Exam In Economics (Social Studies 9): Basic Concepts In Economics

I. MULTIPLE CHOICE: Choose the letter of the best answer. Write your answer in the blank provided before each number. 1. _______ is a natural condition of resources prevailing in almost all countries.A. AllocationC. ScarcityB. ProductionD. Shortage2. Science that deals with the allocation of limited resources to satisfy the needs of the individual.A. EconomicsC. PsychologyB. HistoryD. Sociology3. What is the accumulation of stocks to be used in the expansion of production in the future, also known as the addition of capital stock?A. ConservationC. InvestmentB. DistributionD. Technology4. People require these essential things for survival and well-being.A. GoodsC. ServicesB. NeedsD. Wants5. According to WHAT TO PRODUCE? In production problems, some factors should be considered regarding economic goals. Which of the following goods is the most suitable choice if the goal is to sustain life?A. AutomotivesC. JewelriesB. ComputersD. Rice6. It refers to intentionally limiting the supply of goods to increase the price.A. CartelC. ScarcityB. HoardingD. Shortage7. What type of economic system is under the market economy in which the ownership factors of land production, capital, labor, and entrepreneurship are in the hands of a private group or individual? A. CapitalismC. MercantilismB. FeudalismD. Socialism8. According to______________,