Applied Economics Quiz No. 2.pptx

1. LESSON
1.2
Applied
Economics
QUIZ NO. 2

2. LET’S TEST OURSELVES!
1. Who is attributed as the first to use the
term "applied economics"?
a. Adam Smith
b. John Maynard Keynes
c. John Neville Keynes
d. Alfred Marshall
1 point

3. LET’S TEST OURSELVES!
2. What is econometrics primarily
concerned with?
a. The study of global trade
b. The application of statistical and
mathematical theories to economics
c. The creation of business strategies
d. The design of taxation systems
1 point

4. LET’S TEST OURSELVES!
3. Which is NOT one of the basic economic
problems?
a. What to produce
b. How to produce
c. Who should study economics
d. For whom to produce
1 point

5. LET’S TEST OURSELVES!
4. What are inputs referred to in the
context of production?
a. Completed goods
b. Labor, raw materials, and capital
c. Financial investments
d. Marketing strategies
1 point

6. LET’S TEST OURSELVES!
5. What does public finance mainly deal
with?
a. Private investments and loans
b. The government’s management of taxation,
borrowing, and expenditures
c. Household budgeting
d. Corporate funding strategies
1 point

7. LET’S TEST OURSELVES!
6. Why is understanding scarcity important
for economics students?
a. It teaches them to produce more goods.
b. It identifies untapped markets.
c. It helps them avoid financial losses.
d. It explains how to allocate available
resources efficiently.
1 point

8. LET’S TEST OURSELVES!
7. Which sector does NOT feature under the
division of economics?
a. Public finance
b. Politics
c. Distribution
d. Exchange
1 point

9. LET’S TEST OURSELVES!
8. What does inflation refer to?
a. An increase in employment opportunities
b. A decline in the purchasing power of a
given currency over time
c. The surplus of goods in the market
d. A rise in population rates
1 point

10. LET’S TEST OURSELVES!
9. What is the importance of public
finance?
a. It controls household savings.
b. It ensures fair and efficient distribution of
public resources for maximum social benefit.
c. It manages only government borrowings.
d. It is focused only on defense spending.
1 point

11. LET’S TEST OURSELVES!
10. Which economic problem
focuses on production methods?
a. What to produce
b. How to produce
c. For whom to produce
d. When to produce
1 point

12. LET’S TEST OURSELVES!
2 POINTSEACH:
Enumerate the BASIC
ECONOMIC PROBLEMS
OF THE COUNTRY
1 point