Defined as the market value of final products produced within the country

The correct answer is: Gross Domestic Products

The study of how society manages its scarce resources.

The correct answer is: Economics

What is the study of economic behavior and decision making of small units, such as
individuals, families, and businesses called?

The correct answer is: Microeconomics

This is the authoritative system wherein decision-making is centralized in the government or

a planning committee. This kind of economy holds true in dictatorial, socialist, and
communist nations

The correct answer is: Command Economy

A condition where there are insufficient resources to satisfy needs and wants of a
population.

The correct answer Is: Scarcity

A field that applies of economic theories and principles to real-world situations with the
desired aim of predicting potential outcomes.

Select one:
a. Economic Theory
b. Applied Economics
c. Economics
The correct answer is: Applied Economics

A field that applies of economic theories and principles to real-world situations with the
desired aim of predicting potential outcomes.

Select one:
a. Macroeconomics
b. Applied Economics
c. Social Science

The correct answer is: Social Science

__________________ are the producing units in the economy.

Select one:
a. Consumer
b. Producer
c. Firm
d. Household

The correct answer is: Household

What can happen in a planned economy that does not happen in a market economy?

Select one:
a. There can be international trade.
b. There can be full employment of factors of production.
c. There can be inflation.
d. The allocation of resources can take account of the total effects on society.

The correct answer is: The allocation of resources can take account of the total effects on
society.

Which of the following is a factor of production?

Select one:
a. The profit declared by a company in its annual report
b. The taxes paid to the government
c. The payment of interest on a bank loan
d. The skill of the managers of a business
.
The correct answer is: The skill of the managers of a business

When graphing supply and demand, price is always on which axis

Select one:
a. Horizontal
b. Vertical

The correct answer is: Vertical

Question text
The Law of Supply states:
Select one:
a. as prices decrease, supply increases
b. as price decreases, quantity demanded decreases
c. as price increases, supply increases
d. as price increases, quantity demanded decreases

The correct answer is: as price increases, supply increases

The supply curve always slopes in what direction?

Select one:
a. Up
b. Down

Which of the following is not a component of demand?

Select one:
a. Desire
b. Surplus
c. Ability
d. Willingness

The correct answer is: Surplus

Which of the following is not a component of Demand?

Select one:
a. Ability
b. Desire
c. Surplus
d. Willingness

The correct answer is: Surplus

The state of balance when demand is equal to supply.

Answer:
Equilibrium

Which one of the following is the best explanation of market equilibrium?

Select one:
a. Where price equals supply
b. Where markets for goods equal markets for services
c. Where market supply equals market demand
d. Where price equals demand

The correct answer is: Where market supply equals market demand

A table showing how much of a good or service consumers will want to buy at different
prices

The correct answer is: Demand Schedule

shortages occur when the quantity demanded exceeds the quantity supplied. When the
market price is held below the equilibrium price.

Select one:
a. Substitute
b. Shortage
c. Demand Schedule
d. Normal Goods

The correct answer is: Shortage

The actual amount of a good or service people are willing to sell at some specific price.

Select one:
a. Quantity Supplied
b. Positive Economics
c. Supply Schedule
d. Demand Schedule

The correct answer is: Quantity Supplied

It is the measure of how much buyers and sellers respond to changes in market conditions.

Answer:
cross-price elasticity
The correct answer is: Elasticity

Question text
If you slow down buying because of a price increase, your demand is
Select one:
a. Normal
b. Elastic
c. Strong
d. Inelastic
The correct answer is: Elastic

If you spend a very small proportion of your income on a product, then

Select one:
a. The demand for that product will tend to be price inelastic.
b. The demand for that product will tend to be price elastic.
c. You will wait for a sale before you buy the item.
d. You will stop buying it if the prices rises even a little.
.
The correct answer is: The demand for that product will tend to be price inelastic.

Question text
When the percentage change in the price exceeds the percentage change in quantity
demanded, then demand is

Select one:
a.
Irrelevant
Irrelevant.

Irrelevant.
b. Elastic.
c.
Inelastic.
d. Unitary elastic.
The correct answer is:
Inelastic.

Which of the following is an example of a good with inelastic demand?

