ECON NWST QE

What is the difference between perfect competition and monopolistic competition?

a.
Perfect competition has a large number of small firms while monopolistic competition does not.

b.
Perfect competition has barriers to entry while monopolistic competition dos not.

c.
Perfect competition has no barriers to entry while monopolistic competition does not.

d.
In perfect competition , firms produce identical products, while in monopolistic competition does not.
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Question 2
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The physical effort of the manpower to produce the protective devices of the frontliners describes which factor of
production?

a.
Entrepreneur

b.
Land

c.
Capital

d.
Labor
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Question 3
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The adage, “The customer is always right” falls under which column of the PEST Analysis?

a.
Social

b.
Economic

c.
Political

d.
Technological
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Question 4
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Which describes a barrier to entry?

a.
Anything that protects a firm from the arrival of new competitors.

b.
Firms already in the market incurring economic losses so that no new firm wants to enter the market.

c.
A government regulation that bars a monopoly from earning an economic profit.

d.
Something that establishes a barrier to expanding output.
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Question 5
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An increase in the price of electricity bill will force you to:

a.
increase your demand for stereos and videokes.

b.
increase your demand for TVs and use of gadgets.

c.
increase your demand for light bulbs and aircon.

d.
increase your demand for kerosene heaters and coal.
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Question 6
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Business ethics refers to any behavior by businesses that may...

a.
be illegal.

b.
violate social or moral standards.

c.
result in the maximization of profits.

d.
All of the above.
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Question 7
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In monopolistic competition, each firm supplies a small part of the market. This occurs because __________________.

a.
firms produce differentiated products.

b.
there are barriers to entry.

c.
there are no barriers to entry.

d.
there are a large number of firms.
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Question 8
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Mrs. Nenita De Jesus purchased basic goods like vegetables and groceries for the consumption of her family.
These goods are:

a.
Capital Goods

b.
Luxury Goods
c.
Economic Goods

d.
Consumers Goods
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Question 9
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Which of the following shows best the present level of competition in the economy?

a.
New shop, new products and services, new business methods

b.
Old shop, improved products and services, improved business methods

c.
No expansion, improved products and services, improved business methods

d.
Branch expansion, new products and services, new business methods
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Question 10
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The computers of the production manager in an office are what kind of goods or products?

a.
Consumer goods
b.
Economic goods

c.
Either consumer goods or capital goods

d.
Capital goods
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Question 11
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Which is not considered as tangible good?

a.
Training service

b.
Sack of rice

c.
Mask

d.
Cell phone
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Question 12
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According to the labor law, employers must give his/her employees at least the minimum wage, minimum
wage is defined as ___________________.
a.
The minimum amount of work being given by the employers to his/her employees common to a particular
region.

b.
The minimum amount of money being paid to employees common to a particular region.

c.
The minimum benefits being given to employees common to a particular region.

d.
The minimum amount of time being paid to employees common to a particular region.
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Question 13
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Businesses have responded to incentives for ethical behavior by doing ALL except.

a.
lobbying for the abolition of laws that require ethical behavior.

b.
establishing codes of ethical behavior for employees.

c.
appointing “ethics officers” to monitor ethical manners of employees.

d.
providing training sessions in ethical behavior for employees.
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Question 14
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Which of the following is not an economic agent in your locality?

a.
Producer

b.
Consumer

c.
Public Sector

d.
None of the above.
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Question 15
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What is the business technique wherein the data came from analyzing contrasting elements in the business
environment?

a.
Internal Business Environment

b.
Environmental Scanning

c.
Environmental Analysis

d.
External Business Environment
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Question 16
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If Toyota firm is producing a car faster than people want to buy, there is...

a.
an excess supply of car and price can be expected to decrease.

b.
an excess demand of car and price can be expected to decrease.

c.
an excess demand and price can be expected to increase.

d.
an excess supply of car and price can be expected to increase.
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Question 17
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Which of the following market types has the fewest number of firms?

a.
Monopoly

b.
Oligopoly

c.
Monopolistic competition
d.
Perfect competition
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Question 18
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Can you design a competitive advantage out of a Feasibility Study?

a.
Either A or B

b.
There is a need for further review of related researches and studies needed for decision-making.

c.
Yes, because it is upon careful review of business technical aspects.

