AgEcon 01

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The meaning of the word "economics" is most close by associated with the word

scarce

A theory is

validated hypothesis

A hypothesis is tested by

both a & b

In a free enterprise economy, the problems of what, how and for whom to produce are solved by

the price mechanism

It is concerned with controlling/influencing economic behavior or its consequences

policy economics

An economic system in which all major decisions concerning the level of resource use, the composition and distribution of output and the organization of production are determined by the price system is

capitalism

Microeconomic theory sudies how a free-enterprise economy determines

all of the above

Which aspect of taxation involves positive economics?

the incidence of tax (i.e. who actually pays for the tax)

Which of the following is not a characteristics of economic resources?

insatiable

When all available resources should be employed or no workers should be involuntary out of work, this is related to the goal of

full employment

An economic system characterized by public ownership of property resources and collective determination of economic decisions through central economic planning is

communism

Which of the following criterion guides economic decisions?

d. MC=MB

The word economics means household

management

Economics is everybody's

concern

The most basic concept of all economic concepts is

scarcity

While macroenomics deals with the economy as a whole, microeconomice deals with the actions of individual

firms and market

Scarcity is a permanent economic phenomenon, shortage is

temporary

The basic human needs like food, water, clothing, and shelter are considered

physiological

This refers to all things people would consume if they had unlimited resources

wants

Because resources are limited, people must avoid _____ to prevent economics problems

extravagance

The value of the best alternative one gives up when a choice is made is called

opportunity cost

The highest need in the hierarchy level is

self-actualization

Man will usually satisfy

basic

Macroeconomics is not concerned with

individual income

Economic problems arise because

all of the above

The objective of a rational consumer is to

secure the highest level of satisfaction from his money income

A change in demand or supply

is caused by a change in any of the determinants of demand and supply other then price and is presented by a shift of the entire demand or supply curve

Which of the following statement is incorrect

microeconomics is primarily concerned with the economic activities of the household, business firms and the government sector

Economics is

all of the above

A change in quantity demanded or supplied

is caused by a change in price of the good itself, when all other things remain unchanged and is represented by a movement from the point to another of the demand or supply curve

The market equilibrium point for a commodity is determined by

the balancing forces of demand and supply

When an individual's income rises (other things constant) the demand for a normal good

rises

The supply curve is sloping downward because

price and quantity are directly related

The demand curve ia sloping downward because

price and quantity are inversely related

Which of the following is also known as RA 7394 which protects consumers against hazard to health and safety, unfair sales acts and the like?

Consumers Act of the Philippines

A price support leads to persistent

surplus

A price control will create a problem of

shortage

The exclusive right of an inventor for the control of his invention for a period of some say, 17 years is called

patent

The right of the property owner to designate the recipient of his property at the time of his death refers to

the right to be bequeath

Protection against imitators or copycats is known as

intellectual property rights

A fee received by individuals for endorsing a product is called

royalty

Which of the following can not be used as synonym for another?

command economy

Which of the following statements is incorrect?

none of the above

It is owned by two or more people who agree to pool their resources in a common fund with the aim of sharing whatever profit (losses) they will get. Exampls of which are law firms, accounting firms, and medical offices

partnership

It is the selling of government-owned or controlled corporations and non-performing assets to the private sector

privatization

Underground economy is conducted

outside legal boundaries

When the current price exceeds the equilibrium price, there is a

surplus and price will fall

When there is a price floor on the price of palay

quantity supplied increases because of high price

When there is price ceiling on the price of crude oil

quantity supplied decreases because of the lower price

A steeply drawn supply curve indicates

an increased demand may be met with a substantial price increase

If thw government imposes a tax of P0.50 per unit of peoduct X, the supply curve will

shift parallel upward by an amount equal to the tax

An increase in the price of Y which is a complement of X would

decrease the demanded for X

A decrease in the supply of X will

raise the equilibrium price and reduce the equilibrium quantity

A shortage of a commodity is said to exist when the prevailing price is

both b & c (below the equilibrium price & such that demand is greater than supply)

