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Microeconomics and Economics Exercises

This document contains an assignment and assessment for a test on introductory economics concepts. It includes 5 multiple choice questions testing understanding of topics like home management, the basic economic problem, factors of production, and microeconomics vs macroeconomics. It also includes exercises to identify whether concepts relate more to microeconomics or macroeconomics, positive or normative economics, and to determine the economic term being described. The assessment covers foundational economic terminology.

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Janine Polison
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83 views2 pages

Microeconomics and Economics Exercises

This document contains an assignment and assessment for a test on introductory economics concepts. It includes 5 multiple choice questions testing understanding of topics like home management, the basic economic problem, factors of production, and microeconomics vs macroeconomics. It also includes exercises to identify whether concepts relate more to microeconomics or macroeconomics, positive or normative economics, and to determine the economic term being described. The assessment covers foundational economic terminology.

Uploaded by

Janine Polison
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

 

CHAPTER 1 EXERCISES

 Name:  POLISON,JANINE,A.      Score: __________________


Year/Course/Section:MM 1-A     Schedule: ______________
 
ASSIGNMENT AND ASSESSMENT

Test I.  Multiple Choice

Direction:  Read each statement carefully then answer the question that follows.  Choose the
letter that best describes your answer.  Write your answer on the space provided.

C 1.  It is the study of home management.

A. Ecology C.  Economics


B. Econometrics D.  Economistry

A 2.  What is the basic economic problem?

A. Scarcity C.  Global warming


B. Overpopulation D.  All of the above

D 3.  What branch of science economics will fall?

A. Natural Science C.  Physical Science


B. General Science D.  Social Science

D 4.  Which of the following is NOT a factors of Production

A. Land C.  Labor


B. Capital D.  Goods and Services

A 5. The analysis of the behavior of individual decision-making units is the definition of:
A.  Microeconomics C.  Macroeconomics.
B.  Positive Economics D.  Normative Economics

 TEST II.  Identification

Direction:  Determine whether the words or phrases being enumerated are of concern to
Microeconomics or Macroeconomics.  Write MIC if it is concerned with microeconomics
and MAC if it is concerned with macroeconomics.

MAC 1.  Unemployment


MIC 2.  Price of Rice
MIC 3. Number of goods produced by Unilever
MAC 4.  Politics
MIC 5.  Price of Fuel
TEST III.  Identification
Direction:  Determine whether the statements are Positive Economics of Normative
Economics.
POSITIVE ECONOMICS 1.  The price of LPG gas increases by 10%.

NORMATIVE ECONOMICS 2.  Consumers should not be alarmed by this price increase.

NORMATIVE ECONOMICS 3.  Supermarkets must monitor the supply of Christmas goods
to avoid shortages.
POSITIVE ECONOMICS 4.  Shortages are phenomena in which demand exceeds supply.

POSITIVE ECONOMICS 5.  Shortage in sugar occurred last year in Metro Manila.

 TEST IV.  Determine the word being described by each statement.

RENT 1.  It is payment for land.

WAGE 2.  It is the payment for labor.

PROFIT 3.  It is the payment for service.

INTEREST 4.  The items provided by the household.

ENTREPRENEUR 5. They are the one who produces the product to be consumed.

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