Batasan Hills National High School 9.

Positive economics is objective and fact based

IBP Road, Batasan Hills, Quezon City while normative economics statements
Applied Economics are based?
a. disproved b. proved c. opinion d. evidence
Name: Score: 10. Who among the 4 economic system is more
Gr. & Sec.: Date: predominant?
a. Planned/Command Economy
Multiple Choice. Write your answer on the space b. Mixed Economy
before the number. c. Market Economy
1. Ceteris Paribus is a phrase meaning “all d. Traditional Economy
things being equal”. 11. It is the enemy of globalization and international
a. Greek b. Latin c. Franses d. German trade?
2. It refers to the functional relationship between a. Rationalization
the quantity of a good produced (output) and b. Mercantilism
factors of production (input). c. Domestic
a. Ceteris Paribus d. Neomercantilism
b. Production Possibility Frontier 12. It is the consumer's right to buy or patronize the
c. Model Building things they want.
d. Production Function a. Consumer's autonomy
3. What are the two main branches of economics? b. Forces of demand and supply
a. Supply and Demand c. Consumer's sovereignty
b. Applied science and Social science d. All of the above
c. Macroeconomics and Microeconomics 13. It is an important concept to explain the
d. Needs and Wants situation of a firm increasing production in the
4. The demand increase as income increase. short-run when land, capital, and
a. normal good c. giffen good entrepreneurial skill are fixed and labor is the
b. inferior good d. all of the above only factor that is varied.
5. the demand decrease as income increase. a. Production Function
a. normal good c. giffen good b. Model Building
b. inferior good d.trade c. Total Production
6. Who developed the theory of comparative d. Deminishing returns
advantage? 14. It is the decrease in the marginal (incremental)
a. CARD DAVIDS output of a production process as the amount of
b. DAVID CORDOVA a single factor of production is incrementally
c. CARDO DALISAY increased, while the amounts of all other factors
d. DAVID RICARDO of production stay constant.
7. What are the 2 equation used in economics? a. Production Function
a. Independent and Dependent Variable b. Model Building
b. Short term and Long term c. Total Production
c. Endogenous and Exogenous d. Deminishing returns
d. Tree and Forest approach 15. It discuss the fusion of finance and economics.
8. It is considered as intermediate goods a. Behavioral Economics
a. Frontier production b. Financial Economics
b. Consumer Goods c. History of Economics
c. Capital d. Development Economics
d. NONE OF THE ABOVE