The production possibility frontier is concave towards the origin because

both a & b

What does a point in the production possibility frontier tell us?

the society can increase the production of either one of the commodities

When the current price is less than the equilibrium price, there is a

shortage and price will rise

When there is a price floor on the price of palay

quantity supplied increases because of the high price

Increasing returns of scale means that

a doubling of all inputs would cause output to more than double

If the country's supply of productive resources or inputs increases, then, its production possibility frontier would

shift outward

Which of the following is not a basic principle guiding the cooperative movement

unlimited interest to capital

The resource market is where

household sell resources and business buy resources

Which of the following will be determined in the product market?

the price of a new pair of leather shoes

At market equilibrium

all of the above

When the price of talk 'N text increases, the demand for touch mobile cards

may not be affected

An increase in demand and a decrease in supply of a commodity will cause the equilibrium price to

increase

An indifference curve illustrates

all combinations of two goods that will have the same level of satisfaction

The locus of points each of which represents a bundle of goods that can be purchased if the entire money income is spent is called

budget line

The most economical stage of production is

stage II

It represents the point of equilibrium of market baskets corresponding to all possible levels of money income

income consumption curve

The relationship between the equilibrium quantity purchased of a good and the level of income is reffered to as

Engel curve

The locus of points of consumer equilibrium when only the price of a good is varied

price consumption curve

Which of the following best describes the Production Function

it relates physical inputs to physical outputs

This law states that if one kind of an input is increased and added in equal amount to some fixed amount of resources, per unit of time, total product will increase, reaches a maximum then declines

law of diminishing marginal returns

Using marginal approach the firm will maximize profit or minimize losses by producing at the point where

marginal revenue = marginal cost

Any price lower than minimum AVC is

close/shutdown case

Under total approach, the quantity to produce maximum profit is the output where

excess of total revenue over total cost is greatest

That point where the isocost line is tangent to the isoquant curve

producer's equilibrium point

The concept, which determines the combination of inputs that will produce a given output at the least possible cost, refers to

least cost combination

It shows the different combinations of two inputs, with which a firm can produce a specific quantity of output

isoquant

Marginal revenue (MR) is equal to the

price of output

Stage I of production process goes from the origin to the point where AP is

maximum

Production will result in an economic profit if

both a and b

When marginal product is at zero, total product is

maximum

The irrational stages of production are

stages I and III

At the elastic portion of the demand curve, a price decrease will

increase total revenue

Which of the following does not support an upward sloping curve

the law of diminishing returns is in operation

An increase in demand and a decrease in supply of a commodity will cause equilibrium price to

increase

Extending subsidy on consumer's income will

change in quantity demanded and price but the change will be contained witin the original demand curve

From the fact that the demand curve is sloping downward, we know that

when the people of the commodity increases, the quantity bought will decrease

Which of the following does not support a downward sloping demand curve

none of the above

Which of the following depicts a relationship between input and output?

law of diminishing returns & principle returns to scale

The law of diminishing returns tell us that

as you add equal units of variable input to a fixed input, the marginal or additional product diminishes even if total product may increase

The incidence of a sales tax on a commodity will vary depending on the

relative elasticies of supply and demand for the commodity

An increase in supply will lower price except when demand is

infinitely elastic

When the current price exceeds equilibrium price

there is surplus and price will fall

For a firm to maximize profits, it should

none of the above

The vertical distance between the ATC and AVC curves measures

average fixed cost

When the MC curve lies

above the ATC curve, ATC rises

100

The MR curve under pure competition is horizontal because

the firm is a price taker

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SoilSci 02

Anne Ranay · 53問 · 1年前

SoilSci 02

53問 • 1年前

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Anne Ranay · 28問 · 1年前

Ansci 05

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zenguru + upstep

Anne Ranay · 25問 · 1年前

zenguru + upstep

25問 • 1年前