COURSE FEE-TEST Direction: Cheese dieletterofthecwrectanswer. Please write youransweronthe sheet provided. 1) It is a condition where are there insufficient resources to satisfy all the needs and wants of a population. k Abnormality B. Greed C. Scarcity D. Relatively 2) When a good is scarce compared to its demand. A Relative Scarcity B. Absolute Scarcit C. Scarcity of NeedsD. Demand 3) What are the basic economic resources? k Man. nature. money C. Workers. Laborer. Salary B. Land. labor. capital D. Owner. Capitalist. Building 4) It refers to the value of the foregone alternative A Costing B. Expenses C. Capital D. Opportunity Cost 5) What is this branch of Economics that is cemented with the overall performance of the entire economy? A Macroeconomics B. Microeconomics C. Social Science D. Demand Curve 6) All societies are faced with the basic questions in the economy. which of the following is considered basic economic problem? A What to produce and how much C. Who will produce the supply? B. When and where to produce D. Where to produce the supply T) It is a question on the production method that will be used to produce the goods and services. A What technology to use C. Which resource mix B. How to produce the goods D. How many items to produce 8) li talks aboutlhe target marketofdte goods A. Distribution place C. Suppliers schedule B. Consumers or customers D. Client needs 9) Foonomics is one signicant subject for Senior High school. choose a reason why it is important to study Economics. A It is for the students to know the essence on how to budget and properly allocate the goods available. B. It helps to understand the strident to make rational decisions in spending money C. It enables the student to take a look on how Philippine economy operates D. All of the above. lOJAs a strident and soon to be voter. why do you think is it important for you to choose educated politician who are in favor for the welfare of majority especially the poor'., A The leaders of our government have the power to monopolize the Economic system. B. They are so inuential in the community that identifying with them makes you famous as well. 0. They are governing bodies which formulates economic policies. D. To avoid politicians who has the tendencies to manipulate the Economy of the Philippines to protect their wealth. Fill in the blanks with the necessary information to complete each statement. 1. Economics came from the Greek word which means household and meaning law and order. 2. People are and the}.' hunt animals to have their meat as their food. 3. where people started to settle in villages and have farm near their houses to sustain the needs of their people. 4. People staned to use and which enabled them to develop huge manufacturing processes. 5. During . people realizes that machiner- could replace people from doing a huge amount of work. '} What I Can Do Read the following statement carefully and identify whether it tells Economies as Applied Science or Social Science. 1. Economics observe behavior and responses of people in specic political condition. 2. It is necessary to see facts. data and graphical interpretation so as to make sound decision making. Involvement of Mathematical computation and calculation. Input output analysis or simulation. It records interpret and understand the effects of interactions so as to create concepts and theories MP.\" 22/ 26 0' @m... Choose the letter of the correct answer. A. Multiple Choice 1. Which branch of economics deals with the overall operation of the entire economy of the country and its relationship and impact with the global perspective? A. MacroeconomicsB. Microeconomics C. Applied Economics 2. A kind of economics which is based on facts and information where decision making rely on facts, experiments and actual events