Summative Test in Applied Economics Q1Wk1

Name: ________________________________________
Directions. Read the test items carefully and write the letter of your choice that best answers the statement.
1.There is scarcity of resources because:
A. Man’s wants are unlimited C. Man’s wants are enough
B. Man’s wants are limited D. Man’s wants are satisfied
2. An economic resource that includes the natural resources:
A. Land B. Labor C. capital D. Entrepreneurship
3. Economics is a social science because it deals with:
Scarce resources and limited needs drive choice
b) Economics explains and predicts economic events
c) The scientific method is based on the normative analysis
d) Economic hypotheses lead directly to predictions
A. Scarce resources and limited needs drive choice C. Economic behavior of the society.
B. It uses scientific method to predict economic events. D. Economic hypotheses lead directly to predictions.
4. It is a finished product which is used to produce other goods:
A.Land B. Capital C.Labor D. Entrepreneur
5. Which of the following is considered as intangible good?
A. noodles B. labor C. burger D. spaghetti
6. Which of the following is not considered as a producer of goods or services?
A. carpenter B. nurse C. student D. teacher
7. Focuses on goals like productions standard of living, unemployment, and inflation.
A. Economics B. Microeconomics C. MacroEconomics D. None of these
8. Cellular phone is considered as
A. consumer good B. luxury good C. capital good D. economic good
9. The owner of the company withdrew cash for the salaries of the employees. Which factor of production would you consider
cash on hand?
A. consumer good B. luxury good C. capital good D. economic good
II. Identify what is being asked.
1. Fields of economics (2)
2. The economic Agents (3)
3. Factors of production (4)
4. Kinds of goods (2)

Summative Test in Applied Economics Q1Wk1

Name: ________________________________________
Directions. Read the test items carefully and write the letter of your choice that best answers the statement.
1.There is scarcity of resources because:
A. Man’s wants are unlimited C. Man’s wants are enough
B. Man’s wants are limited D. Man’s wants are satisfied
2. An economic resource that includes the natural resources:
A. Land B. Labor C. capital D. Entrepreneurship
3. Economics is a social science because it deals with:
Scarce resources and limited needs drive choice
b) Economics explains and predicts economic events
c) The scientific method is based on the normative analysis
d) Economic hypotheses lead directly to predictions
A. Scarce resources and limited needs drive choice C. Economic behavior of the society.
B. It uses scientific method to predict economic events. D. Economic hypotheses lead directly to predictions.
4. It is a finished product which is used to produce other goods:
A.Land B. Capital C.Labor D. Entrepreneur
5. Which of the following is considered as intangible good?
A. noodles B. labor C. burger D. spaghetti
6. Which of the following is not considered as a producer of goods or services?
A. carpenter B. nurse C. student D. teacher
7. Focuses on goals like productions standard of living, unemployment, and inflation.
A. Economics B. Microeconomics C. MacroEconomics D. None of these
8. Cellular phone is considered as
A. consumer good B. luxury good C. capital good D. economic good
9. The owner of the company withdrew cash for the salaries of the employees. Which factor of production would you consider
cash on hand?
A. consumer good B. luxury good C. capital good D. economic good
II. Identify what is being asked.
1. Fields of economics (2)
2. The economic Agents (3)
3. Factors of production (4)
4. Kinds of goods (2)