SUMMATIVE TEST IN APPLIED ECONOMICS SUMMATIVE TEST 1.
And Mare Monteras
red by : JOVEN A. BALDEO
Grade/ strand: R GAS
JLE 1
ons: Read each statement carefully. Write TRUE if the statement is correct, otherwise, write FALSE
1. Economics is a science that deals with the household management.
2. The focus of economics is on the choice and decision making.
Studying economics does not improve the way of life of the society.
4. Adam Smith is the father of classical economics.
5. Lionel Robbins emphasized the material welfare of human as the focus of economics.
6. Economics is concerned with the production, distribution, and consumption.
7. Alfred Marshall defines economics as a social science that deals with the management of
resources to satisfy the needs and wants of human.
8. According to Adam Smith, the growth process begins with rising labor productivity or the division
of labor
9. The physiological needs are the basic needs of human according to Abraham Maslow.
10. Economic resources are natural and man-made materials.​