APPLIED ECONOMICS

QUIZ NO. 1

NAME: __________________________________ GRADE AND SECTION:_________________________

I. Direction: Choose the letter of the correct answer. Encircle the letter of your choice.

1. These are economic agents who utilize and maximize the goods and services.
A. Consumers B. Producers C. Public Sectors D. Farmers
2. Its perspective looks at the economy as a whole.
A. Holistic B. Partial C. Macroeconomics D. Microeconomics
3. A factor of production that is a source of raw materials that comes from the ground.
A. Capital B. Entrepreneurship C. Labor D. Land
4. Economics is a/an ______________ because it deals with how people interact with one another to
sustain, stabilize and develop the material dimension of a society.
A. Political Science B. Applied Science C. Social Science D. Philosophy
5. Goods in the form of services are called_______________.
A. Tangible Goods B. Intangible Goods C. Economic Goods D. Very Goods
6. An economic system cannot produce all goods and services that consumers want, and most consumers
do not have the resources to purchase everything they want.
A. Inflation B. Scarcity C. Poverty D. Over-population
7. Formulates the plan to create a business.
A. Capital B. Entrepreneurship C. Labor D. Land
8. It is concerned with the behavior of individual entities such as the consumer, the producer, and the
resource owner.
A. Holistic B. Partial C. Macroeconomics D. Microeconomics
9. Economics is a/an _________________ because it follows a systematic procedure to solve issues and
problems of the society.
A. Political Science B. Applied Science C. Social Science D. Philosophy
10. It is the manpower of the production.
A. Capital B. Entrepreneurship C. Labor D. Land
11. Economic stakeholders who create or make goods.
A. Consumers B. Producers C. Public Sectors D. Farmers
12. These are the things we use to make things.
A. Capital B. Entrepreneurship C. Labor D. Land
13. Groups that maximize the well-being of the society.
A. Consumers B. Producers C. Public Sectors D. Farmers
14. Physical objects being utilized by everyone.
A. Tangible Goods B. Intangible Goods C. Economic Goods D. Very Goods
15. A characteristic of resources that states resources can be used several times.
A. Scarcity B. Multiple Use C. Partially replaceable D. Recyclable

II. Enumerate the following.

1-2 Fields of Economics
3-5 Characteristics of resources
6-10 Classification of goods