Select one:
a. Laptop Computers
b. HD Flat Panel TV Sets
c. Life-Saving Medicine
d. Fresh Lobster
Feedback.
The correct answer is: Life-Saving Medicine

If a good has a lot of substitutes, then its demand will tend to be

Select one:
a. None of this
b. Inelastic
c. Elastic
d. Unitary
The correct answer is: Elastic

Question text
Mercedes makes a luxury car called the Maybach which sells for approximately $490,000.
base price. One would expect the demand for this product to be...
Select one:
a. Elastic
b. Inelastic
c. None of this
d. Unitary
The correct answer is: Elastic
Question 8

Question text
If billionaire Bill Gates decides he has to have a Maybach, for him it has demand that

Select one:
a. Inelastic
b. None of This
c. Elastic
d. Unitary.
The correct answer is: Inelastic

Total revenue is defined as

Select one:
a.
The amount of profit a company makes after paying taxes.
The amount of profit a company makes after paying taxes.
The amount of profit a company makes after paying taxes.
The amount of profit a company makes after paying taxes.
The amount of profit a company makes after paying taxes.

The amount of profit a company makes after paying taxes.

The amount of profit a company makes after paying taxes.
b. The amount of money affected by price elasticity.
c. The amount of profit a company makes.
d. The total amount of money a company takes in for selling its goods

The correct answer is: The total amount of money a company takes in for selling its goods
Question 10
A graph that shows a product with elastic demand will tend to be...

Select one:
a. Backward bending.
b. More straight up and down.
c. Finding equilibrium faster.
d. Flatter
Flatter.

The correct answer is: Flatter

Flatter.
In a Market structure called 'Monopoly' there will:
Select one:
a. One firm
b. Many Firms
c.
Two Firm
Two firms
d. Few Firms

The correct answer is: One firm

Question 2

Monopoly and Monopolistic Competition mean the same:

Select one:
a. False
b. True

The correct answer is: False

Question 3
Correct
Question text
Tick the boxes that belong to Imperfect competition:
Select one:
a. Perfect
b. Monopoly
c. Monopolistic
d. Monopsony

The correct answers are: Monopoly, Monopolistic, Monopsony

Question 4

Question text
The main difference between Oligopoly and duopoly is
Select one:
a. No. of Firms
b. Strong Bariers
c. Similar Products
Similar Products
d. Imperfect Knowledge

The correct answer is: No. of Firms

Question 5

Question text
Given the type of business or industry below, identify what kind of market structure it
belongs to.
Ice Cream in the Philippines.
Select one:
a. Monopoly
b. Oligopoly
c. Perfect Competition
d. Monopolistic Competition
.
The correct answer is: Oligopoly

What type of business structure is owned by many people?

Select one:
a. Sole Proprietorship
b. Partnership
c. Corporation
The correct answer is: Corporation
Question 2

Question text
What type of business consists of two or more people?
Select one:
a. Sole Proprietorship
b. Corporation
c. Franchise
d. Partnership

The correct answer is: Partnership

Question 3

Question text
What kind of business is BEST described by these statements?

I am the only owner of my business.

I take all the risks of doing business.
I keep all the profits.
Select one:
a. Cooperative
b. Sole Propreitorship
c. Corporation
d. Partnership
The correct answer is: Sole Propreitorship
Question 4

Question text
A form of business organization that is authorized to act as a legal entity regardless of the
number of owners.
Select one:
a. Corporation
b. Proprietorship
c. Partnership
The correct answer is: Corporation
Question 5

Question text
A person who takes a risk to produce goods and services in search of profit
Select one:
a. Entrepreneur
b. Profiteer
c. Baliff
d. Magistrate
The correct answer is: Entrepreneur

Question text
Economic policies for determining the amount of money supply, rates of interest &
exchange rates → Monetary Policy
Select one:
True
False
The correct answer is 'True'.

Question text
A Latin phrase that means while certain variables change, "all other things remain
unchanged."
Select one:
a. Entrepreneurship
b. Ceteris Paribus
c. Microeconomics
d. Microeconomics
.
The correct answer is: Ceteris Paribus

Supply curve that shows the quantities offered at various prices BY ALL FIRMS that sell
product in a given market. → Cost of Production
Select one:
True
False
The correct answer is 'False'.

