Please answer the following questions. No need for a detailed answer or detailed explanation, just write the correct one. Thankyou!! URGENT!!!!

1.

Which statement best completes a short definition of economics?Required to answer. Single choice.

(1 Point)

how businesses produce goods and services

the efficient use of scarce productive resources

the equitable distribution of income and wealth

the printing and circulation of money in the economy

2.

When economic principles or theories are developed from factual evidence, this method of economic reasoning is calledRequired to answer. Single choice.

(1 Point)

descriptive economics

hypothesis testing

deduction

induction

3.

Which of the ff. is studied in microeconomics?Required to answer. Single choice.

(1 Point)

the output of an entire economy

the total number of workers employed in the Philippines

the general price level in Japan

the price and output of rice in Vietnem

4.

Which of the ff. economic goals intends to reduce poverty?Required to answer. Single choice.

(1 Point)

economic security

equitable distribution of income

full employment

economic freedom

5.

Which is not a core value embodied in Ambisyon 2040?Required to answer. Single choice.

(1 Point)

matatag

maginhawa

matagumpay

panatag

6.

Which economic goal is associated with the idea that people want to get the maximum benefits at the minimum cost from limited resources that are available?Required to answer. Single choice.

(1 Point)

full employment

economic growth

economic security

economic efficiency

7.

Which of the ff is a normative economic statement?Required to answer. Single choice.

(1 Point)

the inflation rate rose by 2.5% last month

the unemployment rate of 6.8% is too high

the average interest rate on loans is 10.2%

the economy grew at an annual rate of 6.2%

8.

When a production possibilities curve is drawn, four assumptions are made; which of the ff. is not one of these assumptions?Required to answer. Single choice.

(1 Point)

only two products are produced

the nation is not at war

the economy has both full employment and full production

the supply of resources is fixed

9.

The quantity of other goods and services an economy must forego in order to produce more low-cost housing isRequired to answer. Single choice.

(1 Point)

the opportunity cost of producing the additional low-cost housing

the opportunity cost of additional goods and services produced

the ooprtunity cost of the sacrficed low-cost housing

the opportunity cost of the sacrficed amount og goods and services

10.

Answer #s 10 1nd 11 on the basis of the data given in the production schedule;

A B C D E F

QTY. OF TRACTORS 100 95 85 70 50 0

QTY. OF RICE 0 100 180 240 280 30

Th e law of increasing opportunity cost is suggested by the fact thatRequired to answer. Single choice.

(1 Point)

greater and greater amounts of tractors must be given up to produce more rice

smaller and smaller amounts of tractors must be given up to produce more rice

tractors are more relatively scarce than rice

the PPC will shift ourwards as the economy expands

11.

If the economy produces at pt. D , the opportunity cost of 40 more units of rice is aboutRequired to answer. Single choice.

(1 Point)

5 units of tractore

10 units of tractors

15 units of tractors

20 units of tractors

12.

Private ownership of property and resources and use of the market system to coordinate and direct economic activities is cgaracteristic ofRequired to answer. Single choice.

(1 Point)

pure capitalism

a command economy

democratic socialism

traditional economy

13.

In a market economy the role of the government is best described asRequired to answer. Single choice.

(1 Point)

nonexistent

limited

significant

extensive

14.

The two kinds of markets in the circular flow model in microeconomics are theRequired to answer. Single choice.

(1 Point)

real and money markets

real and product markets

money and resource markets

product and resource markets

15.

In the same circular flow model, producersRequired to answer. Single choice.

(1 Point)

demand bothe products and resources

supply both products and resources

supply products and demand resources

demand products and supply resources

16.

To assume that the nonprice determinents of demand and supply do not change is to employ theRequired to answer. Single choice.

(1 Point)

full employment assumption

ceteris paribus assumption

consumer and producer rationality

full production assumption

17.

The sum of the demands of all individuals in the market is calleRequired to answer. Single choice.

(1 Point)

market demand

derived demand

market quantity demanded

equilibrium market demand

18.

The relationship between price and quantity demanded is ___________ while that of price and quantity supplied is _______________Required to answer. Single choice.

(1 Point)

direct, inverse

inverse, inverse

inverse, direct

direct, direct

19.

