1. Multiple Choice. Choose the letter of the correct answer. 1. It is the study of what constitutes rational human behavior in the fulfillment of their needs and wants and how the society allocates its scarce resources. A. Physics C. Civics B. Economics D. Ethics 2. According to "Economics is the science of choice thus, people have a choice to choose on how to use scarce resources to produce various commodities". A. Webster C. Sicat B. Fajardo D. Nordhaus 3. Which is NOT included in the economic activities? A. Eaming money C. Eating lunch B. Buying goods and services D. Depositing and withdrawing money in a bank 4. The essentials in life like food, water, clothing and shelter are A. Physiological C. Civics B. Ethics D. Sociological 5. What is the financial gain made in transactions? A. Profit C. Wage B. Resource D. Scarcity 6. If a person makes a necklace that only costs P2.00 to make, and then sells the necklace for $12.00, they made a P10.00 ? A. Wage C. Profit B. Demand D. Price 7. What is an economic or productive factor required to accomplish an activity? A. Specialization C. Traditional system B. Resource D. Wage 8. What is it called when you have limited quantities of resources used to meet unlimited wants? A. Profit C. Cartel B. Specialization D. Scarcity 9. What is the concentration of the productive efforts of individuals and firms on a limited number of activities? A. Socialism C. Factors of production B. Specialization D. Free enterprise 10. What is a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society? A. Capitalism C. Traditional system B. Socialism D. Barter system11. What is an economic system that relies on habit. custom, or ritual to decide questions of production and consumption of goods and services? A. Capitalism C. Traditional system B. Socialism D. Barter system 12. What is a payment made my an employer to an employee? A. Profit C. Interest B. Marginal D. Wage 13. What is a formal organization of producers that agree to coordinate prices and production? A. Cartel C. Traditional system B. Command system D. Corporation 14. What are two goods that are bought and used together? A. Monopolistic competition C. Complementary goods B. Market system D. Efficiency 15. What is a legal entity owned by individual stockholders? A. Capital C. Specialization B. Free enterprise D. Corporation 16. What is the desire to own something and the ability to pay for it called? A. Demand C. Capital B. Allocation D. Opportunity cost 17. What is the measure of how consumers react to a change in price? A. Elasticity C. Marginal B. Equilibrium price D. Scarcity 18. What is the point at which the quantity demanded and the quantity supplied are equal called? A. Elasticity C. Marginal B. Equilibrium price D. Scarcity 19. What is the study of economic behavior and decision making of small units, such as individuals, families, and businesses called? A. Macroeconomics C. Economics B. Microeconomics D. Economic statistics 20. What is a market structure in which many companies sell products that are similar but not identical? A. Monopoly C. Oligopoly B. Traditional system D. Monopolistic competition 21. The machines and robots at the KIA plant are an example of what? A. Capital C. Specialization B. Economic technology D. Strategies 22. Corporations are in business for what? A. Profit C. Wage B. Non-profit D. Stockholders___23. 24. 25. 26. 27. 28. 29. 30. 31. 32. When a state agrees to lower a tax rate for one corporation so that the corporation builds a plant or factory in that state. it is an example of what? A. Capitalism C. Incentive B. Monopoiistic competition D. Discount When a consumer buys a car from a dealership. this is an example at what? A. Microeconomics C. Macroeconomics B. Small business D. Home economics Individual differences create a varying decision as to the nature oi our choice and preference. Which of the lollowlng sciences explains such human desire and Intention? A. Civics C. Psychology B. Ethics D. Sociology In the recent weeks. the collective mindset of the Filipinos is to buy different commodities at varying prices regardless whether they are necessities or not. What is a tabular presentation that shows the quantities consumers are willing to buy ol a good at various prices? A. Demand curve C. Demand marital B. Demand equilibrium D. Demand schedule Mahatma Gandhi's exposition of the eight blunders that lead to violence In society shows the contradictions besetting man. Which is not pan oi these contradictions? A. Commerce without morality C. wealth without wort: B. Knowledge without character D. none at the choices Fluctuation of demand and supply ls contributory whether the price mechanism would surge or plummet in relation to the availability of certain products or commodities. Which of the following is a non-price factor that could trigger such fluctuation? A. Population C. brand B. Quality D. all of the choices The Department of Trade and Industry is a lead agency tasked to monitor and ensure the transparency and compliance of businessmen with regards to the pricing mechanism they follow. In relation thereof. this is the maximum limit at which the price of a commodity is set. A. Floor price C.prica ceiling B. Price discount D. Sale price In the aftermath of Typhoon Heiyan that resulted to massive destnrctlon and lost in Tacloban. Leyte. myriad oi actions were manifested in light of this. What is the philosophical subiect that studies the standards of right and wrong in human conduct? A. Civics C. History B. Ethics D. Psychology Survival of man depends on his ability to produce different resources according to his needs and wants. In View of this. this science deals with man's ability to study the origin. structure and function at plants and animals. A. Anthropology C. History B. Biology D. Sociology Edsa People I and II and the \"Hello Garci' scandal of former Pres. Gloria Macapagai Arroyo made an impact to the lives of every Filipino. It is a social science discipline which focuses on the people's struggles and achievements from the past to the present. A. Civics C. Sociology B. Psychology D. None ol the choices