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Exercise 1

This document contains an economics exercise with multiple choice, identification, and problem solving questions. It begins with 5 true/false statements about economics concepts like scarcity, the roles of households and firms, interest payments, macroeconomics, and laissez-faire. Next are 10 statements to identify as normative or positive, dealing with issues like corruption, education, peace and order, and wages. The final section presents a production possibilities table and asks the student to plot the production possibility frontier, explain what the points indicate, and calculate the slope between two points.

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Quenny Ras
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86 views2 pages

Exercise 1

This document contains an economics exercise with multiple choice, identification, and problem solving questions. It begins with 5 true/false statements about economics concepts like scarcity, the roles of households and firms, interest payments, macroeconomics, and laissez-faire. Next are 10 statements to identify as normative or positive, dealing with issues like corruption, education, peace and order, and wages. The final section presents a production possibilities table and asks the student to plot the production possibility frontier, explain what the points indicate, and calculate the slope between two points.

Uploaded by

Quenny Ras
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Exercise No.

1
INTRODUCTION

Name: QUENNY GIE C. RAS Date: 02-12-22


Yr/Crs/Sec: 1BSBA-A Score: ___________________

TRUE OR FALSE
Instruction: Write the word TRUE if the given statement is correct and FALSE, if otherwise.
Write your answers on the space provided before the number.
FALSE 1. Human wants are limited and the resources are available.
FALSE 2. Firms demand goods and services from the households.
TRUE 3. The payment for capital is interest.
TRUE 4. Macroeconomics is the study of economy as a whole.
TRUE 5. Laissez-faire means no central direction or regulation coming from the
government.

IDENTIFICATION
Instruction: Identify which of the following is normative and which is positive statement. Write
the word cons if the statement is normative and the word pros if the statement is positive on
the space provided before the number.

Cons 1. Information Bill is one of the keys to solve graft and corruption.
Pros 2. Educational books are good tools for learning.
Cons 3. Peace and order situation is an issue in Mindanao.
Cons 4. The government should provide the economic and social services of the Philippines.
Pros 5. Furniture and fixtures are luxuries for poor individuals.
Cons 6. The farmer should pay no taxes.
Cons 7. The imposition of minimum wage across the regions will result to an excess in labor
supply in general.
Pros 8. Fresh graduates who wanted to apply for jobs have less chance to hire on the spot.
Cons 9. The Reproductive Health (RH) Bill is a key to reduce the population rate in the country.
Pros 10. Fare hikes should not be imposed in public utility vehicles.

PROBLEM SOLVING
Instruction: Answer the following problems.
1. The following is a production possibilities table for Good X and Good Y.

Production Alternatives
Good
A B C D E

X 0 3 6 8 10

Y 35 33 27 17 0

a. Plot the production possibility frontier of the above-data with Good X in the
horizontal axis and Good Y on the vertical axis.

b. What do the points on the curve indicate?

1
c. Compute the slope from point D to point C.

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