A change in consumer demand or a change in the price of a related good will result in a change in_________________________ while a change in the price of a good will result in a change in __________________Required to answer. Single choice.

(1 Point)

demand for the good, quantity demanded for the good

quantity demanded for the good, demand for the good

increase in demand, increase in quantity demanded

increase in quantity demanded, increase in demand

20.

If the slope of the demand equation is -10,Required to answer. Single choice.

(1 Point)

quantity demanded increases by 10 for every one peso increase in price

quantity demanded increases by one for every ten peso decrease in price

price decreases by ten for every ten unit decrease in quantity demanded

quantity demanded decreases by ten units for every one peso increase in price

21.

If the price per unit of a product falls and quantity demanded rises, this change is shown graphically byRequired to answer. Single choice.

(1 Point)

movement upward along the demand curve

shift of the demand curve to the left

movement downward along the supply curve

movement downward along the demand curve

22.

If the supply curve shifts leftward, there has beenRequired to answer. Single choice.

(1 Point)

an increase in supply

a decrease in supply

an increase in quantity supplied

a decrease in quantity supplied

23.

Which of the ff can cause a decrease in consumer demand?Required to answer. Single choice.

(1 Point)

decrease in consumer income , if the good is normal

increase in the price of a substitute

increase in the future price of a good

decrease in the supply of a good

24.

If consumer income falls, and consumer demand for the product also falls, it can be concluded that the product is aRequired to answer. Single choice.

(1 Point)

normal good

inferior good

a substitute for the good

a complement for the good

25.

The law of supply states that all other things equal, as price increasesRequired to answer. Single choice.

(1 Point)

supply increases

supply decreases

quantity supplied increases

quantity supplied decreases

26.

If the slope of the supply equation is 5, this is interpreted asRequired to answer. Single choice.

(1 Point)

supply increases by 5 for every 1 peso increase in price

price increases by 5 for every unit increase in quantity supplied

quantity supplied increases by 5 for every 1 peso increase in price

price increases by 5 for every 5 unit increase in quantity

27.

Which of the following cannot cause an increase in supply of cottonRequired to answer. Single choice.

(1 Point)

an increase in the price of cotton

an improvement in the process of production

a decrease in the price of a machinery

a decrease in taxes

28.

An increase in demand whike supply is constant will (blank) equilibrium price and (blank) equilibrium quanityRequired to answer. Single choice.

(1 Point)

increase, increase

increase, decrease

decrease, increase

decrease, decrease

29.

A decrease in supply while demand in constant will (blank) equilibrium price and (blank) equilibrium quantityRequired to answer. Single choice.

(1 Point)

increase, increase

decrease, decrease

increase, decrease

decrease, increase

30.

When the government sets a price ceilingRequired to answer. Single choice.

(1 Point)

a surplus occurs in the market

the market is cleared of a surplus or shortage

demand for the good decreases

a shortage occurs in the market

31.

If a relativaly change in price results in a relatively small change in quantity demanded, the demand for the good is said to beRequired to answer. Single choice.

(1 Point)

relatively elastic

relatively inelastic

perfectly inelastic

perfectly elastic

32.

If the demand curve is vertical the absolute value of the price elasticity coefficient isRequired to answer. Single choice.

(1 Point)

one

infinity

zero

two

33.

Substitutes have aRequired to answer. Single choice.

(1 Point)

negative income elasticity

negative cross elasticity

positive cross elasticity

positive income elasticity

34.

The cross elasticity of bicycles and ice cream isRequired to answer. Single choice.

(1 Point)

positive

negative

zero

Option 4

infinity

35.

If a 5% fall in the price of a good causes quanity supplied to fall by 8%, the supply isRequired to answer. Single choice.

(1 Point)

inelastic

unitary

elastic

perfectly elastic

36.

The more substitutes a good has the more (blank) its demand becomesRequired to answer. Single choice.

(1 Point)

unitary

inelastic

elastic

zero

37.

Which of the following is not a characteristic of resourcesRequired to answer. Single choice.

(1 Point)

can be combined in varied proportions

they are found in unlimited supply

some are renewable some are not

they have alternative uses

38.

A factory building is considered asRequired to answer. Single choice.

(1 Point)

land

consumer good

capital

technology

39.

Which of the following is not trueRequired to answer. Single choice.

