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Tapuac District, Dagupan City

Sociology Political science Psychology Anthropology History Entrepreneurs bear risk, come up with new ideas, organize resources, and do not necessarily own all resources. Factors of production are land, labor, capital, and entrepreneurship. Methodologies of economics include deductive reasoning, inductive reasoning, and historical interpretation.

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Mariel Karen Obedoza
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160 views4 pages

Tapuac District, Dagupan City

Sociology Political science Psychology Anthropology History Entrepreneurs bear risk, come up with new ideas, organize resources, and do not necessarily own all resources. Factors of production are land, labor, capital, and entrepreneurship. Methodologies of economics include deductive reasoning, inductive reasoning, and historical interpretation.

Uploaded by

Mariel Karen Obedoza
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Lyceum-Northwestern University

Tapuac District, Dagupan City

LONG QUIZ in CAE1 ECONOMIC DEVELOPMENT


1st Semester, AY 2020 – 2021

Name: ________________________________ Score:____________________

Year/Section:___________________________ Date:_____________________

Be warned: students who submit copied text will obtain a mark of zero for the
assignment and disciplinary steps may be taken by the Faculty and/or
University. It is also unacceptable to do somebody else’s work, to lend your
work to them or to make your work available to them to copy – be careful and
do not make your work available to anyone!

I. IDENTIFICATION. Identify what is being asked and write your answers on the
answer sheet provided below.

_____________________ 1. It is important in economics because it studies the mechanics


of the distribution of power, and its primary concern is to find out the
relationship between authority and masses.

_____________________ 2.This economic statement is employed to make value judgments about


the economy and suggest solutions to economic problems.

_____________________ 3.Plays an important role in studying economics not only through a


systematic recording of past events, but a detailed and in-depth
interpretation of the cause and effects of past events on the lives of the
members of the society.

_____________________ 4.This refers to the available physical and mental talents of the people
who have to produce goods and services.

_____________________ 5.States that goods are scarce because there are not enough
resources to produce all the goods that the people want to consume.

_____________________ 6.It studies the society by means of analyzing human groups,


institutions, and its social relationships.

_____________________ 7.It is the study of the proper allocation and efficient use of scarce
resources to produce commodities for the maximum satisfaction of unlimited
human needs and wants.

_____________________ 8.It is an economic analysis that explains what happens in the economy
and why, without making any recommendations to economic policy.

_____________________ 9.It refers to a tangible physical goods that a person or society


creates in the expectation that its use will improve or increase future
production.
_____________________ 10. It is a situation in which more of one good thing can be
obtained only by giving up of another thing.

II - MULTIPLE CHOICE. Choose the one alternative that best completes the statement or
answers the questions. Type your answers in CAPITAL LETTERS in space
provided below.

1. The most economic problem is


a. Security
b. The fact that the Philippines buy more goods from foreigners than we sell to
foreigners
c. Health
d. Scarcity

2. In broad terms, the difference between microeconomics and macroeconomics is that


a. Microeconomics studies the effects of government taxes on the national
unemployment rate
b. Macroeconomics studies the effects of government regulation and taxes on the
price of individual goods and services whereas microeconomics does not.
c. They use different sets of tools and ideas.
d. Microeconomics studies decisions of individual people and firms and
macroeconomics studies the entire national economy.

3. When an economy produces more houses and fewer typewriters, it is answering the ______

a. “where”
b. “for whom”
c. “how”
d. “what”

4. Entrepreneurs do all of the following EXCEPT


a. Bear risk from business decisions
b. Own all the other resources
c. Come up with new ideas about what, how, when, and where to produce
d. Organize labor, land, and capital

5. An autoworker is considered _______ and earns _______.


a. Labor; wages
b. Labor; rent
c. Capital; rent
d. Entrepreneurship; wages
6. Opportunity cost means
a. The accounting cost minus the marginal benefit
b. The highest –valued alternative forgone
c. The monetary cost of an activity
d. The accounting cost minus the marginal cost
7. Which of the following is an example of a positive statement?
a. Business firms ought to contribute more to charities.
b. Government should not redistribute income.
c. The foreign sector should be more tightly controlled.
d. Households are the primary source of saving.
8. An incentive
a. is the opposite of a tradeoff.
b. could be a reward but could not be a penalty.
c. could be either a reward or a penalty.
d. could be a penalty but could not be a reward.
9. The most fundamental economic problem is
a. security.
b. the fact the United States buys more goods from foreigners than we sell to
foreigners.
c. health.
d. scarcity.
10. Economics is best defined as the study of how people, businesses, governments, and societies.
a. make choices to cope with scarcity
b. attain wealth.
c. choose abundance over scarcity.
d. use their infinite resources

11. Economists point out that scarcity confronts


a. the rich but not the poor.
b. the poor but not the rich.
c. both the poor and the rich.
d. neither the poor nor the rich.
12. Scarcity requires that people must
a. trade.
b. compete.
c. cooperate.
d. make choices.
13. As an economic concept, scarcity applies to
a. neither time nor money
b. both money and time.
c. time but not money.
d. money but not time.
14. Which is the most accurate definition of the study of economics? Economics is the study of
a. the distribution of surplus goods to those in need.
b. affluence in a morally bankrupt world.
c. ways to reduce wants to eliminate the problem of scarcity.
d. the choices we make because of scarcity.

15. Which of the following is a macroeconomic topic?


a. why plumbers earn more than janitors
b. the reasons for the rise in average prices
c. whether the army should buy more tanks or more rockets
d. the reasons for a rise in the price of orange juice

IV – ENUMERATION. Enumerate what is being ask in each bullet.

What are the Goals of Economics?

1.

2.

3.

4.

5.

Enumerate the Social Sciences that are related to Economics.


1.

2.

3.

4.

5.

List down the characteristics of entrepreneurs.


1.
2.
3.
4.

Factors of Production

1.
2.
3.
4.

Methodologies of Economics
1.
2.

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