Midterm in Applied Economics
Quiz by Mary Rose Isip
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50 questions
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- Q1For most people, the largest portion of their personal income comes from _____.The governmentInterest on stocks and bondsWages and salaries from their jobsRent paid on their property30s
- Q2When a person rents an apartment, who benefits from the transaction?Both the renter and the landlord.Only the landlordMortgage companiesOnly the person renting the apartment30s
- Q3When deciding which two items to purchase, you should always _____.Choose after comparing costs and benefits of both itemsChoose the item that you wantChoose the item that cost lessChoose the item with the greatest benefits30s
- Q4If the price of the beef doubled and the price of poultry stayed the same, people would most likely buy ______.The same amount of poultry and beefLess poultry and beefMore poultry less beefLess poultry more beef30s
- Q5In the Philippines, who determines what goods or services will be produced?Producers, consumers and the governmentProducers and the governmentConsumersGovernment30s
- Q6Since the resources used in the production of goods and services are limited, society must ___.Reduce the use of those resourcesTry to get more resourcesFocus on their most abundant resourceMake choices on how to use resources30s
- Q7A large increase in the cost of producing jeans is most likely to result in ___.Lower jean prices and fewer jeans boughtHigher jean prices and fewer jeans boughtNo changeLower jean prices and more jeans bought30s
- Q8When we want to have more of a good or service, we are actually sacrificing something in exchange.EconomicsOpportunity costSurplusShortage30s
- Q9Which of the following would most likely accelerate innovation in the computer industry?Taxing all new inventions in the industryIncreased government regulation of the industryInvesting more into research and developmentGreater use of PCs by individual30s
- Q10If interest rates charged by banks decreased, business would most likely to ____.Acquire less bond or mortgagesSee increase in their stock pricesIncrease their pricesIncrease investment spending30s
- Q11The stock market is an example of an institution that exist to help people achieve their goals. The existence of the stock market ____.Helps predict stock pricesHelps predict corporate earningsBrings together buyers and seller of stocksGenerally increases the prices of stocks30s
- Q12Which of the following statement about money is true?It makes savings more difficultIt doesn’t hold its valueIt makes buying and selling easierIt holds its value during times of inflation30s
- Q13Which if the following are most likely to be helped by inflation?People living on fixed incomesBanks that loaned money at a fixed rateBusinessesPeople who borrowed money at fixed interest rates30s
- Q14A way of the government to increase the skilled workforce of the nation is the introduction of K-12 with National Certificate Accreditation for Technical-Vocational Courses. This is one way to address the problems in ___.PovertySlow adoption in modern technologyLow investment in human resource developmentDemographic changes30s
- Q15More than the pressure on land and capital, it puts a burden on the government to provide the social services including education, health and housing to an expanding population.Environment sustainabilityEconomic implications of demographic changesSlow adoption in modern technologyPoverty30s