d.
No, because it only complicates the business environment, especially when you intend to create only a small business,
e.g., such as a Sari Sari store.
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Question 19
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Why do firms use marketing?

a.
Convince customers that their products are worth the price.

b.
Influence a consumer’s buying decision.
c.
All of these.

d.
Persuade buyers that their products is superior than others.
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Question 20
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Which of the following is the study of the aggregate economy studied as a whole?

a.
Macroeconomics

b.
Mathematical economics

c.
Econometrics

d.
Microeconomics
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Question 21
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Economies experience an increased in unemployment and a reduced of activity during recession. How does
recession affect the market demand for new cars?

a.
Demand for new cars shifts to the right.

b.
Demand for new cars either has or no shift.

c.
Demand for new cars shifts to the left.

d.
Demand for new cars has no shift.
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Question 22
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What information would you use to determine the employees’ level of commitment to an organization?

a.
Strengths

b.
Aspirations

c.
Results

d.
Opportunities
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Question 23
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All the statements below is the given definition of Investment EXCEPT _____________.

a.
An investments can be taken from any barrowed capital with higher interest rates.

b.
It can be an asset also or item acquired with the goal of generating income or appreciation.

c.
An investment is the purchase of goods that are not consumed today but are used in the future to create wealth.

d.
An investment is a monetary asset purchased with the idea that the asset will provide income in the future or will
later be sold at a higher price for a profit.
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Question 24
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Which statement is beneficial to an employee during the time when there is an economic decline?

a.
Minimum wage with minimum benefits.

b.
Higher wage with the maximum benefits an employer can offer.

c.
Lower wage with minimum benefits.

d.
Higher wage with minimal benefits.
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Question 25
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Which of the following statements is correct?

a.
The market demand and the firm's demand are the same for a monopoly.

b.
Monopolies have perfectly inelastic demand for the product sold.

c.
Monopolies are guaranteed to earn an economic profit.

d.
All of the above are correct.
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Question 26
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Tax is one of the entrepreneur’s obligations which is the _______________financial charge or some other type of levy
imposed upon a taxpayer.

a.
Compulsory

b.
Occasional

c.
Special

d.
Conditional
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Question 27
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When employees from your competitors “spy” your product pricing strategies, this situation is a case under which of
the following?

a.
Business Ethics

b.
Business Finance

c.
Monkey Business

d.
Business Mathematics
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Question 28
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What does “setting performance-standards” mean in the world of business?

a.
Benchmarking

b.
Business Prediction

c.
Demand equals Supply
d.
Market Equilibrium
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Question 29
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Which is more critical for the business when achieving a competitive advantage?

a.
Product Quality

b.
Benchmarking

c.
Always on top

d.
Service Quality
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Question 30
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Which best describes economics as a social and an applied science?

a.
The study of human behavior.

b.
The study of how people make choices when they are faced with an unlimited supply of resources.
c.
The study of how buyers make choices when there is limited supply of resources.

d.
The study of things we need to survive.
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Question 31
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Which statement is correct about Wage?

a.
Payment may be calculated as a fixed amount for each task completed in an hourly basis.

b.
Payment may be calculated as a fixed amount for each task completed in a weekly basis.

c.
Payment may be calculated as a fixed amount for each task completed in a daily basis.

d.
All of the above.
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Question 32
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What business indicator best explains the idea of scarcity?

a.
Strengths
b.
Opportunities

c.
Weaknesses

d.
Threats
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Question 33
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Which is true about Economics as a social science?

a.
Scarce resources and limited needs drive choice.

b.
Economic hypotheses lead directly to predictions.

c.
The scientific method is based on the normative analysis.

d.
Economics explains and predicts economic events.
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Question 34
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What business tool must also be included in researches?
a.
Forecasting

b.
Financial Report

c.
Organizational Structure

d.
Feasibility Study
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Question 35
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What consist of differentiated products?

a.
Many perfect substitutes

b.
Close but not perfect substitutes

c.
No substitutes of any kind

d.
No close substitutes
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Question 36
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The market demand curve for apple shows the...

a.
effect on market supply of a change in the demand for apple.

b.
quantity of an apple that consumers like to buy at different prices.

c.
effect of advertising expenditures on the market price of an apple.

