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Applied Economics - 1st Quarter Examination (2022-2023)
Quiz by Fil Edrick Fabia
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It is the application of economic principles and theories to real situations and trying to predict what the outcome might be.
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.
It is a condition where there are insufficient resources to satisfy all the needs and wants of the population.
It is the loss of potential gain from other alternatives when the alternative is chosen.
It is a division of economics that is concerned with the overall performance of the entire community.
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.
It refers to the severe deprivation of human needs such as food, safe drinking information, shelter, and information.
It is a sustained and continual increase in the prices of goods and services over the years.
It refers to the portion of the labor force that is willing to engage in productivity yet fails to do so.
It is the condition where the population is only able to meet its basic needs such as food, clothing, and shelter.
It refers to the amount received by employees as compensation for their labor.
It refers to the state of being employed but expertise is underutilized or is not matched to the job.
It refers to a temporary window of time where the number of available employment opportunities decreases.
It is the result of voluntary employment transitions within an economy.
It is the component of overall unemployment that results directly from cycles of economic upturn and downturn.
Analyze what type of economic system is characterized in each of the following sentences. Write T for Traditional Economy, C for Command Economy, and M for Market Economy.
Prices are based on demand and supply.
Analyze what type of economic system is characterized in each of the following sentences. Write T for Traditional Economy, C for Command Economy, and M for Market Economy.
Ancient methods are used in deciding what goods to produce.
Analyze what type of economic system is characterized in each of the following sentences. Write T for Traditional Economy, C for Command Economy, and M for Market Economy.
The government decides on what goods should be produced.
Analyze what type of economic system is characterized in each of the following sentences. Write T for Traditional Economy, C for Command Economy, and M for Market Economy.
People’s preferences are reflected in the prices they are willing to pay in the market.
Analyze what type of economic system is characterized in each of the following sentences. Write T for Traditional Economy, C for Command Economy, and M for Market Economy.
It is the most democratic form of economic system.
GDP measures the value of goods and services produced only by a country’s citizens, both domestically and abroad.
Relative Scarcity occurs not because there is an insufficient supply of goods in the area but because of the circumstances that surround the availability of the goods.
Absolute Poverty refers to unequal access to wealth and income.
According to revised Philippine labor laws, contractualization is still considered legal.
Structural Unemployment is the result of voluntary employment transition within an economy.
Analyze the following topic. Write MIC if it falls under microeconomics; MAC if it falls under Macroeconomics.
The Philippine economy grew at a rate of 5.8% in 2013.
Analyze the following topic. Write MIC if it falls under microeconomics; MAC if it falls under Macroeconomics.
Rice prices in the past months have risen because suppliers hoarded their supplies in their bodegas.
Analyze the following topic. Write MIC if it falls under microeconomics; MAC if it falls under Macroeconomics.
The price of apples and grapes tends to increase during the Christmas season.
Analyze the following topic. Write MIC if it falls under microeconomics; MAC if it falls under Macroeconomics.
A Php340-billion deficit in the Philippine budget is expected in the year 2023.
Analyze the following topic. Write MIC if it falls under microeconomics; MAC if it falls under Macroeconomics.
In the past year, Coca-Cola was named the fastest-selling product in the market.