ECON

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The study of how society manages its scarce resources.

Select one:
A. Scarcity 
B. Economics
C. Applied Economics

D. Allocation
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The correct answer is: Economics

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

Answer: 
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The correct answer is: Gross Domestic Products

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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

Select one:
A. Command Economy 
B. Market Economy

C. Traditional Economy
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The correct answer is: Command Economy

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

Select one:
A. Macroeconomics 
B. Economic statistics
C. Economics

D. Microeconomics
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The correct answer is: Microeconomics

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

Answer: 
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The correct answer is: Scarcity

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

a. Economics 

b. Economic Theory

c. Applied Economics

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The correct answer is: Applied Economics

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

a. Social Science
b. Macroeconomics

c. Applied Economics

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The correct answer is: Social Science

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__________________ are the producing units in the economy.

Select one:

a. Producer

b. Consumer

c. Firm

d. Household

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The correct answer is: Household

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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.

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

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Which of the following is a factor of production?

Select one:

a. The taxes paid to the government

b. The profit declared by a company in its annual report

c. The payment of interest on a bank loan

d. The skill of the managers of a business

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The correct answer is: The skill of the managers of a business

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The supply curve always slopes in what direction?

Select one:
a. Down 

b. Up
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The correct answer is: Up

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The Law of Supply states:

Select one:
a. as price increases, quantity demanded decreases
b. as price increases, supply increases 
c. as price decreases, quantity demanded decreases

d. as prices decrease, supply increases

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The correct answer is: as price increases, supply increases

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Which of the following is not a component of Demand?

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

d. Desire
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The correct answer is: Surplus

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Which of the following is not a component of demand?

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

d. Ability
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The correct answer is: Surplus

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

Select one:
a. Vertical 

b. Horizontal
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Your answer is correct.
The correct answer is: Vertical

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The state of balance when demand is equal to supply.

Answer: 
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The correct answer is: Equilibrium

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

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

d. Where market supply equals market demand

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The correct answer is: Where market supply equals market demand

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

Demand Schedule
Answer: 
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The correct answer is: Demand Schedule

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

Select one:
a. Shortage 
b. Demand Schedule
c. Substitute

d. Normal Goods
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The correct answer is: Shortage

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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
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The correct answer is: Quantity Supplied

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

ElasticityIt is the measure of how much buyers and sellers respond to changes in m
Answer: 
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The correct answer is: Elasticity

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If you slow down buying because of  a price increase, your demand is 

Select one:
a. Normal 
b. Inelastic
c. Elastic 

d. Strong
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The correct answer is: Elastic 

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

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

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

Select one:
a. Unitary elastic. 
b.
 Irrelevant
Irrelevant.
 
Irrelevant.
c.
Inelastic.

d. Elastic.
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The correct answer is:
Inelastic.

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

Select one:
a. Life-Saving Medicine 
b. Fresh Lobster
c. Laptop Computers

d. HD Flat Panel TV Sets

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The correct answer is: Life-Saving Medicine

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

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

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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. Inelastic 
b. Unitary
c. None of this

d. Elastic
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The correct answer is: Elastic

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If billionaire Bill Gates decides he has to have a Maybach, for him it has demand that 
 Select one:
a. None of This 
b. Inelastic
c. Elastic

d. Unitary
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The correct answer is: Inelastic

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Total revenue is defined as 

Select one:
a. The amount of profit a company makes. 
b. The total amount of money a company takes in for selling its goods
c.
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.

d. The amount of money affected by price elasticity.

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The correct answer is: The total amount of money a company takes in for selling its goods

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A graph that shows a product with elastic demand will tend to be...

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

d. Flatter
Flatter.
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The correct answer is: Flatter
Flatter.

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In a Market structure called 'Monopoly' there will:

Select one:
a. Few Firms 
 b. One firm
c.
Two Firm 
Two firms

d. Many Firms
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The correct answer is: One firm

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Monopoly and Monopolistic Competition mean the same:

Select one:
a. True

b. False
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The correct answer is: False

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Tick the boxes that belong to Imperfect competition:

Select one:
a. Perfect
b. Monopolistic
c. Monopoly

d. Monopsony
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The correct answers are: Monopoly, Monopolistic, Monopsony

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The main difference between Oligopoly and duopoly is

Select one:
a. No. of Firms
b. Strong Bariers
c. Imperfect Knowledge

d. Similar Products
Similar Products
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The correct answer is: No. of Firms

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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. Oligopoly
b. Monopolistic Competition
c. Monopoly

d. Perfect Competition
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The correct answer is: Oligopoly

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What type of business consists of two or more people?

Select one:
a. Partnership 
b. Corporation
c. Sole Proprietorship

d. Franchise
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The correct answer is: Partnership

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

Select one:
a. Profiteer
b. Magistrate
c. Entrepreneur

d. Baliff
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The correct answer is: Entrepreneur

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What type of business structure is owned by many people?

Select one:
a. Sole Proprietorship
b. Corporation

c. Partnership
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The correct answer is: Corporation

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

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

d. Proprietorship
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The correct answer is: Corporation

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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. Sole Propreitorship
b. Corporation
c. Partnership

d. Cooperative
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The correct answer is: Sole Propreitorship

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The branch of economics that studies decision making for the economy as a
whole → Microeconomics

Select one:
True 

False
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The correct answer is 'False'.

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Amount that producers bring to the market at at any given price.

Answer: 
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The correct answer is: Quantity Supplied

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Listing showing the quantity demanded at all possible prices that might prevail in the
market at any given time.

Answer: 
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The correct answer is: Demand Schedule

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Demand: shift left=______ in demand.

Select one:
a. Demand
b. Decrease
c. Inverse Relationship

d. Shortagae
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The correct answer is: Decrease
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Monopoly and Monopolistic Competition mean the same:

Select one:
True

False
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The correct answer is 'False'.