Amount demanded at any given price.

The correct answer is: Quantity Demanded

Law of supply: suppliers will offer more for sale at _____ prices and less for sale at _____
prices.
Select one:
a. Demand Curve
b. Supply Curve
c. high, low
d. down, up.
The correct answer is: high, low

Measure of the way in which the quantity supplied responds to a change in price. →
Elasticity of Demand

The correct answer is 'False'.

The mental and physical capacity of workers to produce goods and services

The correct answer is: Labor

Principle that more will be offered for sale at higher and prices and less at lower prices. →
Law of Supply
Select one:
True
False
The correct answer is 'True'.

What is the measure of how consumers react to a change in price?

Select one:
a. Scarcity
b. Elasticity
c. Marginal
d. Equilibrium Price

The correct answer is: Elasticity

The branch of economics that studies decision making for the economy as a whole →
Microeconomics
Select one:
True
False
The correct answer is 'False'.

What kind of business is BEST described by these statements?

I am the only owner of my business.
I take all the risks of doing business.
I keep all the profits.

Select one:
a. Cooperative
b. Partnership
c. Sole Proprietorship
d. Corporation
.
The correct answer is: Sole Proprietorship

An analysis limited to statements that are verifiable

Select one:
a. Inverse Relationship
b. Positive Economics
c. Normative Economics
d. Direct Relationship

The correct answer is: Positive Economics

Occurs when two variables are unrelated → Independent relationship

Select one:
True
False
The correct answer is 'True'.
What are the three basic economic questions?
Select one:
a. What?, Where?, Whom?
b. What?, Why?. Whom?
c. What?, How?, Whom?
d. How?, Whom?, When?
The correct answer is: What?, How?, Whom?
Amount that producers bring to the market at at any given price.
Answer:
The correct answer is: Quantity Supplied

Question text
The branch of economics that studies, decision making by a single individual, household,
firm, industry, or level of government → Macroeconomics
Select one:
True
False
The correct answer is 'False'.
The main difference between Oligopoly and duopoly is
Select one:
a. No. of Firms
b. Similar Products
c. Strong Bariers
d. Imperfect Knowledge
The correct answer is: No. of Firms
The condition in which human wants are forever greater than the available supply of time,
goods, and resources.
The correct answer is: Scarcity
Question 19
What type of business structure is owned by many people?
Select one:
a. Sole Proprietorship
b. Partnership
c. Corporation

The correct answer is: Corporation

A person who takes a risk to produce goods and services in search of profit

Select one:
a. Profiteer
b. Baliff
c. Entrepreneur
d. Magistrate.
The correct answer is: Entrepreneur
Human-made goods that are used to produce other goods and services
Answer:
The correct answer is: Capital
In a Market structure called 'Monopoly' there will:
Select one:
a. Many Firms
b. Two Firms
c. One Firm
d. Few Firms
The correct answer is: One Firm
Question 23

List the four market structures in order from least competitive to most competitive.
Select one:
a. Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
b. Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly
c. Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition
d. Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition
The correct answer is: Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
Question 24
The study of how society chooses to allocate its scarce resources to the production of
goods and services in order ot satisfy unlimited wants → Microeconomics
Select one:
True
False
The correct answer is 'False'.
Question 25
Provides a means to clearly show economic relationships in two-dimensional space.
Economic analysis is often concerned with two variables confined to the upper-right
(northeast) quadrant of the coordinate number system.
Answer:
The correct answer is: Graphs
Question 26

Decision making based on extra benefit/cost of an action.

Answer:

The correct answer is: Marginal Analysis

Changes in price cause a LARGE change in quantity demanded.

Answer:

The correct answer is: Elastic Demand

Question 28

Amount of money, resources, raw materials, labor, and production it takes to make a good,
item, or service.
Select one:
a. Quantity Demanded
b. Inelastic
c. Cost of Production
d. Elastic

The correct answer is: Cost of Production

Question text
What is the study of economic behavior and decision makings of small units, such as
individuals, families, and businesses called?
Select one:
a. Macroeconomics
b. Economic Statistics
c. Microeconomics
d. Economics

The correct answer is: Microeconomics

Question 30

A form of business organization that is authorized to act as a legal entity regardless of the
number of owners.

