AgEcon 03

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The cost that a firm incurs in purchasing or hiring any factor of production is referred to as

explicit cost

During inflation, the real value of income

decreases

When the law of diminishing returns begins to operate the total variable cost curve

rise at an increasing rate

All of the following curves are U-shaped except

the average fixed cost curve

The Marginal Cost curve is given by

either the slope of the Total Variable Cost curve of the Total Cost curve

The MC curve reaches its minimum point before the AVC curve and AC curve. In addition, MC curve intersects the AVC curve and AC curve at their lowest points.

above statements are both true

Which of the following industries most closely approximates the purely competitive model?

rice farming

The following characteristics are true for indifference curves except that

it is concave from the origin

At a lower price, one can afford more of the good without giving up any alternative good is true for

income effect

If the % increase in Qd is less than a % fall in price, Ed=

less than one

Generally, marginal utility is positive but declining when total utility is positive and

rising at a decreasing rate

Because Globe prepaid card is a necessity to Globe subscribers, so with Smart call cards to Smart users, the demand for those

perfectly inelastic

Which form of monopoly regulation is most advantageous for the consumer?

price control

All productive activities are based on

consumption

Because oil is necessity and has no good substitute, demand for it is likely to be

price inelastic

A market model characterized by few sellers and pricing interdependence is known as

oligopoly

Savings is an increasing function of

income

Which of the following relationship between Marginal Propensity to Consume (MPC) and Marginal Propensity to Save (MPS) is true?

MPC + MPS = 1

Disposable income is comprised of

savings + consumption

Gross private investment includes

all of the above

A schedule which shows the various amounts household plan to consume at various levels of income is a

consumption level

Debtors and profit earners benefit from inflation. This statement is

true

The ratio of the change in consumption to the change in income is known as

Marginal Propensity to Consume

It refers to the recurrent ups and down in the level of economic activity

business cycle

Taxes will reduce

both consumption and savings

Unemployment caused by the business cycle is known as

cyclical unemployment

Inflation brought about by considerable market power is referred to as

cost push inflation

Like any other goods and services, the role of interest on capital is determined by

demand

It refers to the share of the land used in the production of goods and services

economic rent

It is defined as the price paid for personal service in production

wage

Among the effects and widespread unemployment is

supply effect

Which of the following is not a source of aggregate demand?

savings

An important difference between personal income and personal disposable income consists of

personal taxes

Reserve held by the bank over and above the legal reserve is called

excess reserve

Money balances held to meet unforeseen contingencies is referred to as

precautionary demand for money

Nominal money supply is

the peso value of the nation's money supply

Phase in the business cycle when economic prosperity is experienced is the

peak

Commodoties that have been processed but require further processing before they are made available to the final consumer are called

intermediate goods

Manipulation of the public budget government spending and tax collections to achieve full employment is called

fiscal policy

Source of date relating to the measurement of prices which measure the price of commodities at various stages of production is called

producer price index

Inflation caused by the deficiency of the aggregate supply is called

cost-push inflation

Unemployment resulting from the defficiency of aggregate total demand

cyclical

The equation C=20+.90Yd predicts that consumption is

110 when Yd is 100

If the marginal propensity to consume is 0.75, the multiplier has a value of

The tax multiplier is

less than the government expenditure multiplier

If C=50+0.80Yd

the MPS is 0.20

If the national government lower taxes and government spending by 10%, then with the MPC of 0.90, the income will fall by

Keyne's fundamental law states that

the change in income is greater than the change in consumption

Equilibrium occurs in two-sector model when

saving equals investment

An autonomous increase in investment will result in

higher level of income and a higher interest rate

Which of the following statements is incorrect

a household's average holding of money for transactions is unrelated to its pattern of expenditure

Disposable income can either be spent on which two items ?

