Economics 10 Quiz 2

11 Questions | By Sirjohn | Updated: Mar 20, 2022 | Attempts: 90

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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)