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TOPIC 1: INTRO TO MICROECONOMICS

Quiz by Harold N. Noga

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15 questions
Show answers
  • Q1
    The major economic resources are:
    capital, land, labor and entrepreneurial abilities
    labor, raw materials, management and money
    labor, land, capital and management
    land, labor, assets and machineries
    45s
  • Q2
    This refers to the value of what you have to give up in order to choose something else.
    opportunity cost
    marginal cost
    efficiency
    marginal benefit
    45s
  • Q3
    Donald 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
  • Q4
    If 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
  • Q5
    If 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.
    False
    True
    45s
  • Q6
    It 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.
    Efficiency
    Productivity
    effectively
    cost-based strategy
    45s
  • Q7
    Camille, 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
  • Q8
    Statement 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
  • Q9
    Manila 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:
    inflation
    marginal cost
    opportunity cost
    marginal benefit
    60s
  • Q10
    Laborers as the workforce of the economy are entitled to receive ________ in return of their work/services rendered.
    interest
    salaries/wages
    rent
    profit
    45s
  • Q11
    Which of the following is not included in the study of economics?
    choice
    opportunity cost
    what people should buy?
    scarce resources
    45s
  • Q12
    According to the meaning of opportunity cost, what is sacrificed when a decision is taken?
    Any alternative
    An identical alternative
    The next best alternative
    The least valuable alternative
    45s
  • Q13
    In the study of economics, resources are also known as:
    Raw materials
    Factors of production
    Workers
    Profits
    45s
  • Q14
    This is the type of economic system where the government has an exclusive control over the production and distribution of goods and services?
    mixed economy
    traditional economy
    command economy
    Market economy
    45s
  • Q15
    A factor of production that includes the tools, equipment, and factories used in the production of goods and services.
    entrepreneurship
    capital
    land
    labor
    45s

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