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AgEcon 01
100問 • 1年前
  • Anne Ranay
    • 通報

    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

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    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