consumption and savings

Which of the following is mostly associated with unemployment due to business recessions

cyclical unemployment

An option resorted by countries which is done by changing the country's exchange rate in a fixed rate system or by increasing the number of units of a country's currency

depreciation

Macroeconomics maybe divided into four sectors except

public sector

It refers to any activity that uses resources today allowing for greater production in the future and hence, greater consumption

investment

Interest, the payment for the use of capital is commonly expressed

percent

The statement "taxes reduce private spending and lower the equilibrium rate of GNP"

correct

A minimum wage rate higher than the market wage rate results in

labor surplus

Inflation brought about by considerable market power is related to as

cost-push inflation

Which of the following groups is not penalized by inflation?

debtors

A point outside the production possibility frontier indicates that given the technology and resources available, this combination is

unattainable

When marginal utility is zero

neither rising nor falling

Marginal utility

is the extra satisfaction from the consumption of one more of the some good or service

Everytime the government incurs a deficit, it must borrow from the following expect from the

religious sector

The legal method to reduce taxes owned to the government is called a tax

incentive

It is a tax based on a percentage of income that varies inversely with the level of income

regressive tax

The law, which promotes high value crops, is given

RA 7900

A measure of determining which resource a country to use abundantly in order to be competitive in the export market is called

revealed comparative advantage

The extent of protection of agricultural outputs is measured by

nominal protection coefficient

It measures the degree given to value added of agricultural sector

effective protection rate

Unlike any other government programs, infrastructures do not enhance efficiency in the agricultural sector because it is sector neutral

true

GNP can be measured through the national income category and the

expenditure category

For the country to be industrialized, the strategy should be

export based

The arm of the government that overseas trade, industry and investment activities is the

Department of Trade and Industry

This theory states that a nation's resources are nonrenewable and can contribute to economic development only up to a certain point. Such viewed phenomenon is related to the law of diminishing returns

Adam Smith's theory

Restrictions to foreign trade are made through these except

incentive

He is the leading exponent of the linear stage theory

Walt Rostow

He believed that specialization or division of labor increases productive ity thereby causing positive socioeconomic conditions. He also asserted that economic freedom is an efficient way to organize an economy

Ricardo

Cooperation among APEC members is based on the following except

common funding

The permanent loss of professional workers in a country's labor force is called

brain drain

They are the strongest factor/s that attracts the OCWs to leave the Philippines

Higher pay

This theory viewed the process of development as a series of successive stages through which all countries must pass

structural change model

States simply that the rate of growth of GNP is determined by the national savings ratio and the capital-output ratio

Harrod-Domar growth model

It is a concept which represents the existence and persistence increasing divergence between rich and poor nations and rich and poor people on various levels

dualism

The capacity of an economy to generate and sustain an annual increase in its GNP at rates of perhaps 5 to 7% or more is known as

Lewis model

An investment is not acceptable if Benefit Cost Ratio is

less than one

An investment is acceptable if

c. both a & b

Which of the following most closely approximates our definitions of oligopoly

the cigarette industry

A series of services involved in moving a product from the point of production to the point of consumption refers to

marketing

A utility created if good possess the required properties is called

form utility

A utility created if goods are made available where they are wanted is referred to as

place utility

An activity of function performed to alter the form, time, place or possession characteristics of the product refers to

marketing services

The point of usual first sale by farmers, typically at the farm or at the farmer's home is

point of production

The point where marketing ends or it is the point of last purchase or sale refers to

point of consumption

It is a part or component of the marketing system, which includes the climatic/physical, socio-cultural, economic, technological, and legal/political factors that affects the marketing system

environment subsystem

An approach in the study of marketing which covers the characteristics of the product, the market demand and supply situation at the domestic and international level, the behavior of the consumers in relation to a specific product, and prices either at the farm, wholesale or retail level is referred to as

commodity approach

This involves the study of various agencies and function structures involved in the marketing process. It attempts to answer "who"

institutional approach

While advertising inform the consumers of product availability (creating awareness among them), this marketing function on the other hand, encourages them to buy (enhancing demand). Sometimes it does not only encourages to buy, but also of P0.95, provision of supplementary products, free sample, etc.

promotion

100

They are those individuals or business concerns that specialize in performing the various marketing functions involved in the purchase and sale of goods as they are moved from producers to consumers

middlemen

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CropSci 04 UPSTEP

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