A determinant of Price Elasticity of Supply is where businesses are constrained by their available resources and may operate at full capacity during strong economic periods, resulting in inelastic supply when demand rises.

A determinant of Price Elasticity of Supply is where smaller businesses can quickly respond to rising demand without significantly increasing costs, giving them a more elastic supply compared to larger companies like steel manufacturers.

What type of price elasticity of demand that is greater than 1 and a one percentage increase in price will result in more than one percentage change in quantity demanded?

It is what a consumer pays for a unit of a specific good or service.

It is called the value of goods and services produced.

It is the amount of money from the goods and services being sold.

_______ is the money that is accepted as a medium of exchange because of the trust between the payer and the payee.

What is the Issue price?

What is the formula for getting GDP through the Income Approach?

What is Depression in economics?

Which of the following is not a Money Market instrument?

Which of the following is/are examples of money?

Throughout its history, the Philippine Economy has experienced periods of inflation and deflation and periods of relatively high and low employment. These recurrent but nonperiodic ups (expansions) and downs (contractions) of economic activity are called ____?

The "peak" of the business cycle is when the economy experiences expansions in all dimensions, leading to accelerated and prolonged demand and increased investments, production, employment, etc.

In this phase of the business cycle, the overall economic activities decline, leading to low economic output or the real GDP.

All of the following are determinants of productivity EXCEPT:

What does an elastic demand or supply signify?

If the price elasticity of supply (PES) is inelastic (<1), what does it mean for quantity supplied?

Which type of demand occurs when a single product has multiple uses?

This consists of finding the total wages, salaries, interest, dividends, rent, etc., paid to all the people of the country. To this are added receipts of goods in kind, profits earned by business firms but not paid out to their owners, and similar items.

When the households consume the products and services of business firms, what will the households offer to the bank?

When the business firms are offering and delivering products and services to the households, what will the households offer the government?

All of the following are determinants of demand EXCEPT:

Refers to the goods or services that do not have an all-year-round demand.

This macroeconomics variable is the ratio of nominal GDP to real GDP and is otherwise called the implicit price deflator for GDP.

Which of the following best describes the differences between the GDP deflator and CPI:

It is a period of rapid economic expansion resulting in higher GDP, lower unemployment, a higher inflation rate, and rising asset prices.

This measures both a nation's nation's total output of goods and services and its income.

Printing money and distributing it to people is not a viable solution to poverty because…

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

This is a business cycle contraction that occurs when there is a general decline in economic activity; it generally occurs when there is a widespread drop in spending.

This pertains to the total domestic and foreign output claimed by residents of a country, consisting of the gross domestic product plus factor incomes earned by foreign residents minus income earned in the domestic economy by non-residents.

What is the amount of a good, service, or resource that people are willing and able to buy during a specified period at a specified price?

This is the "valley" of the business cycle where output and employment are at their lowest levels.

What is the measure of deducting depreciation from the Gross National Product (GNP)?

Which of the following is NOT one of the three (3) approaches used to measure the Gross Domestic Product (GDP)?

What is the main difference between Nominal Income and Real Income?

What does Real Income represent in economics?

All of the following is included in the composition GDP is made of EXCEPT:

What measures a country's economic output per person?

There are three approaches to measuring the gross domestic product, or GDP. The formula for the Expenditure Approach is:

Compute the nominal GDP if the quantity is 750 and the price of each quantity is 60.

It is one of the different demand curve types that illustrate graphically how the percentage change in quantity demanded and the percentage change in price are equal or constant. A demand curve that is shaped like a rectangular hyperbola presents this.

This variety of demand curve shows that any change in price will result in an infinite change in the quantity demanded. This variety of demand curve means that the Elasticity of demand is infinity.

It is a situation where workers look for other jobs or are laid off for some reason.

This type of unemployment, where innovation and technological changes render the skills and talents of some workers obsolete.

This consists of finding the sum of retail sales, total expenditures for building construction (the most important form of investment), and similar data obtained from numerous sources.

Spending by households on goods and services, with the exception of purchases of new housing. What composition of GDP is this?

Which of the following is equal to the foreign purchases of domestically produced goods (exports) minus the domestic purchases of foreign goods (imports)?

Which of the following is NOT a determinant for the Price Elasticity of Demand?

Which is not an approach to measuring GDP?

Which is not a type of Elasticity?

In economic policies, there are the following: Monetary Policy for Monetary Management and Circulation, Fiscal Policy for Government Taxation and Goods, and Trade Policy for Import and Exports of the Country. In the statements above, which is the incorrect sub-topic?

It is the economic measurement that states the overall sum of goods and services rendered in the economy in a whole year.

What is the best explanation for Diminishing Returns?

What is the simplest and considered the oldest type of currency that builds on scarce natural resources that act as a medium of exchange, store of value, and unit of account?

Which of the following policies and ways could a nation use in order to resolve the Recession and Depression?

Which of the following is an example of an exogenous variable?

It measures how much the quantity demand responds to changes in the price.

It is when the economy tries to come out of the low production phase, maybe a Recession or Depression

It is the measurement of the total value of produced goods and services using the current prices.

It is a type of GDP where the economic well-being would tally the economy’s output of goods and services without being influenced by changes in price.

In the context of the goods market, what is the "equilibrium" point?

Which of the following factors is likely to increase the demand for goods in the market?

Which of the following is NOT a determinant for price elasticity of supply?

Price elasticity is equal to 1, and a one percentage increase in price will result in precisely one percentage change in quantity demanded. What is it?

It is a model that shows the flow of money in society, which is money is sent back and forth between producers and employees in the form of wages and payments for goods.

The price of the basket of goods and services relative to the price of the same basket in some base year. It is by computing the price of a basket of goods and services purchased by a typical consumer.

Which of the following statements about microeconomics is FALSE?

Which of the following statements about macroeconomics is FALSE?

Which one of the following is FALSE about the Net National Product (NNP)?

It is a type of demand wherein the increase in demand for a good or service is caused by changes in the cost of a related good or service.

Purchase of goods that will be used in the future to produce more goods and services.

It expresses the relationship between the price and quantity of goods purchased

____________ spending by households on goods and services, with the exception of purchases of new housing

____________ can be described as claims against financial institutions that can be used to purchase goods or services that will be generally accepted as a medium of exchange.

What is the importance of the Net National Product?

It is the term for how much money an individual or entity makes after accounting for inflation.

What is the formula for the Unemployment Rate?

It is the amount of money that has not been adjusted for inflation-related changes in purchasing power or how much that money can be purchased.