What is the end goal of economics?

Which of the following is the best definition of opportunity costs?

All of the following basic economic questions deal with microeconomics except:

What is a market situation in which the market price has reached the level at which quantity supplied equals quantity demanded?

Economically, what refers to a place where the buyers (consumers) and sellers (producers) meet to agree on the procurement of goods and services?

In an economy, when all economic decisions are done without government intervention, competition served as determinant to identify the needs of the society and competition will determine who will survive in the market, what economic system will likely be in effect in that economy?

What economic condition shows most things that people want are available only in very limited supply?

What economic resources pertains to all the natural resources found above or below the soil that could include lands used for agricultural and industrial purposes?

According to Walstad and Bingham, what Social Science is concerned with the use of scarce resources to obtain the maximum satisfaction of the unlimited wants of the society?

Microeconomics is not concerned with:

In the Talipapa near Mr. De Leon’s house, there has been very little supply of bananas. If it will come a time that in the next morning, a lot of people will demand for bananas and its supply will of course be fewer than its demand, what economic situation is happening in the Talipapa near Mr. De Leon’s house?

If there has been a sudden uncontrollable increase in the price of gasoline, what price control measure is necessary?

From among the following goods or services, which would likely need a floor price?

MERALCO, as the only market for electricity in Metro Manila is under what kind of market structure?

What market structure is characterized as a structure with one unique product and few sellers?

What market structure is characterized as a structure with one unique product and many sellers?

What market structure is characterized as a structure with many products and many sellers?

What economic term is called as the total value of final goods and services produced during a given period by a country’s citizens inside or outside their country?

Why is GDP important?

What happens when two rival firms cooperate with each other over time to raise prices above the competitive levels through coordinated actions.