This is our activity in economics. It is a multiple choice type of exam and the file name corresponds to the sequence of the questions.

1.In the circular flow model which is not true? (1 Point) O the expenditures of the business rm become the income of the consumer [factor owner} 0 the payment for goods bought by the consumer becomes the revenue of the business rm 0 }the income of the producer is spent to purchase resources 0 the factor payments are costs on the part of the consumer 2. The quantity of other goods and services that an economy must go without in order to produce more lowcost housing is [1 Point) O the opportunity cost of producing the additional low-cost housing 0 the opportunity cost of the additional amount of goods and services produced 0 the opportunity cost of the sacriced lowcost housing 0 the opportunity cost of the sacriced goods and services 11. Determine what will happen to the equilibrium price and quantity if Digs and friends who are kulambo lovers, found a new trendy design of mosquito net. (2 Points) the equilibrium price increase, equilibrium quantity decrease O the equilibrium price decrease, equilibrium quantity increase O both the equilibrium price and quantity increase O both the equilibrium price and quantity decrease12. A change in Anna Patricia's income or a change in the price of another good will result in a change in while a change in the price of the given good will result in a change in (1 Point) Increase in the quantity demanded of the good, decrease in the demand for the good )Increase in the demand for the good, increase in the quantity demanded of the good O Quantity demanded of the good, demand for the good Demand for the good, quantity demanded of the good13. Which of the following would not be studied in microeconomics? (1 Point) O the output and price of rice in the Philippines O the price ceiling imposed by DTI on meat products 4.2 million Pinoys who are jobless due to pandemic shortage of medical supplies in Bambang, Manila 14. Determine what will happen to the equilibrium price and quantity if Chue-Mart banned the use of plastics and ordered their stores to use paper bags in pursuant to a more healthy ecology. (2 Points) O the equilibrium price increase and equilibrium quantity decrease for plastics O the equilibrium price decrease, equilibrium quantity increase for plastics O) both the equilibrium price and quantity increase for paper bags () both the equilibrium price and quantity decrease for paper paper bags15. Pardaddy states that" there is a high correlation between community pantry and communism". Lorin Baduy replies that " it occurs because most of the organizers are members of communist groups". (1 Point) O both Pardaddy's and Baduy's statements are positive O both Pardaddy's and Baduy's statements are normative ()Pardaddy's statement is positive and Baduy's statement is normative Pardaddy's statement is normative and Baduy's statement is positive 16. Determine what will happen to the equilibrium price and quantity if Leni purchased additional cauldrons for her lugawan since lugaw was declared as essential. (2 Points) the equilibrium price increase, equilibrium quantity decrease O the equilibrium price decrease, equilibrium quantity increase O) both the equilibrium price and quantity increase () both the equilibrium price and quantity decrease17. If the price per unit of the Shookt-to-go falls from 20 pesos to 10 pesos and quantity demanded increases from 30 units to 40 units, this change is shown graphically by a (1 Point) ) movement upward along the given demand curve () shift of the demand curve to the left movement downward along the supply curve () movement downward along the demand curve 18. Determine what will happen to the equilibrium price and quantity if the Philippine population balloon to 110 million. (2 Points) O) the equilibrium price decrease, equilibrium quantity increase O both the equilibrium price and quantity increase () the equilibrium price increase, equilibrium quantity decrease O) both the equilibrium price and quantity decrease19. Determine what will happen to the equilibrium price and quantity if the more Filipinos are lose their jobs due to pandemic. (2 Points) O the equilibrium price increase, equilibrium quantity decrease ()the equilibrium price decrease, equilibrium quantity increase O both the equilibrium price and quantity increase O both the equilibrium price and quantity decrease 20. The demand function for Kamote-Q is Qd= 191-7P while its supply function is Qs= -13+10P. What is the equilibrium price and quantity. (2 Points) O P=11; Q=108 O P=12; Q=107 P=13; Q=109 OP=10; Q1063. If Philippine peso depreciates, how will be its affect the market of imported chicken. (2 Points) O quantity demanded for imported chicken will increase O quantity demanded for imported chicken will decrease O demand will increase O demand will decrease 4. Which of the following could cause a decrease in consumer's demand for leche flan? (1 Point) O a decrease in Marie-car's income O an increase in the prices of goods which are substitutes for product leche flan () an increase in the price which the Eco-girls expect to prevail for lechec flan in the future a decrease in the supply of leche flan5. Determine what will happen to the equilibrium price and quantity if the price of flour in making ube cheese pandesal increases. (2 Points) O the equilibrium price increase, equilibrium quantity decrease O the equilibrium price decrease, equilibrium quantity increase O both the equilibrium price and quantity increase () both the equilibrium price and quantity decrease 6. Which of the following is a normative economic statement? (1 Point) the unemployment rate of 6.8% is too high the inflation rate rose by 2.5% last month O the economy grew at annual rate of 6.2% the average rate of interest on loans is 10.2%1 The opportunity cost of building a public gymnasium is the [1 Point] (:3 change in the real estate tax rate to pay off the new gymnasium 0 cost of hiring guards and staff for the gymnasium (:3 cost of constructing the new gymnasium in a future period 0 other goods and services that must be sacrificed to construct the new gymnasium 8. Determine what will happen to the equilibrium price and quantityr if Swine flu and demand affect Mang Chikboy meat production. (2 Points} 0 the equilibrium price indeterminate, equilibrium quantity decrease O the equilibrium price indeterminate, equilibrium quantity increase 0 the equilibrium price increase, equilibrium quantity is indeterminate O the equilibrium price decrease, equilibrium quantity is indeterminate 9. Which of the following answers the fundamental economic question of "for whom to produce"? (1 Point] (:3 should the company produce infant milk or tractors? 0 should the laundry shop shift to the use of washing machines? 0 should the company produce textiles for the foreign market or the domestic market? O should the company reduce its output? 10. Determine what will happen to the equilibrium price and quantityr if ukelele stores closed down as fewer young people are taking up the instrument. (2 Points} 0 the equilibrium price increase, equilibrium quantity decrease O the equilibrium price decrease, equilibrium quantity increase 0 both the equilibrium price and quantity increase (:3 both the equilibrium price and quantity decrease