Activity IV
A. MULTIPLE CHOICE. Read and analyze each question. Write the letter that corresponds
your answer.

1. It is a condition where there are lack of resources to satisfy all the needs and wants of a
population

A. Scarcity
B. Absolute
C. Relative
D. Economics

2. It occurs not because the good is scarce and is difficult to obtain but because of the
circumstances that surround the availability of the goods.

A. Scarcity
B. Absolute
C. Relative
D. Economics

3. These are resources used to produce goods and services.

A. Land
B. Labor
C. Capital
D. Economics Resources

4. These are resources that are not manmade.

A. Land
B. Labor
C. Capital
D. Economics Resources

5. It is a physical and human effort exerted in production.
A. Land
B. Labor
C. Capital
D. Economics Resources

6. The material that is used in operating a business.
A. Land
B. Labor
C. Capital
D. Economics Resources

7. It refers to the value of the best foregone alternative.

A. Opportunity Cost
C. Cost Alternative
B. Cost Cutting
D. Cost Value

8. It is the management of household expenditures.
A. Scarcity
B. Absolute
C. Relative
D. Economics

9. It is when the supply is limited.
A. Scarcity
B. Absolute
C. Relative
D. Economics

10. These are the resources that may be used in the production to produce more goods and
service.

A. Land
B. Labor
C. Capital
D. Economics Resources

11. This kind of good is a material or tangible things consumed that gives satisfaction.

A. Producer Goods
B. Goods
C. Consumer Goods
D. Economic Goods

12. These are things which are useful but abundant.

A. Producer Goods
B. Goods
C. Consumer Goods
D. Economic Goods

13. These are things which are not really needed they give prestige and adds status symbol,
one can live even without those things, it is also known as wants.

A. Basic Goods
B. Luxury Goods
C. Goods
D. Economic Goods

14. These are things which are really needed. One cannot live without them. For example are
food, clothing, water, shelter, money, health care, sanitation.
A. Basic Goods
B.Luxury Goods
C. Goods
D. Economic Goods

15. It is the application of economic theory and econometrics is specific settings with the goal of analyzing potential outcomes.

A. Applied Economics
B. Market Economy
C. Command Economy
D. Traditional Economy ​