For most people, the largest portion of their personal income comes from _____.

When a person rents an apartment, who benefits from the transaction?

When deciding which two items to purchase, you should always _____.

If the price of the beef doubled and the price of poultry stayed the same, people would most likely buy ______.

In the Philippines, who determines what goods or services will be produced?

Since the resources used in the production of goods and services are limited, society must ___.

A large increase in the cost of producing jeans is most likely to result in ___.

When we want to have more of a good or service, we are actually sacrificing something in exchange.

Which of the following would most likely accelerate innovation in the computer industry?

If interest rates charged by banks decreased, business would most likely to ____.

The stock market is an example of an institution that exist to help people achieve their goals. The existence of the stock market ____.

Which of the following statement about money is true?

Which if the following are most likely to be helped by inflation?

A way of the government to increase the skilled workforce of the nation is the introduction of K-12 with National Certificate Accreditation for Technical-Vocational Courses. This is one way to address the problems in ___.

More than the pressure on land and capital, it puts a burden on the government to provide the social services including education, health and housing to an expanding population.

Philippines was once a major exporter of rice in nearby Asian countries. But developments in agricultural land to commercial purpose has its opportunity cost. One is ____.

The limited capacity of our energy infrastructure has resulted in daily interruptions of electricity in many regions in the country. This is an example of the nation’s problem on ____.

The principle of marginal utility is a characteristic of demand that industries or manufacturers consider in ___.

Which government interventions in the regulation of prices helps suppliers to not sell product below a set price?

Firms may use labor intensive or capital-intensive technology whichever is cheaper. Which factor that affects supply best describes the statement?

Excess demand is characterized by ___.

When an economy produces more houses and fewer typewriters, it is answering the ________ question.

Which is NOT a factor of production?

Means when all other things are held constant.

In the determination of demand it is important to consider not only the willingness to buy but also the ____.

Consist of any tangible assets that an organization uses to produce goods or services.

Describes a consumer's desire and willingness to pay a price for a specific good or service.

Where firm is the sole producer or provider of a particular product or service

Where products are similar but not exactly the same.

Neither the consumer nor supplier will control the market price. Both are considered price taker.

Has an indirect relationship between prices and quantity of demand at ceteris paribus

Has a direct relationship with prices and quantity supplied

An example of this market is online shopping like Lazada, Zalora, etc.

Is characterized by the fluctuations of prices in the market.

A regulatory body of the PH in charge of the health and safety of the nation.

Regarded as price in the foreign exchange market

Study of social behavior guiding in the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society.

The factors of production used in processing or transforming raw materials.

A point of intersection showing that buyers and sellers agreed on a price of a good or service

Price is the basis of demand for the ___ of a commodity.

The continuous remittances of OFWs increase when forex rate is high which in turn encourages more exchanges and increase in the dollar reserves.

The Philippines is a pure command economy.

The existence of various cultural groups in the Philippines is due to historical precedents, thus hastening the process of innovations and market penetrations.

Building of railroads, airports, roads and bridges at a lesser cost in the expense of quality, means more savings for the economy.

The tax of a commodity is both an index of cost or sacrifice and benefit or satisfaction.

TESDA provides training for skilled worker in order to supply the nations need for labor/man power. This is a function that is being studied by the macroeconomics.

OFW remittances made the monetary reserves of the country in a sustaining mechanism against inflation.

A family that has limited access to or absence of resources is considered poor, thus providing free meals and adequate clothing by the government solves it.

Expanding population means lesser people will have access to scarce resources.

MRT System is considered one of the problems sought after weak infrastructures in the Philippines.