Reviewer for Applied Economics, Lecture notes of Economics

Download Reviewer for Applied Economics and more Lecture notes Economics in PDF only on Docsity! APPLIED ECONOMICS – REVIEW Economics as a Social Science and Applied Science in Terms of Nature and Scope Kindly arrange the following words. 1. MIRECOOCNOMSCI ________________________ individuals and industries 2. TENAGILBDSOOG _________________________basic goods/commodities 3. SARCITYC _________________________shortage in supply 4. UXDOOSLUGYR _________________________expensive jewels and gems 5. CDAOTOASAGIP _________________________baking machines 1. The physical effort of the manpower to produce the protective devices of the frontliners describes which factor of production? a) Land b) Capital c) Labor d) Entrepreneur 2. The great ideas, concepts and drive of the production managers to produce something new describe which factor of production? a) Land b) Capital c) Labor d) Entrepreneur 3. The computers of the production manager in an office are what kind of goods or products? a) Consumer goods b) Either consumer goods or capital goods c) Capital goods d) Economic goods 4. Which best describes economics as a social and an applied science? a) The study of things we need to survive b) The study of how people make choices when they are faced with an unlimited supply of resources c) The study of human behavior d) The study of how buyers make choices when there is limited supply of resources 5. Which of the following are examples of human needs? a) Water and a place to live like houses b) Iced caramel macchiato Frappuccino c) Flat screen televisions d) Laptops and computers Economics has two fields: micro and macroeconomics. __________________ study of markets of good and services and focuses on the behavior of individual on products and services in the market while_________________________ deals with the study of the economy as a whole and focuses on aggregate indicators such as _______________; ____________________; ___________________.  The Classification of goods: __________________;____________________;________ ____;______________  There are four factors of production or the resources needed to produce products and services: ________________;__________________;____________ ___;_____________.  Needs and wants are __________________while resources are _____________. 1. Mrs. Nenita De Jesus purchased basic goods like vegetables and groceries for the consumption of her family. These goods are: a. Consumers goods b. Capital Goods c. Luxury Goods d. Economic Goods 2. Mr. Dennis Ele canal purchased new car as a gift for his father’s birthday. This good is P a g e 1 | 5 APPLIED ECONOMICS – REVIEW a. Consumers Good b. Luxury Good c. Capital Good d. Economic Good 3. ABM Computer shop purchased additional 10 units of computer for the business. These goods are called: a. Consumers goods b. Luxury Goods c. Capital Goods d. Economic Goods 4. Which is not considered as tangible good? a. Cell phone b. Mask c. Sack of rice d. Training service 5. Which is true about Economics as a social science? a) 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 6. Which is true on the value of an economic theory in practice? It is determined by a. how accurate the assumptions are. b. how well the theory can be represented by a graph. c. how well the theory can predict or explain. d. how economical the model is. 7. Which of the following is the study of the aggregate economy studied as a whole? a. Mathematical economics b. Econometrics c. Macroeconomics d. Microeconomics 8. Business ethics refers to any behavior by businesses that may a. be illegal. b. violates social or moral standards. c. result in the maximization of profits. d. All of the above. 9. Businesses have responded to incentives for ethical behavior by doing ALL except a. lobbying for the abolition of laws that require ethical behavior. b. appointing “ethics officers” to monitor ethical manners of employees. c. providing training sessions in ethical behavior for employees. d. establishing codes of ethical behavior for employees. 10. Which of the following is not an economic agent in your locality? a. Producer b. Consumer c. Public Sector d. None of ABC Basic Economic Problems and How Applied Economics Solves Economic Problems Match Set A or the central economic issues and problems to Set B or the description of economic issues. SET A ____1. What to produce ____2. How to produce ____3. Whom to produce ____4. What provision in the production of products SET B A. the legalities of the production B. the nature of goods to produce C. the allocation of the among members of the society D. the methods of production 1. The physical effort of the manpower to produce the basic needs of the consumers, describes which factor of production? a) Land b) Capital c) Labor d) Entrepreneur P a g e 2 | 5