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    Instruction: Write The Letter of The Correct Answer

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    zanderhero30
    This document provides a 20 question post-test to assess understanding of key economic concepts. The questions cover topics like forms of business organization, how prices guide economic activity, definitions of efficiency, GDP, opportunity costs, how inflation impacts an economy, and the relationship between inflation and unemployment. The test aims to evaluate comprehension of foundational economic principles.

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    Instruction: Write The Letter of The Correct Answer

    Uploaded by

    zanderhero30
    69 views4 pages
    This document provides a 20 question post-test to assess understanding of key economic concepts. The questions cover topics like forms of business organization, how prices guide economic activity, definitions of efficiency, GDP, opportunity costs, how inflation impacts an economy, and the relationship between inflation and unemployment. The test aims to evaluate comprehension of foundational economic principles.

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    SOC SCI 2 Posttest

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    This document provides a 20 question post-test to assess understanding of key economic concepts. The questions cover topics like forms of business organization, how prices guide economic activity, definitions of efficiency, GDP, opportunity costs, how inflation impacts an economy, and the relationship between inflation and unemployment. The test aims to evaluate comprehension of foundational economic principles.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    69 views4 pages

    Instruction: Write The Letter of The Correct Answer

    Uploaded by

    zanderhero30
    This document provides a 20 question post-test to assess understanding of key economic concepts. The questions cover topics like forms of business organization, how prices guide economic activity, definitions of efficiency, GDP, opportunity costs, how inflation impacts an economy, and the relationship between inflation and unemployment. The test aims to evaluate comprehension of foundational economic principles.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    POSTTEST

    Instruction: Write the letter of the correct answer.

    1. What is a form of business organization owned and operated by two or more


    persons?
    A. Corporation
    B. Partnership
    C. Company
    D. Sole proprietor
    2. Prices direct economic activity in a market economy by
    A. Influencing the actions of buyers and sellers
    A. Reducing scarcity of the goods and services produced
    B. Eliminating the need for government intervention
    C. Allocating goods and services produce in the most equitable way
    3. Which of the following best defines efficiency?
    A. Absolute fairness
    B. Minimum waste
    C. Equal distribution
    D. Consumer sovereignty
    4. What is the total expenditure in an economy on goods and services by
    individuals or nation during a given period of time?
    A. Production
    B. Consumption
    C. Services
    D. GDP
    5. Which refers to the relationship between savings and income?
    A. Circular function
    B. Savings function
    C. Income function
    D. Withdrawal function
    6. How does the ability-to-pay tax theory suggest how taxpayers should pay
    taxes?
    A. According to the services they use.
    B. According to how much they earn.
    C. Because the government says
    D. Because is their duty to do so.

    7. What you give up to obtain an item is called your


    A. Opportunity cost
    B. Explicit cost
    C. True cost
    D. Direct cost
    8. In a market economy, economic activity is guided by
    A. The government
    A. Central planners
    B. Corporations
    C. Prices
    9. What firm owned by a group of people who have a common objective and
    who collectively bear the risks of the enterprise and share its profits?
    A. Cooperatives
    B. Partnership
    C. Company
    D. Corporation
    10. It is the source of funds for consumption and saving. What is this?
    A. Net satisfaction
    B. Drive force
    A. National Income
    B. GNP
    11. In the Philippines, higher income tax rates on rich people could be justified
    on the basis of
    A. Market efficiency
    B. The lack of other sources of government revenue
    A. Equity for society
    B. Government bias against the wealthy
    12. The primary determinant of a country’s standard of living is
    A. The ability to reduce foreign competition
    B. Its ability to produce goods and services
    A. The total supply of money in the economy
    B. The average age of the country’s labor force
    13. The income of a typical worker in a country is most likely linked to which of
    the following?
    A. Population
    B. The number of labor unions
    C. Productivity
    D. Government policies
    14. An increase in overall level of prices in an economy is referred to as
    A. Economic growth
    B. Inflation
    C. Monetary policy
    D. Supply shocks
    15. Inflation is defined as
    A. A period of rising productivity in the economy
    B. A period of rising the income in the economy
    C. An increase in the overall level of output in the economy
    D. An increase in the overall level of prices in the economy
    16. Inflation causes
    A. Incomes to fall
    B. Productivity to increase
    C. The government to lower taxes
    D. The value of money to fall

    17. Which of the following is the most correct statement about the relationship
    between inflation and unemployment?
    A. In the short run, reducing inflation is associated with the falling
    unemployment
    B. In the short run, reducing inflation is associated with rising unemployment
    C. In the long r un, reducing inflation associated with falling unemployment
    D. In the long run, reducing inflation is associated with rising unemployment

    18. Which of the following would NOT be included in consumption?


    A. Monthly rent and utilities
    B. Consulting services purchased in a city across the country
    C. A new car purchase
    D. Toothpaste purchase

    19. How many percent of the harvest will go to the person who shouldered the
    expenses for planting, harvesting and for the work animals in Republic Act
    No. 34?
    A. 70%
    B. 20%
    C. 50%
    D. 80%

    20. Of the following are the major forms of business organization


    I. Sole proprietorship
    II. Business trust
    III. Partnership
    IV. Corporation
    A. I & II only
    B. III-IV-I
    C. I-II-IV
    D. II & IV only

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