Economics
Quiz by hua gos
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20 questions
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- Q1What is the end goal of economics?To serve as a check on the resources available for consumptionTo satisfy the unlimited material wants of the societyTo ensure that nobody gets hungry in the societyTo create policies for the government30s
- Q2Which of the following is the best definition of opportunity costs?The amount of an input that must be used in order to produce one more unit of a good.The amount of one good that must be given up in order to produce one more unit of another goodThe price of a good that must be charged in order for a merchant to sell one more unit.The amount of money that must be paid in order to purchase one more unit of a good.30s
- Q3All of the following basic economic questions deal with microeconomics except:For whom are the goods and services produced?Is the economy's capacity to produce goods growing over time?What goods and services are being produced and in what quantities?How are goods and services being produced?30s
- Q4What is a market situation in which the market price has reached the level at which quantity supplied equals quantity demanded?disequilibriumceteris paribusequilibriumPrice stability30s
- Q5Economically, what refers to a place where the buyers (consumers) and sellers (producers) meet to agree on the procurement of goods and services?GroceryStoreMarketTalipapa30s
- Q6In 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?communismmixed economycapitalismsocialism30s
- Q7What economic condition shows most things that people want are available only in very limited supply?lossscarcityall of these terms applyshortage30s
- Q8What economic resources pertains to all the natural resources found above or below the soil that could include lands used for agricultural and industrial purposes?labor resourcesland resourcesentrepreneurial abilitiescapital30s
- Q9According 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?geographyhistoryscarcityeconomics30s
- Q10Microeconomics is not concerned with:The quantities of each good producedThe distribution of goods among householdsThe size of aggregate money flows in the economyThe allocative function of changes in relative price30s
- Q11In 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?ShortageSurplusShortagePanic buyingEquilibrium30s
- Q12If there has been a sudden uncontrollable increase in the price of gasoline, what price control measure is necessary?monetary policyceiling pricemartial lawceiling pricefloor price30s
- Q13From among the following goods or services, which would likely need a floor price?farmer’s producesfarmer’s producesnone of the abovefacial servicejewelries30s
- Q14MERALCO, as the only market for electricity in Metro Manila is under what kind of market structure?pure(perfect) competitionMonopolymonopolistic competitionMonopolyoligopoly30s
- Q15What market structure is characterized as a structure with one unique product and few sellers?oligopolymonopolymonopolistic competitionpure(perfect) competitionmonopolistic competition30s