(1 Point)

in the short run all inputs are variable

in the long run all inputs are variable

in the market period all inputs are fixed

in the short run some inputs are variable

40.

If each of 5 laborers produces 3 tables, thenRequired to answer. Single choice.

(1 Point)

AP = 3 tables

MP = 3 tables

TP = 3 tables

AP=15 tables

41.

If the TP reaches its maximumRequired to answer. Single choice.

(1 Point)

the AP become zero

the MP also reaches its maximum

the MP becomes zero

the MP falls

42.

In the stage of negative returns, which of the following is trueRequired to answer. Single choice.

(1 Point)

the TP falls

the AP becomes negative

the TP reaches its maximum

the MP falls but is not negative

43.

When the TP increases at an increasing rate this means thatRequired to answer. Single choice.

(1 Point)

MP is also increaesing at an increasing rate

MP increases

AP increases

the AP increases at an increasing rate

44.

Whne production reaches the stage of negative returns, for production to be increaesedRequired to answer. Single choice.

(1 Point)

the quantity of the variable factor that is utilizes should be increased

the quantity of the fixed factor that is utilized should be increased

the quantity of the variable factor that is utilized should be decreased

the quantity of the fixed factor and the variable factor should be increased

45.

Which cost curves are typicaly U-shapedRequired to answer. Single choice.

(1 Point)

TC and TFC

TFC and TVC

AFC and AVC

AVC and ATC

46.

Which of the following is true in the long runRequired to answer. Single choice.

(1 Point)

TFC is equal to TVC

TVC is equal to TC

MC is equal to AFC

TFC is equal to TC

47.

Which cost curves have the same positive Y-interceptRequired to answer. Single choice.

(1 Point)

TC and TVC

AVC and ATC

TFC and TC

MC and AFC

48.

Which cost in zero when output is zeroRequired to answer. Single choice.

(1 Point)

TFC

TC

AVC

TVC

49.

Which cost continues to decrease as more output is producedRequired to answer. Single choice.

(1 Point)

ATC

AVC

AFC

MC

50.

A cost which involves actual payment for the use of an inputRequired to answer. Single choice.

(1 Point)

explicit cost

non-expenditure cost

implicit cost

economic cost

51.

Implicit and explicit cost constituteRequired to answer. Single choice.

(1 Point)

accounting cost

economic cost

total revenue

economic profit

52.

The rental payment for the use of a factory which is owned by the producer himself is classified asRequired to answer. Single choice.

(1 Point)

accounting cost

expenditure cost

implicit cost

explicit cost

53.

The demand facing a purely competitive industry isRequired to answer. Single choice.

(1 Point)

perfectly elastic

relatively elastic

relatively inelastic

kinked

54.

The firm is also the industry inRequired to answer. Single choice.

(1 Point)

monopolistic competition

pure competition

pure monopoly

oligopoly

55.

A group of firms selling the same product is calledRequired to answer. Single choice.

(1 Point)

a market

an industry

an economy

a business enterprise

56.

Non-price competition is commonly practiced inRequired to answer. Single choice.

(1 Point)

pure competition

pure monopoly

pure oligopoly

monopolistic competition

57.

A homegenous product is sold inRequired to answer. Single choice.

(1 Point)

pure competition and pure oligopoly

pure competition and pure monopoly

pure competition

monopolistic competition

58.

Markets where there is blocked/difficult entry into the industryRequired to answer. Single choice.

(1 Point)

pure monopoly

monopolistic competition

pure monopoly and oligopoly

monopolistic competition and oligopoly

59.

The demand facing a monopolistically competitive firm isRequired to answer. Single choice.

(1 Point)

highly elastic

perfectly elastic

relatively inelastic

perfectly inelastic

60.

In what markets is the firm different from the industryRequired to answer. Single choice.

(1 Point)

pure competition, monopolistic competition

pure competition, monopolistic competition and oligopoly

pure competition, monopolistic competition and pure monopoly

pure competition and oligopoly

61.

In what markets can the firm control the price of the productRequired to answer. Single choice.

(1 Point)

pure competiton, monopolistic competition

pure monopoly, monopolistic competition

pure monopoly, monopolistic competition and oligopoly

pure monopoly and oligopoly

62.

