Quiz 2: Applied economics. True or False
True or False
1. The insufficiency of resources to
meet the wants of consumers is
called scarcity.
2. The study of economics involves the
use of unlimited resources to satisfy
unlimited wants.
3. The practice of economics happens
when there is a limited ability to buy
goods and services due to income
constraints.
4. Relative scarcity is when a good is
scarce compared to its demand.
5. Absolute scarcity is when supply is
unlimited.
6. The basic economic problems of
society faced with basic questions
such as what to produce and how
much, hot to produce, and for
whom to produce.
7. Macroeconomics and
Microeconomics are to branches of
biology.
8. Macroeconomics is concerned with
the behaviour of individual entities.
9. Microeconomics is concerned with
the overall performance of the
entities of the economy.
10. Economics is a social science
because it studies human behaviour.
11. Economics studies how individuals
make choices in allocations scarce
resources to satisfy their unlimited
wants.
12. How to produce is a question on the
production method that will be used
to produce goods and services.
13. Between the choice of rice and
hamburger, choosing rice to eat
during lunch time become s my
need rather than having my wants.
14. I am thirsty during recess time and I
chose water for my drinks instead of
coke. This choice is considered
fulfilling what I need rather than
what I want.
15. I have 100 pesos allowance today. I
want to buy Fries pa more which
costs P120.00. My allowance is not
enough so instead of buying Fries Pa
more I opted to buy Hamburger
which only costs P95.00. With my
choice, I am practicing economics.
16. Absolute scarcity is when supply is
limited.
17. Part of human behaviour is the
tendency of man is the need to have
as many good and services as he
can.
18. Macroeconomics focuses on the
overall performance of the
economy.
19. Microeconomics does not focus on
the aggregate levels of production,
employment and income.
20. For whom to produce is all about
the market of the goods.
Quiz 2: Applied economics. True or False
1. The insufficiency of resources to
meet the wants of consumers is
called scarcity.
2. The study of economics involves the
use of unlimited resources to satisfy
unlimited wants.
3. The practice of economics happens
when there is a limited ability to buy
goods and services due to income
constraints.
4. Relative scarcity is when a good is
scarce compared to its demand.
5. Absolute scarcity is when supply is
unlimited.
6. The basic economic problems of
society faced with basic questions
such as what to produce and how
much, hot to produce, and for
whom to produce.
7. Macroeconomics and
Microeconomics are to branches of
biology.
8. Macroeconomics is concerned with
the behaviour of individual entities.
9. Microeconomics is concerned with
the overall performance of the
entities of the economy.
10. Economics is a social science
because it studies human behaviour.
11. Economics studies how individuals
make choices in allocations scarce
resources to satisfy their unlimited
wants.
12. How to produce is a question on the
production method that will be used
to produce goods and services.
13. Between the choice of rice and
hamburger, choosing rice to eat
during lunch time become s my
need rather than having my wants.
14. I am thirsty during recess time and I
chose water for my drinks instead of
coke. This choice is considered
fulfilling what I need rather than
what I want.
15. I have 100 pesos allowance today. I
want to buy Fries pa more which
costs P120.00. My allowance is not
enough so instead of buying Fries Pa
more I opted to buy Hamburger
which only costs P95.00. With my
choice, I am practicing economics.
16. Absolute scarcity is when supply is
limited.
17. Part of human behaviour is the
tendency of man is the need to have
as many good and services as he
can.
18. Macroeconomics focuses on the
overall performance of the
economy.
19. Microeconomics does not focus on
the aggregate levels of production,
employment and income.
20. For whom to produce is all about
the market of the goods.
Quiz 2: Applied economics.
1. The insufficiency of resources to meet
the wants of consumers is called scarcity.
2. The study of economics involves the use
of unlimited resources to satisfy
unlimited wants.
3. The practice of economics happens when
there is a limited ability to buy goods and
services due to income constraints.
4. Relative scarcity is when a good is scarce
compared to its demand.
5. Absolute scarcity is when supply is
unlimited.
6. The basic economic problems of society
faced with basic questions such as what
to produce and how much, hot to
produce, and for whom to produce.
7. Macroeconomics and Microeconomics
are to branches of biology.
8. Macroeconomics is concerned with the
behaviour of individual entities.
9. Microeconomics is concerned with the
overall performance of the entities of the
economy.
10. Economics is a social science because it
studies human behaviour.
11. Economics studies how individuals make
choices in allocations scarce resources to
satisfy their unlimited wants.
12. How to produce is a question on the
production method that will be used to
produce goods and services.
13. Between the choice of rice and
hamburger, choosing rice to eat during
lunch time become s my need rather
than having my wants.
14. I am thirsty during recess time and I
chose water for my drinks instead of
coke. This choice is considered fulfilling
what I need rather than what I want.
15. I have 100 pesos allowance today. I want
to buy Fries pa more which costs
P120.00. My allowance is not enough so
instead of buying Fries Pa more I opted
to buy Hamburger which only costs
P95.00. With my choice, I am practicing
economics.
16. Absolute scarcity is when supply is
limited.
17. Part of human behaviour is the tendency
of man is the need to have as many good
and services as he can.
18. Macroeconomics focuses on the overall
performance of the economy.
19. Microeconomics does not focus on the
aggregate levels of production,
employment and income.
20. For whom to produce is all about the
market of the goods.
Quiz 2: Applied economics. True or False
1. The insufficiency of resources to
meet the wants of consumers is
called scarcity.
2. The study of economics involves the
use of unlimited resources to satisfy
unlimited wants.
3. The practice of economics happens
when there is a limited ability to buy
goods and services due to income
constraints.
4. Relative scarcity is when a good is
scarce compared to its demand.
5. Absolute scarcity is when supply is
unlimited.
6. The basic economic problems of
society faced with basic questions
such as what to produce and how
 much, hot to produce, and for
whom to produce.
7. Macroeconomics and
Microeconomics are to branches of
biology.
8. Macroeconomics is concerned with
the behaviour of individual entities.
9. Microeconomics is concerned with
the overall performance of the
entities of the economy.
10. Economics is a social science
because it studies human behaviour.
11. Economics studies how individuals
make choices in allocations scarce
resources to satisfy their unlimited
wants.
12. How to produce is a question on the
production method that will be used
to produce goods and services.
13. Between the choice of rice and
hamburger, choosing rice to eat
during lunch time become s my
need rather than having my wants.
14. I am thirsty during recess time and I
chose water for my drinks instead of
coke. This choice is considered
fulfilling what I need rather than
what I want.
15. I have 100 pesos allowance today. I
want to buy Fries pa more which
costs P120.00. My allowance is not
enough so instead of buying Fries Pa
more I opted to buy Hamburger
which only costs P95.00. With my
choice, I am practicing economics.
16. Absolute scarcity is when supply is
limited.
17. Part of human behaviour is the
tendency of man is the need to have
as many good and services as he
can.
18. Macroeconomics focuses on the
overall performance of the
economy.
19. Microeconomics does not focus on
the aggregate levels of production,
employment and income.
20. For whom to produce is all about
the market of the goods.