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CBM
Quiz by Yheleen Mae
Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
What factors influence the advertising objectives of a product?
Which is the best definition of Elasticity?
What are the two types of externalities?
What type of externality occursw hen a firm's production process pollutes the environment, harming
nearby residents?
Who is affected by negative externalities?
It includes moral codes, charities
and business mergers or contracts
in the self interest ofrelevant
parties.
What is the goal of public policies
addressing externalities?
Ensures that competitive enviro-
nments are preserved in order to
maintain an efficient andequitable
capitalistic system.
Which of the following is an exa-
mple of a market-based policy?
Which policy gives businesses
more flexibility?
What is one weakness of market-
based policies?
Which policy approach is better for
immediate action?
What are the agents of production?
What does behavioral economics
focus on?
This is the actions used by current
businesses to discourage new ent-
rants, such aspredatory pricing or
exclusive contracts.
What typically causes a movement
along the supply curve?
Why do governments regulate
monopolies?
In a monopoly graph, the point
where marginal revenue ( MR) equ-
als marginal cost (MC)determines
__________.
There are ___ degrees of price
discrimination.
Which pricing strategy involves charging different prices for the same product based on theconsumer's willingness to pay?
An organization's ability to control
the price of a product.
Firms with market power can practice price discrimination by:
It refers to the number of workers employers are willing to hire at different wage
levels.
In the context of general equilibrium,
which best describes the concept of
Pareto efficiency?
What is the formula used to calculate the
total cost of production?
А _________
is an ideal market structure
characterized by many buyers and sel-
lers,homogeneous products, free entry
and exit, perfect information, and price-
taking behavior.
__________
an organization that comes
into being when a person or a group of
peopledecides to produce a good ser-
vice to meet a perceived demand.
__________
is a process by which inp-
uts are combined, transformed, and tur-
ned intooutputs.
Under certain conditions, when extern-
alities are present, private parties can
arrive at theefficient solution without
government involvement.
What is the primary factor that influences
consumer choice?
Which of the following curves are NOT
U-shaped?
What is the primary purpose of a firm's
short-run production decision?
In the short run, which type of costs rem-
ain constant regardless of the output
level?
What is a theoretical market structure
characterized by several key features, such as a large
number of buyers and sellers, identical products, and free entry and exit from the
market?
3 A theory which studies the entire economy rather than taking only into account a part of themarket?
What is the concept of diminishing returns?
This efficiency is when firms produce at the lowest possible
cost, maximizing output withoutwaste.
It is simply the market where land is traded.
What happens to consumer spending when people have
more money to spend?
41. In the long run, a firm's costs are:
Economies of scale are present when:
This organization manages oil production among its
members to influence and stabilizeglobal oil prices.
one factor of Market Structure and Competition states that firms focus on differentiation,branding, and advertising to
gain market share.
What is the term for a formal agreement among oligopolies
to adopt policies that will restrictor reduce the level of
competition in the market?
A group of firms that gets together and makes
joint price and output decisions to maximize
joint profits.
The word “oligopoly” comes from
the Greek word _______ .
This uncertainty arises from situations where the probability of different outcomes can bequantified
or estimated, but the exact outcome is still unknown.
The following are reasons why asymmetric information happens except one. What is it?
It refers to a situation in which the
future economic environment is challenging to predict,and there is a high degree of risk or unknowns involved.
This asymmetric information occurs
when one party in a transaction has
more information
about the product or service than the
other, which can lead to problems in
the market.
Which is NoT one of the reasons why asymmetric information
happens in the market.
This is a concept that represents the
level of satisfaction or happiness a person gets fromconsuming a good or service.
This is when someone prefers a guaranteed outcome over a riskier choice.
Which country is an example of successfully managng natural resources through asovereign wealth
fund?
What role does infrastructure play in a country’s economic development?
Which of the following is a key factor in ensuring sustainable
economic growth for a country?
Why is economic diversification important for a country’s growth?
It refers to a situation where the allocation of resources in the economy does not maximizeoverall social welfare.
What is the term for a cost or benefit that stems from
the production or consumption of agood or service?
A ________ problem arises whenever any group of
individuals must make a collectivechoice from
among a set of alternatives before them.
Which theorem describes how a certain voting
system is not always fair and perfect?
It is a market failure that happens when consumers
profit from resources, products, orservices that they
did not pay for.
Which of the following is a characteristic of a monopoly?
A ________
is a product or service that is available to everyone in a community withoutreducing the amount available to others.
Two stores, Store A and Store B, are deciding whe-
ther to offer a discount on their products.If both sto-
res offer a discount, they both make a small profit. If
only one store offers adiscount, that store makes a
large profit, while the other store makes no profit. If
neitherstore offers a discount, they both make a
normal profit. Which of the following is a Nash Equilibrium?
This is a market for a good that has no good substitutes like Maynilad water services.
Borne only by the monopolist, this type of tax is a fixed amount that is levied on and paid bycompanies
at a certain period of time.
Consists of few sellers that produce identical products. In such a market, the products soldare fairly homogeneous.
Market structure characterized by a large number of sellers of differentiated products.
Which of the following is not a type of oligopoly?
Limited competition refers to?
What is imperfect competition?
What are the most common artificial barriers to entry
in a market?
A graph that shows the different scales on which firm
can choose to operate in the long run.
It refers to the material things that are used as inputs
in the production of future goods andservices.
What is asymmetric information in economics?
What is signaling in the context of asymmetric information?
It is a type of oligopoly where a few sellers offer products that have varying value, characteristics, or qualities.
It represents a specific scenario within the broader framework of oligopoly, occurring whenonly two producers exist in a market.