An oligopilistic industry where only two sellers compete in the marketRequired to answer. Single choice.

(1 Point)

pure oligopoly

differentiated oligopoly

manufacturing industry

duopoly

63.

Which is not a form of product differentiationRequired to answer. Single choice.

(1 Point)

branding

packaging

price discrimination

location of the store

64.

The biggest difference between TR and TC is calledRequired to answer. Single choice.

(1 Point)

minimum losses

maximum profit

normal profit

negative profit

65.

The break-even point for the firm is the point whereRequired to answer. Single choice.

(1 Point)

TR is greater than TC

TR is less than TC

MR is equal to MC

TR is equal to TC

66.

Answers to NUMBERS 66, 67 and 68 are based on the following problem: If 10,000 kilos of sugar were sold at a price of 50 pesos/kilo and produced at a cost of 35 pesos/kilo. The TR of the firm is equal toRequired to answer. Single choice.

(1 Point)

5,000 pesos

350, 000 pesos

500,000 pesos

35,000 pesos

67.

The TC of the firm isRequired to answer. Single choice.

(1 Point)

5,000 pesos

350,000 pesos

500,000 pesos

35,000 pesos

68.

Total economic profit is equal toRequired to answer. Single choice.

(1 Point)

500,000 pesos

50,000 pesos

150,000 pesos

15,000 pesos

69.

The difference between MR and MC is calledRequired to answer. Single choice.

(1 Point)

marginal profit

excess profit

normal profit

maximum profit

70.

Maximum profit is realized whenRequired to answer. Single choice.

(1 Point)

MR is equal to MC

TR is equal to TC

TR is greater than TC

MR is greater than zero

71.

A macroeconomy that is composed of four macroeconomic sectors isRequired to answer. Single choice.

(1 Point)

a close economy

an open economy

a traditional economy

a barter economyOption 4

72.

Which is not a leakage out of the income stream?Required to answer. Single choice.

(1 Point)

exports

imports

savings

taxes

73.

The injection that corresponds to taxes as leakages isRequired to answer. Single choice.

(1 Point)

imports

investment

government xpenditures

exports

74.

Which of the ff. true?Required to answer. Single choice.

(1 Point)

remittances of OFWs are not a part of the GDP of the Philippines

net exports are not a part of a country's GDP

real GDP is GDP at curent price

GNI or GNP is smaller then GDP

75.

Which of the following is not an expenditure account in the GDPRequired to answer. Single choice.

(1 Point)

personal consumption expenditures

government consumption expenditures

gross domestic capital formation

compensation of employees

76.

Which productive sector is considered the tertiary sectorRequired to answer. Single choice.

(1 Point)

agriculture

service sector

industry sector

business sector

77.

Which expenditure account reresents the purchases of consumer goods by the household sectorRequired to answer. Single choice.

(1 Point)

government consumption expenditures

personal consumption expenditures

net exports

gross domestic capital formation

78.

What are the approaches used in Philippine national income accountingRequired to answer. Single choice.

(1 Point)

expenditure approach and industrial origin approach

expenditure approach and income approach

income approach and industrial origin approach

income, expenditure and industrial origin approach

79.

The factor income approach includes all factor payments exceptRequired to answer. Single choice.

(1 Point)

gross domestic capital formation

compensation of employees

rental income

interest income

80.

Real GDP divided by population isRequired to answer. Single choice.

(1 Point)

nominal GDP per capita

GDP at constant prices

real GDP per capita

GDP at current prices

81.

Which is not a function of moneyRequired to answer. Single choice.

(1 Point)

medium of exchange

store of value

unit of account

measures wealth

82.

The head of the Philippine financial system isRequired to answer. Single choice.

(1 Point)

Bangko Sentral ng Pilipinas

commercial banks

savings banks

national government

83.

The current governor of the BSP isRequired to answer. Single choice.

(1 Point)

Carl Chua

General Galvez

Benjamin Diokno

Ramon Lopez

84.

When people demand money for emergency purposesRequired to answer. Single choice.

(1 Point)

transactions demand for money

precautionary demand for money

speculative demand for money

demand for wealth

85.

A situation where all prices of commodities continue to increaseRequired to answer. Single choice.

(1 Point)

inflation

deflation

devaluation

revaluation