Economics 10 Quiz 2

11 Questions | Total Attempts: 66

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Economics Quizzes & Trivia

This quiz will test your knowledge and comprehension skills about Economics' scope and method.


Questions and Answers
  • 1. 
    Which of the following violates a basic economic principle?
    • A. 

      Miggy spends Php100 each day and believes he is not losing anything.

    • B. 

      Tippee sees a big opportunity cost if she decides to invest all her savings in stocks.

    • C. 

      Kevin does not mind buying his needed calculator now although he really wants a new cellphone.

    • D. 

      Justin cuts back on his food expenses so he can buy a new pair of pants.

  • 2. 
    Which is one good reason to study economics?
    • A. 

      To learn how to be critical of people

    • B. 

      To understand emotional intelligence

    • C. 

      To make sense of market activities

    • D. 

      To be an indifferent voter

  • 3. 
    Which best describes "opportunity cost"?
    • A. 

      The least value wasted

    • B. 

      The worst value given up

    • C. 

      The next best value given up

    • D. 

      The greatest value wasted

  • 4. 
    Which is NOT an example of a scarce resource?
    • A. 

      A laborer's daily wage

    • B. 

      A manager's daily craving for Starbucks coffee

    • C. 

      A teacher's teaching resources

    • D. 

      A starving child's pair of worn-out slippers

  • 5. 
    Which best describes "marginal" cost?
    • A. 

      Extra benefit

    • B. 

      Additional expense

    • C. 

      Additional incentive

    • D. 

      Incremental need

  • 6. 
    Efficiency is doing things at the ___________possible cost. (least, greatest)
  • 7. 
    Macroeconomics looks at the ________________unit. (individual, national)
  • 8. 
    National Economic Development Authority (NEDA) ______________statistical data to formulate policies. (gathers, analyzes)
  • 9. 
    Choices are the ________of scarcity. (cause, effect)
  • 10. 
    An economic model is a ______________way to show the relationship between or among variables. (mathematical, descriptive)
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