Directions: Choose the correct answer

from the choices below. Use the space

provided for your answer.

_____1. It is the process of combining

inputs to create an output.

A. Public Finance B. Consumption

C. Distribution D. Production
Enrichment _____2. It is the use of good or
Activities: service. It is the ultimate end of
economic activity.

27 – 28 A. Public Finance B. Consumption

C. Distribution D. Production
Title of the Activity:
_____3. This type of economics deals
Be part of the solution with the management of income,

Most Essential Learning

expenditures,
Module
Wealth or resources of a nation.
Competency: Examine the A. Household economics C. National
Week 2
Economics
utility and application of
B. Business economics D.
applied economics to solve International economics

economic issues and

problems.

_____4. It is the best alternative
that people forego, or give up
when making a choice or decision
A. Opportunity cost B.
Marginalism
C. Efficient Markets D. Society
_____5. If Keziah decided to study
for her economics exam than going
out with her friends towatch a
movie, what does her opportunity
cost?
A. Her time studying.
B. The enjoyment of being with
friends.
C. The enjoyment of watching the
movie.
D. Her having a greater chance of
getting a good score.
_____6. If Lester, who is working at
a fast-food restaurant, decides to not
go to work and instead rest and
watch movies at home; what does
his opportunity cost?
A. The entertainment provided by
movies
B. His wage
C. The joy of resting
D. His enjoyment with his
colleague ____9. The opportunity cost of
producing an additional unit of product
_____7. The three basic economic X is ____________.
problems of the country are the
A. The cost of labor in producing
following; EXCEPT:
product X
A. What to produce B. The cost of product Y that cannot be
produced because of product X
B. How is it produced
C. Who makes the choice
C. The cost of producing additional
product X
D. Who gets what is produced
D. The cost of the technology used in
____8. Which of the following is a the production of product X
factor of production? ____10. It is the process of analyzing the
additional costs or benefits from a choice
A. The skill of an electrical
or decision
engineer to make electrical wirings.
A. Opportunity cost
B. The interest paid on a bank loan.
B. Margnalism
C. The profit of a company.
C. Efficient Markets
D. The taxes paid by workers to the
D. Economics
government.