d.
marginal cost of producing and selling different quantities of an apple.
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Question 37
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What is the ideal market structure?

a.
Perfect competition

b.
Monopoly

c.
Oligopoly

d.
Monopolistic competition
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Question 38
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The fixed amount of money paid or received regularly for the use usually of business space is called
___________________.

a.
Taxes

b.
Wage

c.
Rent

d.
Interest rate
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Question 39
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Which statement is beneficial to an employee?

a.
Higher wage with minimal benefits.

b.
Lower wage with minimum benefits.

c.
Higher wage with the maximum benefits an employer can offer.

d.
Minimum wage with minimum benefits.
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Question 40
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Which of the following is the best example of a perfectly competitive market?

a.
Farming

b.
Softdrinks

c.
Athletic shoes

d.
Diamonds
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Question 41
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The interest rate or the amount of interest due per period, as a proportion of the amount lent, deposited or
borrowed (called the principal sum) is not true to all of the given statements below EXCEPT_________________.

a.
Higher interest rates are given to all borrowed money when there is an economic decline.

b.
It is a good opportunity for barrowers to borrow money when banks or other lending institutions offer higher interest
rates.

c.
It is the right time to invest when your capital is borrowed and with higher interest rate.

d.
Given to all borrowed money in the same rate.
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Question 42
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The effect of Economic issues in investment is _______________________.

a.
Higher investment with lower turnover of capital.

b.
Lower turnover of capital with higher investment.

c.
Higher investment with higher turnover of capital.

d.
None of the above.
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Question 43
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What business tool is considered the inverted format of SWOT Analysis?

a.
TOWS Matrix

b.
TOWS Analysis

c.
SOAR Analysis

d.
SOAR Matrix
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Question 44
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What is the first thing that a businessman or entrepreneur should do when creating a business?

a.
Personality Analysis

b.
SWOT Analysis

c.
SMART Analysis

d.
Business Plan
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Question 45
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An examples of investment EXCEPT _________________.

a.
Human resources such as waiters, product specialists, cashiers, security guard etc.

b.
Machines, Equipment, Tools used in the operation of the business

c.
Land, Building, Commercial Space for the business

d.
Expensive technologies inappropriate for the business
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Question 46
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Which is true on the value of an economic theory in practice? It is determined by...

a.
how well the theory can be represented by a graph.

b.
how economical the model is.

c.
how well the theory can predict or explain.

d.
how accurate the assumptions are.
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Question 47
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ABM Computer shop purchased additional 10 units of computer for the business. These goods are called:

a.
Capital Goods

b.
Economic Goods

c.
Luxury Goods

d.
Consumers Goods
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Question 48
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What is suggested as the best possible way to achieve a good business forecast?

a.
Accepts that not all estimates could happen in the future

b.
Regularly review of past business data

c.
24/7 monitoring of business economic activities

d.
Compare and contrast previous and present business data
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Question 49
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Which of the following are examples of human needs?

a.
Flat screen televisions

b.
Laptops and computers

c.
Iced caramel macchiato Frappuccino

d.
Water and a place to live like houses
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Question 50
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The idea of seeing and experiencing “touch screens” inside the banks fall under which indicator?

a.
Economic

b.
Political

c.
Technological

d.
Social
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Question 51
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Mr. Dennis Elecanal purchased new car as a gift for his father’s birthday. This good is...

a.
Consumers Good

b.
Economic Good

c.
Luxury Good

d.
Capital Good
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Question 52
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Which of the indicators of PEST Analysis gives importance to the Filipino culture when affected by economic
situations?

a.
Political

b.
Technological

c.
Social
d.
Economic
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Question 53
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The market supply curve for gasoline shows the...

a.
effect on market demand of a change in the supply of gasoline.

b.
quantity of gasoline that firms offer for sale at different prices.

c.
quantity of gasoline that consumers are willing to buy at different prices.

d.
All of the above are correct.
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Question 54
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The great ideas, concepts and drive of the production managers to produce something new describe which factor of
production?

a.
Entrepreneur

b.
Capital
c.
Land

d.
Labor
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Question 55
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Why is perfect competitive firms are considered as price takers?

a.
Their Demand curves are downward sloping.

b.
Many other firms produce identical products.

c.
Each firm is very large.

d.
There are no good substitutes for their products.