economics. answer only

Choose the letter of the correct answer. A. Multiple Choice 1. Which branch of economics deals with the overall operation of the entire economy of the country and its relationship and impact with the global perspective? A. MacroeconomicsB. Microeconomics C. Applied Economics 2. A kind of economics which is based on facts and information where decision making rely on facts, experiments and actual events. A. Applied Economics B. Normative Economics C. Positive Economics 3. Which branch of economics deals with the studies of the individual households and firms and the way the individual market works? A. Applied Science B. Microeconomics C. Normative Economics 4. What is the basic economic problem of society? A. What goods and services to produce; how to produce and for whom? B. Who owns the business; what product to produce and who will buy the product? C. Scarcity of resources: greed of people and power-hungry leaders 5. How do you call the value and satisfaction you get from purchasing a product? A. Cost B. Customer satisfaction C. Utility 6. When you dine out with your friends, you have eaten cheeseburger. Yet, you weren't satisfied so you bought another piece of it. You were full but you were still craving for the taste and so you bought the third one. How do you call the extra satisfaction gained while consuming extra of the product? A. Greediness to product B. Marginal Utility C. Total Utility 7. You went to the grocery store and bought your monthly grocery for your family consumption. However. you realized that your budget is not enough to buy a gallon of ice cream then, you still need to buy a dozen of egg. Based on economic concept, how do you call this giving up of ice cream and choosing a dozen of egg? A. Scarcity B. Opportunity Costs C. Utility 8. How do you call these tangible objects which you are purchasing to satisfy your needs? A. Goods B. Services C. Product 9. A student has a thousand peso. He is thinking how to spend his money and he decided to buy grilled chicken, pork and a salad for dinner instead of buying his cellphone accessories. Which of the following choices is the most appropriate answer based on his/her experience? A. Responding to Needs B. Responding to Want C. Motivation 10. Which part of the history of economics where people shifted to manufacturing and processing of goods instead of the traditional farming? A. Science Technology B. Industrial Revolution C. Agricultural Revolution