問題一覧
1
The meaning of the word "economics" is most close by associated with the word
scarce
2
A theory is
validated hypothesis
3
A hypothesis is tested by
both a & b
4
In a free enterprise economy, the problems of what, how and for whom to produce are solved by
the price mechanism
5
It is concerned with controlling/influencing economic behavior or its consequences
policy economics
6
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
7
Microeconomic theory sudies how a free-enterprise economy determines
all of the above
8
Which aspect of taxation involves positive economics?
the incidence of tax (i.e. who actually pays for the tax)
9
Which of the following is not a characteristics of economic resources?
insatiable
10
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
11
An economic system characterized by public ownership of property resources and collective determination of economic decisions through central economic planning is
communism
12
Which of the following criterion guides economic decisions?
d. MC=MB
13
The word economics means household
management
14
Economics is everybody's
concern
15
The most basic concept of all economic concepts is
scarcity
16
While macroenomics deals with the economy as a whole, microeconomice deals with the actions of individual
firms and market
17
Scarcity is a permanent economic phenomenon, shortage is
temporary
18
The basic human needs like food, water, clothing, and shelter are considered
physiological
19
This refers to all things people would consume if they had unlimited resources
wants
20
Because resources are limited, people must avoid _____ to prevent economics problems
extravagance
21
The value of the best alternative one gives up when a choice is made is called
opportunity cost
22
The highest need in the hierarchy level is
self-actualization
23
Man will usually satisfy
basic
24
Macroeconomics is not concerned with
individual income
25
Economic problems arise because
all of the above
26
The objective of a rational consumer is to
secure the highest level of satisfaction from his money income
27
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
28
Which of the following statement is incorrect
microeconomics is primarily concerned with the economic activities of the household, business firms and the government sector
29
Economics is
all of the above
30
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
31
The market equilibrium point for a commodity is determined by
the balancing forces of demand and supply
32
When an individual's income rises (other things constant) the demand for a normal good
rises
33
The supply curve is sloping downward because
price and quantity are directly related
34
The demand curve ia sloping downward because
price and quantity are inversely related
35
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
36
A price support leads to persistent
surplus
37
A price control will create a problem of
shortage
38
The exclusive right of an inventor for the control of his invention for a period of some say, 17 years is called
patent
39
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
40
Protection against imitators or copycats is known as
intellectual property rights
41
A fee received by individuals for endorsing a product is called
royalty
42
Which of the following can not be used as synonym for another?
command economy
43
Which of the following statements is incorrect?
none of the above
44
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
45
It is the selling of government-owned or controlled corporations and non-performing assets to the private sector
privatization
46
Underground economy is conducted
outside legal boundaries
47
When the current price exceeds the equilibrium price, there is a
surplus and price will fall
48
When there is a price floor on the price of palay
quantity supplied increases because of high price
49
When there is price ceiling on the price of crude oil
quantity supplied decreases because of the lower price
50
A steeply drawn supply curve indicates
an increased demand may be met with a substantial price increase
51
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
52
An increase in the price of Y which is a complement of X would
decrease the demanded for X
53
A decrease in the supply of X will
raise the equilibrium price and reduce the equilibrium quantity
54
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)
55
The production possibility frontier is concave towards the origin because
both a & b
56
What does a point in the production possibility frontier tell us?
the society can increase the production of either one of the commodities
57
When the current price is less than the equilibrium price, there is a
shortage and price will rise
58
When there is a price floor on the price of palay
quantity supplied increases because of the high price
59
Increasing returns of scale means that
a doubling of all inputs would cause output to more than double
60
If the country's supply of productive resources or inputs increases, then, its production possibility frontier would
shift outward
61
Which of the following is not a basic principle guiding the cooperative movement
unlimited interest to capital
62
The resource market is where
household sell resources and business buy resources
63
Which of the following will be determined in the product market?
the price of a new pair of leather shoes
64
At market equilibrium
all of the above
65
When the price of talk 'N text increases, the demand for touch mobile cards
may not be affected
66
An increase in demand and a decrease in supply of a commodity will cause the equilibrium price to
increase
67
An indifference curve illustrates
all combinations of two goods that will have the same level of satisfaction
68
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
69
The most economical stage of production is
stage II
70
It represents the point of equilibrium of market baskets corresponding to all possible levels of money income
income consumption curve
71
The relationship between the equilibrium quantity purchased of a good and the level of income is reffered to as
Engel curve
72
The locus of points of consumer equilibrium when only the price of a good is varied
price consumption curve
73
Which of the following best describes the Production Function
it relates physical inputs to physical outputs
74
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
75
Using marginal approach the firm will maximize profit or minimize losses by producing at the point where
marginal revenue = marginal cost
76
Any price lower than minimum AVC is
close/shutdown case
77
Under total approach, the quantity to produce maximum profit is the output where
excess of total revenue over total cost is greatest
78
That point where the isocost line is tangent to the isoquant curve
producer's equilibrium point
79
The concept, which determines the combination of inputs that will produce a given output at the least possible cost, refers to
least cost combination
80
It shows the different combinations of two inputs, with which a firm can produce a specific quantity of output
isoquant
81
Marginal revenue (MR) is equal to the
price of output
82
Stage I of production process goes from the origin to the point where AP is
maximum
83
Production will result in an economic profit if
both a and b
84
When marginal product is at zero, total product is
maximum
85
The irrational stages of production are
stages I and III
86
At the elastic portion of the demand curve, a price decrease will
increase total revenue
87
Which of the following does not support an upward sloping curve
the law of diminishing returns is in operation
88
An increase in demand and a decrease in supply of a commodity will cause equilibrium price to
increase
89
Extending subsidy on consumer's income will
change in quantity demanded and price but the change will be contained witin the original demand curve
90
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
91
Which of the following does not support a downward sloping demand curve
none of the above
92
Which of the following depicts a relationship between input and output?
law of diminishing returns & principle returns to scale
93
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
94
The incidence of a sales tax on a commodity will vary depending on the
relative elasticies of supply and demand for the commodity
95
An increase in supply will lower price except when demand is
infinitely elastic
96
When the current price exceeds equilibrium price
there is surplus and price will fall
97
For a firm to maximize profits, it should
none of the above
98
The vertical distance between the ATC and AVC curves measures
average fixed cost
99
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