Select one:
a. Partnership
b. Corporation
c. Distributor
d. Proprietorship

The correct answer is: Corporation

Question 31

What are the four factors of production?

Select one:
a. Land, capital, money, entrepreneurs
b. Capital, money, supply, demand
c. Labor, capital, supply, demand
d. Land, capital, labor, entrepreneurs

.
The correct answer is: Land, capital, labor, entrepreneurs
Question 32

The creative ability of individuals to seek profits by taking risk and combining resources to
produce innovative products.
Answer:

The correct answer is: Entrepreneurship

Question 33

Corporations are in business for what?

Select one:
a. Non Profit
b. Stockholders
c. Profit

The correct answer is: Profit

Question 34

3 Factors Affecting Elasticity of Demand → Necessity, substituitability, income

Select one:
True
False

The correct answer is 'True'.

Question 35

Extra revenue from the production of one additional unit.

Answer:

The correct answer is: Marginal Revenue

Question 36

Any natural resource provided by nature that is used to produce goods and services
Answer:

The correct answer is: Land

Question 37

Satisfaction or usefulness obtained from acquiring one more unit of a product.

Select one:
a. Marginal Analysis
b. Quantity Supplied
c. Marginal Utility
d. Variable Cost

The correct answer is: Marginal Utility

Monopoly and Monopolistic Competition mean the same:

Select one:
True
False
The correct answer is 'False'.
Question 39

The basic categories of inputs used to produce goods and services.

Answer:

The correct answer is: Resources

An analysis based on value judgments or opinions and use words such as good, bad, ought
to, and should.
Select one:
a. Normative Economics
b. Direct Relationship
c. Positive Economics
d. Entrepreneurship
Feedback
Your answer is incorrect.
The correct answer is: Normative Economics
Question 41
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Question text
What is a payment made by an employer to an employee?
Select one:
a. Interest
b. Profit
c. Marginal
d. Wage
Feedback
Your answer is incorrect.
The correct answer is: Wage
Question 42
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Question text
Graph showing the quantities supplied at each and every possible price in the marker.
Select one:
a. Variabale Costs
b. Supply Curve
c. Demand Schedule
d. Supply Schedule
Feedback
Your answer is incorrect.
The correct answer is: Supply Curve
Question 43
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Question text
Combination of desire, ability, and willingness to buy a product. → Demand
Select one:
True
False
Feedback
The correct answer is 'True'.
Question 44
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Question text
Variable plus fixed costs, all costs associated with production.
Answer:
Feedback
The correct answer is: Total Costs
Question 45
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Question text
Demand: shift left=______ in demand.
Select one:
a. Demand
b. Shortagae
c. Inverse Relationship
d. Decrease
Feedback
Your answer is incorrect.
The correct answer is: Decrease
Question 46
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Question text
What is it called when you have limited quantities of resources used to meet unlimited
wants?
Select one:
a. Specialization
b. Scarcity
c. Profit
d. Cartel
Feedback
Your answer is incorrect.
The correct answer is: Scarcity
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Question text
Listing showing the quantity demanded at all possible prices that might prevail in the
market at any given time.
Answer:
Feedback
The correct answer is: Demand Schedule
Question 48
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Question text
Lowest legal price that can be paid for a good or service.
Select one:
a. Fixed Costs
b. Market Economy
c. Price Floor
d. Total Costs
Feedback
Your answer is incorrect.
The correct answer is: Price Floor
Question 49
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Question text
Changes in price cause a SMALL change in quantity demanded. -INELASTIC DEMAND
Select one:
True
False
Feedback
The correct answer is 'True'.
Question 50
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Question text
What type of business consists of two or more people?
Select one:
a. Franchise
b. Sole Proprietorship
c. Corporation
d. Partnership
Feedback
Your answer is incorrect.
The correct answer is: Partnership
12:56
Porter’s five forces is an industry analysis model. The five forces are: inter rivalry of
competitors, bargaining power of customers, bargaining power of suppliers, threat of new
entrants and what?
Select one:
a. Barriers to Entry
b. Threat of Substitutes
c. Bargaining Power of Consumers
d. Threats of Competitors
Feedback
Your answer is incorrect.
The correct answer is: Threat of Substitutes
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A SWOT analysis is used to analyse an organisation’s current Answer

