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Quiz 2: Applied economics. True or False Quiz 2: Applied economics. True or False Quiz 2: Applied economics.

True or False

1. The insufficiency of resources to 1. The insufficiency of resources to 1. The insufficiency of resources to meet
meet the wants of consumers is meet the wants of consumers is the wants of consumers is called scarcity.
2. The study of economics involves the use
called scarcity. called scarcity.
of unlimited resources to satisfy
2. The study of economics involves the 2. The study of economics involves the unlimited wants.
use of unlimited resources to satisfy use of unlimited resources to satisfy 3. The practice of economics happens when
unlimited wants. unlimited wants. there is a limited ability to buy goods and
3. The practice of economics happens 3. The practice of economics happens services due to income constraints.
when there is a limited ability to buy when there is a limited ability to buy 4. Relative scarcity is when a good is scarce
goods and services due to income goods and services due to income compared to its demand.
constraints. constraints. 5. Absolute scarcity is when supply is
unlimited.
4. Relative scarcity is when a good is 4. Relative scarcity is when a good is
6. The basic economic problems of society
scarce compared to its demand. scarce compared to its demand. faced with basic questions such as what
5. Absolute scarcity is when supply is 5. Absolute scarcity is when supply is to produce and how much, hot to
unlimited. unlimited. produce, and for whom to produce.
6. The basic economic problems of 6. The basic economic problems of 7. Macroeconomics and Microeconomics
society faced with basic questions society faced with basic questions are to branches of biology.
such as what to produce and how such as what to produce and how 8. Macroeconomics is concerned with the
much, hot to produce, and for much, hot to produce, and for behaviour of individual entities.
9. Microeconomics is concerned with the
whom to produce. whom to produce.
overall performance of the entities of the
7. Macroeconomics and 7. Macroeconomics and economy.
Microeconomics are to branches of Microeconomics are to branches of 10. Economics is a social science because it
biology. biology. studies human behaviour.
8. Macroeconomics is concerned with 8. Macroeconomics is concerned with 11. Economics studies how individuals make
the behaviour of individual entities. the behaviour of individual entities. choices in allocations scarce resources to
9. Microeconomics is concerned with 9. Microeconomics is concerned with satisfy their unlimited wants.
the overall performance of the the overall performance of the 12. How to produce is a question on the
production method that will be used to
entities of the economy. entities of the economy.
produce goods and services.
10. Economics is a social science 10. Economics is a social science 13. Between the choice of rice and
because it studies human behaviour. because it studies human behaviour. hamburger, choosing rice to eat during
11. Economics studies how individuals 11. Economics studies how individuals lunch time become s my need rather
make choices in allocations scarce make choices in allocations scarce than having my wants.
resources to satisfy their unlimited resources to satisfy their unlimited 14. I am thirsty during recess time and I
wants. wants. chose water for my drinks instead of
12. How to produce is a question on the 12. How to produce is a question on the coke. This choice is considered fulfilling
what I need rather than what I want.
production method that will be used production method that will be used
15. I have 100 pesos allowance today. I want
to produce goods and services. to produce goods and services. to buy Fries pa more which costs
13. Between the choice of rice and 13. Between the choice of rice and P120.00. My allowance is not enough so
hamburger, choosing rice to eat hamburger, choosing rice to eat instead of buying Fries Pa more I opted
during lunch time become s my during lunch time become s my to buy Hamburger which only costs
need rather than having my wants. need rather than having my wants. P95.00. With my choice, I am practicing
14. I am thirsty during recess time and I 14. I am thirsty during recess time and I economics.
chose water for my drinks instead of chose water for my drinks instead of 16. Absolute scarcity is when supply is
limited.
coke. This choice is considered coke. This choice is considered
17. Part of human behaviour is the tendency
fulfilling what I need rather than fulfilling what I need rather than of man is the need to have as many good
what I want. what I want. and services as he can.
15. I have 100 pesos allowance today. I 15. I have 100 pesos allowance today. I 18. Macroeconomics focuses on the overall
want to buy Fries pa more which want to buy Fries pa more which performance of the economy.
costs P120.00. My allowance is not costs P120.00. My allowance is not 19. Microeconomics does not focus on the
enough so instead of buying Fries Pa enough so instead of buying Fries Pa aggregate levels of production,
more I opted to buy Hamburger more I opted to buy Hamburger employment and income.
20. For whom to produce is all about the
which only costs P95.00. With my which only costs P95.00. With my
market of the goods.
choice, I am practicing economics. choice, I am practicing economics.
16. Absolute scarcity is when supply is 16. Absolute scarcity is when supply is Quiz 2: Applied economics. True or False
limited. limited.
17. Part of human behaviour is the 17. Part of human behaviour is the 1. The insufficiency of resources to
tendency of man is the need to have tendency of man is the need to have meet the wants of consumers is
as many good and services as he as many good and services as he called scarcity.
can. can. 2. The study of economics involves the
18. Macroeconomics focuses on the 18. Macroeconomics focuses on the use of unlimited resources to satisfy
overall performance of the overall performance of the unlimited wants.
economy. economy. 3. The practice of economics happens
19. Microeconomics does not focus on 19. Microeconomics does not focus on when there is a limited ability to buy
the aggregate levels of production, the aggregate levels of production, goods and services due to income
employment and income. employment and income. constraints.
20. For whom to produce is all about 20. For whom to produce is all about 4. Relative scarcity is when a good is
the market of the goods. the market of the goods. scarce compared to its demand.
5. Absolute scarcity is when supply is
unlimited.
6. The basic economic problems of
society faced with basic questions
such as what to produce and how
much, hot to produce, and for
whom to produce.
7. Macroeconomics and
Microeconomics are to branches of
biology.
8. Macroeconomics is concerned with
the behaviour of individual entities.
9. Microeconomics is concerned with
the overall performance of the
entities of the economy.
10. Economics is a social science
because it studies human behaviour.
11. Economics studies how individuals
make choices in allocations scarce
resources to satisfy their unlimited
wants.
12. How to produce is a question on the
production method that will be used
to produce goods and services.
13. Between the choice of rice and
hamburger, choosing rice to eat
during lunch time become s my
need rather than having my wants.
14. I am thirsty during recess time and I
chose water for my drinks instead of
coke. This choice is considered
fulfilling what I need rather than
what I want.
15. I have 100 pesos allowance today. I
want to buy Fries pa more which
costs P120.00. My allowance is not
enough so instead of buying Fries Pa
more I opted to buy Hamburger
which only costs P95.00. With my
choice, I am practicing economics.
16. Absolute scarcity is when supply is
limited.
17. Part of human behaviour is the
tendency of man is the need to have
as many good and services as he
can.
18. Macroeconomics focuses on the
overall performance of the
economy.
19. Microeconomics does not focus on
the aggregate levels of production,
employment and income.
20. For whom to produce is all about
the market of the goods.