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_LC#3- GAUGE (1-15)
ApEc12: (section)
Multiple Choice. Read each item carefully, then choose the letter of your answer from the given choices. Write your answer on a separate sheet.

1. This refers to the resource mix and technology applied in production.
A. For whom to spend
B. How to produce
C. What to produce and how much
D. When to produce

2. The basic question in economics asking about the market for the product.
A. For whom to produce
B. For whom to spend

3. The economic system that is based on the working of demand and supply, where decisions are made on what goods and services to produce.
A. Command economy
B. Market economy
C. Overflow economy
D. Traditional economy

4. The subject that helps you to budget effectively and efficiently allocate the use of whatever resources are available.
A. Accounting
B. Commerce
C. Economics
D. Marketing

5. Which of the following is NOT a step in the scientific approach in the empirical testing of an economic theory?
A. Apply the rules of logic to observed facts to know causal relationships.
B. Establish a set of principles such that formulated hypotheses may be tested as to whether they are valid or not.
C. Use statistics and econometrics as empirical proof in testing hypotheses.
D. Verify the conclusion by using the GNP equation.

6. Economics that deals with what is happening, such as the current inflation rates, the number of employed laborers, and the population rate.
A. Negative economics
B. Normative economics
C. Overload economics
D. Positive economics

7. Refers to economics which embodies the ideal rate of population growth or the most effective tax system or, in other words, "what should be."
A. Negative economics
B. Normative economics
C. Overload economics
D. Positive economics

8. Which of the following best describes Gross Domestic Product or GDP?
A. Foreign residents
B. Made by Filipinos
C. Residents of a country
D. Within a country's borders

9. Which of the following is NOT a fact about Gross National Product (GNP)?
A. Excluded import components
B. Made by Filipinos
C. Made in the Philippines
D. Residents of a country

10. What is the formula to solve for the Gross National Product (GNP)?



Answer :

GinnyAnswer

Final answer:

Efficient production is determined by the production possibilities curve, with the point beyond the curve indicating higher economic growth.


Explanation:

Efficient production: To determine whether producing 30 units of consumer goods and 1 unit of capital goods is efficient, we need to consider the production possibilities curve. If this combination falls on the curve, it is efficient as resources are fully utilized. If it's inside the curve, there is underutilization, and outside means unattainable with current resources.

Economic growth: Point C would lead to higher economic growth. This is because it represents a point beyond the current production capacity, indicating growth potential. Point B, closer to the curve, shows a production level already being achieved, limiting further growth.


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