of potential gain from other alternatives when the alternative is chosen.
Opportunity Cost
Rent
Wage
Interest
60s - Q5
It is a division of economics that is concerned with the overall performance of the entire community.
Microeconomics
Macroeconomics
Applied Economics
Economics as Social Science
60s - Q6
It is a division of economics that is concerned more with how goods flow from the business firm to the consumer and how resources move from the resource owner to the business firms.
Macroeconomics
Microeconomics
Economics as Social Science
Applied Economics
60s - Q7
It refers to the severe deprivation of human needs such as food, safe drinking information, shelter, and information.
Absolute Poverty
Poverty
Disequilibrium
Scarcity
60s - Q8
It is a sustained and continual increase in the prices of goods and services over the years.
Poverty
Scarcity
Inflation
Absolute Poverty
60s - Q9
It refers to the portion of the labor force that is willing to engage in productivity yet fails to do so.
Inflation
Scarcity
Poverty
Unemployment
60s - Q10
It is the condition where the population is only able to meet its basic needs such as food, clothing, and shelter.
Poverty
Scarcity
Absolute Poverty
Inflation
60s - Q11
It refers to the amount received by employees as compensation for their labor.
Rent
Opportunity Cost
Wage
Interest
60s - Q12
It refers to the state of being employed but expertise is underutilized or is not matched to the job.
Seasonal Unemployment
Cyclical Unemployment
Frictional Unemployment
Underemployment
60s - Q13
It refers to a temporary window of time where the number of available employment opportunities decreases.
Underemployment
Structural Unemployment
Frictional Unemployment
Seasonal Unemployment
60s - Q14
It is the result of voluntary employment transitions within an economy.
Seasonal Unemployment
Underemployment
Frictional Unemployment
Structural Unemployment
60s - Q15
It is the component of overall unemployment that results directly from cycles of economic upturn and downturn.
Cyclical Unemployment
Seasonal Unemployment
Structural Unemployment
Frictional Unemployment
60s