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The branch of economics that studies, decision making by a single individual, household,
firm, industry, or level of government → Macroeconomics

Select one:
True

False
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The correct answer is 'False'.

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

Answer: 
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The correct answer is: Marginal Analysis

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In a Market structure called 'Monopoly' there will:

Select one:
a. Few Firms
b. Two Firms
c. Many Firms

d. One Firm
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The correct answer is: One Firm

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The condition in which human wants are forever greater than the available supply of time,
goods, and resources.

Answer: 
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The correct answer is: Scarcity

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What type of business structure is owned by many people?

Select one:
a. Corporation
b. Partnership
c. Sole Proprietorship
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The correct answer is: Corporation
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Satisfaction or usefulness obtained from acquiring one more unit of a product.

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

d. Quantity Supplied
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The correct answer is: Marginal Utility
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Lowest legal price that can be paid for a good or service.

Select one:
a. Fixed Costs
b. Price Floor
c. Total Costs

d. Market Economy
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The correct answer is: Price Floor
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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
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The correct answer is 'False'.

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

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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: 
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The correct answer is: Graphs

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Amount demanded at any given price.

Answer: 
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The correct answer is: Quantity Demanded

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The main difference between Oligopoly and duopoly is

Select one:
a. No. of Firms
b. Imperfect Knowledge
c. Similar Products

d. Strong Bariers
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The correct answer is: No. of Firms
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Combination of desire, ability, and willingness to buy a product. → Demand

Select one:
True

False
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The correct answer is 'True'.

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Law of supply: suppliers will offer more for sale at _____ prices and less for sale at _____
prices.

Select one:
a. Supply Curve
b. down, up
c. Demand Curve

d. high, low
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The correct answer is: high, low
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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. Elastic
d. Cost of Production
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The correct answer is: Cost of Production
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The mental and physical capacity of workers to produce goods and services

Answer: 
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The correct answer is: Labor

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Economic policies for determining the amount of money supply, rates of interest &
exchange rates → Monetary Policy

Select one:
True

False
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The correct answer is 'True'.
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Extra revenue from the production of one additional unit.

Answer: 
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The correct answer is: Marginal Revenue

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What type of business consists of two or more people?

Select one:
a. Corporation
b. Partnership
c. Sole Proprietorship

d. Franchise
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The correct answer is: Partnership
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Variable plus fixed costs, all costs associated with production.

Answer: 
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The correct answer is: Total Costs

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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
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The correct answer is: Entrepreneur
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Changes in price cause a SMALL change in quantity demanded. -INELASTIC DEMAND

Select one:
True

False
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The correct answer is 'True'.

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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. Partnership
c. Proprietorship

d. Distributor
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The correct answer is: Corporation
Question 29
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Changes in price cause a LARGE change in quantity demanded.

Answer: 
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The correct answer is: Elastic Demand

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An analysis limited to statements that are verifiable

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

d. Direct Relationship
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The correct answer is: Positive Economics

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List the four market structures in order from least competitive to most competitive.

Select one:
a. Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition
b. Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
c. Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly

d. Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition

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The correct answer is: Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
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3 Factors Affecting Elasticity of Demand → Necessity, substituitability, income

Select one:
True

False
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The correct answer is 'True'.

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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
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The correct answer is 'False'.

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Principle that more will be offered for sale at higher and prices and less at lower
prices. → Law of Supply

Select one:
True

False
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The correct answer is 'True'.

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Measure of the way in which the quantity supplied responds to a change in

price. → Elasticity of Demand

Select one:
True

False
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The correct answer is 'False'.

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

Answer: 
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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. Entrepreneurship
b. Positive Economics
c. Normative Economics
d. Direct Relationship
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The correct answer is: Normative Economics
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Graph showing the quantities supplied at each and every possible price in the marker.

Select one:
a. Supply Curve
b. Variabale Costs
c. Demand Schedule

d. Supply Schedule
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The correct answer is: Supply Curve
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The creative ability of individuals to seek profits by taking risk and combining resources to
produce innovative products.
Answer: 
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The correct answer is: Entrepreneurship

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A Latin phrase that means while certain variables change, "all other things remain
unchanged."

Select one:
a. Microeconomics
b. Entrepreneurship
c. Ceteris Paribus

d. Microeconomics
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The correct answer is: Ceteris Paribus
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What is it called when you have limited quantities of resources used to meet unlimited
wants?
Select one:
a. Scarcity
b. Cartel
c. Specialization

d. Profit
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The correct answer is: Scarcity
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Occurs when two variables are unrelated → Independent relationship

Select one:
True

False
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The correct answer is 'True'.

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 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. Economics

d. Microeconomics
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The correct answer is: Microeconomics

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What are the three basic economic questions?

Select one:
a. How?, Whom?, When?
b. What?, Where?, Whom?
c. What?, Why?. Whom?

d. What?, How?, Whom?

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The correct answer is: What?, How?, Whom?
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What is a payment made by an employer to an employee?

Select one:
a. Interest
b. Profit
c. Marginal

d. Wage
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The correct answer is: Wage
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Corporations are in business for what?

Select one:
a. Stockholders
b. Non Profit

c. Profit
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The correct answer is: Profit
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What is the measure of how consumers react to a change in price? 

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

d. Scarcity
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The correct answer is: Elasticity

Question 48
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Human-made goods that are used to produce other goods and services

Answer: 
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The correct answer is: Capital

Question 49
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What are the four factors of production?

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

d. Labor, capital, supply, demand

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The correct answer is: Land, capital, labor, entrepreneurs
Question 50
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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. Partnership
b. Cooperative
c.  Corporation 

d. Sole Proprietorship
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The correct answer is: Sole Proprietorship