Feedback
The correct answer is: Situation
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Question text
In a SWOT analysis, Answer
are external environmental trends that may be advantageous for the organisation in
question.
Feedback
The correct answer is: Opportunities
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Question text
In a SWOT analysis, strengths and weaknesses are external factors.
Select one:
True
False
Feedback
The correct answer is 'False'.
Question 5
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Question text
In a SWOT analysis, which two elements are part of the internal environment?
Select one:
a. Strengths and Opportunities
b. Weaknesses and Strengths
c. Strengths and Threats
d. Opportunities and Threats
Feedback
Your answer is incorrect.
The correct answer is: Weaknesses and Strengths
12:59
These are goods that can be used in place of another.
Answer:
Feedback
The correct answer is: Substitutes
Question 2
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Question text
The one who will distribute the products.
Select one:
a. Customers
b. Suppliers
c. Competition
d. Substitutes
Feedback
Your answer is incorrect.
The correct answer is: Suppliers
Question 3
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An evaluation of the possible or probable effects of external forces and conditions on the
survival and growth of the business.
Answer:
Feedback
The correct answer is: Environmental Analysis
Question 4
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Question text
Who will you sell your product to?
Select one:
a. Customers
b. Competition
c. Substitutes
d. Suppliers
Feedback
Your answer is incorrect.
The correct answer is: Customers
Question 5
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A business function completed by business owners and other individuals to assess the
current business environment.
Answer:
Feedback
The correct answer is: Industry Analysis
Question 6
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Question text
The type of government, the stability and strength of the government, and good leadership
are factors that can be advantage to a business.
Select one:
a. Economic Forces
b. Culture and Lifestyles
c. Political Factors
d. Physical Environment
Feedback
Your answer is incorrect.
The correct answer is: Political Factors
Question 7
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The study of cultural practices to identify the goods and services that will fit into
celebrations and spending behavior.
Select one:
a. Cultures and Lifestyles
b. Physical Environment
c. Political Factors
d. Economic Forces
Feedback
Your answer is incorrect.
The correct answer is: Cultures and Lifestyles
Question 8
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Question text
Who are the major businesses in the industry?
Select one:
a. Suppliers
b. Customers
c. Substitutes
d. Competition
Feedback
Your answer is incorrect.
The correct answer is: Competition
Question 9
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This involves a look at economic factors such as income of the people, specifically the target
market, economic conditions such as inflation, recession, prosperity, demand, and supply in
the market.
Select one:
a. Political Factors
b. Cultures and Lifestyles
c. Competitions
d. Economic Forces
e. Physical Environment
Feedback
Your answer is incorrect.
The correct answer is: Economic Forces
Question 10
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This includes a look at the population size, the geography of the place where business will
be located, land distribution, climate, and in today's global warming situation, whether or
not the area is prone to flood or earthquake.
Select one:
a. Cultures and Lifestyles
b. Economic Forces
c. Political Factors
d. Physical Environment
e. Competition
Feedback
Your answer is incorrect.
The correct answer is: Physical Environment
12:59
Which of the following is part of the circular flow diagram?
Select one:
a. Family
b. Education
c. Cooperations
Cooperations
d. Resources
Feedback
Your answer is incorrect.
The correct answer is: Resources
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What are the firms responsible putting out into the market?
Select one:
a. Resources
b. Goods and Services
c. Household Spending
d. Agriculture
Feedback
Your answer is incorrect.
The correct answer is: Goods and Services
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Question text
Which of the following is attached to households on the circular flow diagram?
Select one:
a. Cooperations
b. Goods and Services
c. Farming
d. Stock Market
Feedback
Your answer is incorrect.
The correct answer is: Goods and Services
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Circular flow only moves in one direction, with little to no leakages in the market.
Select one:
True
False
Feedback
The correct answer is 'False'.
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Question text
The circular flow of a market economy also assumes that consumers spend all their money
on goods, services, and consumption. This means that there is no _________ on the part of
the consumer.
Select one:
a. Investing
b. Managing
c. Borrowing
d. Saving
Feedback
Your answer is incorrect.
The correct answer is: Saving
13:00
Enterprise refers to the human creativity and initiative required to pull together the three
other factors of production and start a business to provide goods and services. It is the
combination of the other three factors of production to make a profit. → Enterprise
Select one:
True
False
Feedback
The correct answer is 'True'.
Question 2
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Service industries do not manufacture physical products but provide services to other
businesses and consumers. E.g. advertising, telecommunications, tourism, music, legal
services. → Service industries
Select one:
True
False
Feedback
The correct answer is 'True'.
Question 3
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An industry is a group of businesses engaged in producing similar goods and services, such
as the tourism, computing and fashion design industries. Industries can be grouped into
three basic sectors of the economy:
- The primary sector
- The secondary sector
- The tertiary sector → Industry
Select one:
True
False
Feedback
The correct answer is 'True'.
Question 4
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Globalization of services: Future growth for Irish service-based industries lies in developing
more international markets for their services. This is already happening in
telecommunications, financial services, software development and advertising and is being
made possible through the use of ICT such as the internet.

