TOPIC 1: INTRO TO MICROECONOMICS
Quiz by Harold N. Noga
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15 questions
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- Q1The major economic resources are:capital, land, labor and entrepreneurial abilitieslabor, raw materials, management and moneylabor, land, capital and managementland, labor, assets and machineries45s
- Q2This refers to the value of what you have to give up in order to choose something else.opportunity costmarginal costefficiencymarginal benefit45s
- Q3Donald spend his weekend time and money going to a movie, thus cannot spend that time at home reading a book, and he can’t spend the money on something else because he uses that for the movie. This situation clearly implies that the opportunity cost of seeing the movie is/are:the money Donald forego by not reading the book.the time, money and the pleasure Donald forego by not reading the book.the time Donald forego by not reading the book.the money spent plus the pleasure Donald sacrifice by not reading the book.120s
- Q4If you invested in Metro Stocks and it gives back only 5% within a year, rather than investing in Golden Stocks (another investment) that yields 11% within a year, your opportunity cost for choosing Metro Stocks is:-6% should you decide to invest in Metro Stocks.the 6% should you decide to invest in Golden Stocks instead of Metro Stocks.11% should you opt Golden Stocks.the 6% should you decide to invest in Metro instead of Golden Stocks.120s
- Q5If the government allocates 188.2 billion pesos on national defence, cannot spend much on education and health care. The opportunity cost is the foregone allocation for education and healthcare and benefits it could provide to people.FalseTrue45s
- Q6It is about doing things in an optimal way (maximized way), for example selling car units the fastest way or in the least expensive way. It could be the wrong thing, but it was done optimally.EfficiencyProductivityeffectivelycost-based strategy45s
- Q7Camille, a land owner lends her property to ABX Manufacturing. She also lends the said firm an cash amounting to 4.6 billion pesos. Which of the following statement is true.Camille is an entrepreneur.The statement describes maximization of resources.Camille expects to receive interest for the capital she lends the ABX and the rent for the land.Camille and ABX corporation are business partners.60s
- Q8Statement 1: Worker A produces an output of 2 units in an hour, whose price is 30 pesos each. Statement 2: Worker B produces an output of 5 units in an hours, whose price is 25 pesos each. Which of the choices are true about the statements?Worker A's productivity is worth 125 pesos while worker B is 55 pesos.The statement states that both are effective.Worker A's productivity is worth 125 pesos while worker B is 60 pesos.Worker A's productivity is worth 60 pesos while worker B is 125 pesos.60s
- Q9Manila setting: Today, rice is definitely more expensive than the previous years. So if you are going to buy one order of rice, expect it to cost around 15 to 25 pesos. This statement tells describes the term:inflationmarginal costopportunity costmarginal benefit60s
- Q10Laborers as the workforce of the economy are entitled to receive ________ in return of their work/services rendered.interestsalaries/wagesrentprofit45s
- Q11Which of the following is not included in the study of economics?choiceopportunity costwhat people should buy?scarce resources45s
- Q12According to the meaning of opportunity cost, what is sacrificed when a decision is taken?Any alternativeAn identical alternativeThe next best alternativeThe least valuable alternative45s
- Q13In the study of economics, resources are also known as:Raw materialsFactors of productionWorkersProfits45s
- Q14This is the type of economic system where the government has an exclusive control over the production and distribution of goods and services?mixed economytraditional economycommand economyMarket economy45s
- Q15A factor of production that includes the tools, equipment, and factories used in the production of goods and services.entrepreneurshipcapitallandlabor45s