- Information and communications technology (ICT) is changing what and how services are
provided. People can buy goods, take out loans and look for information or place orders
using the Internet or telephone. Many businesses have realised that it is cheaper to have
people working from the end of a telephone line in an out-of-the-way location than in
expensive, high rent offices in the centre of a town or city. → Trends and challenges facing
the secondary sector
Select one:
True
False
Feedback
The correct answer is 'False'.
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Question text
Economic fluctuations: The construction industry is very sensitive to the general level of
economic activity in the economy. When the economy is doing well, construction does well
but when the economy is doing poorly, construction activity and employment can drop
dramatically.
- Employment in manufacturing is declining but output is increasing (i.e. more output is
being produced by fewer people). This is due to increasing productivity arising from the use
of new technologies such as automation, robotics and ICT.
- High labour and other costs have made Irish firms less competitive compared to many
competitors in countries with lower costs.
- Relocation of operations: Declining employment in the secondary sector is being caused
by firms relocating their manufacturing operations to lower cost countries and to be nearer
expanding foreign markets. → Trends and challenges facing the secondary sector
Select one:
True
False
Feedback
The correct answer is 'True'.
13:08
To maximize utility, a consumer with a fixed budget will purchase quantities of goods so
that the ratios of the marginal utility of each good to its.
Select one:
a. Price are equal
b. Price are the greatest
c. Price are equal to one
d. Total utility are the greatest
e. Total utility are the same
Feedback
Your answer is incorrect.
The correct answer is: Price are equal
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Question text
Describes how consumers make decisions on what to buy Consumption refers to the use of
goods and services to satisfy human wants directly.
Answer:
Feedback
The correct answer is: Consumer Behavior
Question 3
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It refers to the additional utility derived from consuming an additional unit of the good
Answer:
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The correct answer is: Marginal Utility
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The total satisfaction received from consuming a given total quantity of a good or service,
while marginal utility is the satisfaction gained from consuming an additional quantity of a
particular good or service.
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The correct answer is: Total Utility
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When total utility is at its maximum, marginal utility is...
Select one:
a. At a maximum marginal utility
b. Increasing
c. Negative
d. At a minimum marginal utility
e. Equal to zero
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Your answer is incorrect.
The correct answer is: Equal to zero
13:09
Which cost increases continuously with the increase in production?
Select one:
a. Fixed cost.
b. Variable cost.
c. Marginal Cost
Marginal cost.
d. Average cost.
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Your answer is incorrect.
The correct answer is: Variable cost.
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Output refers to the product created as a result of the combination of input in the
production process.
Select one:
True
False
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The correct answer is 'True'.
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Input refers to the resources used to produce goods and services.

Select one:
True
False
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The correct answer is 'True'.
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The use of economic resources to create goods and services that will be used to satisfy
human wants.

Answer:
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The correct answer is: Production
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External economies go with size and internal economies with location.
Select one:
True
False
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The correct answer is 'True'.