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Defined as the market value of final products produced within the country The correct answer is: Gross Domestic Products 11: The study of how society manages its scarce resources. The correct answer is: Economics 11: What is the study of economic behavior and decision making of small units, such as individuals, families, and businesses called? The correct answer is: Microeconomics 11: This is the authoritative system wherein decision-making is centralized in the government or a planning committee. This kind of economy holds true in dictatorial, socialist, and communist nations The correct answer is: Command Economy 11: A condition where there are insufficient resources to satisfy needs and wants of a population. The correct answer is: Scarcity 11: A field that applies of economic theories and principles to real-world situations with the desired aim of predicting potential outcomes. Select one: a. Economic Theory b. Applied Economics c. Economics Feedback Your answer is correct. The correct answer is: Applied Economics Question 2 Incorrect Mark 0.00 out of 1. Not flaggedFlag question Question text A field that applies of economic theories and principles to real-world situations with the desired aim of predicting potential outcomes. Select one: a. Macroeconomics b. Applied Economics c. Social Science Feedback Your answer is incorrect. The correct answer is: Social Science
Question 3 Incorrect Mark 0.00 out of 1. Not flaggedFlag question Question text __________________ are the producing units in the economy. Select one: a. Consumer b. Producer c. Firm d. Household Feedback Your answer is incorrect. The correct answer is: Household Question 4 Correct Mark 1.00 out of 1. Not flaggedFlag question Question text What can happen in a planned economy that does not happen in a market economy? Select one: a. There can be international trade. b. There can be full employment of factors of production. c. There can be inflation. d. The allocation of resources can take account of the total effects on society. Feedback Your answer is correct. The correct answer is: The allocation of resources can take account of the total effects on society. Question 5 Incorrect Mark 0.00 out of 1. Not flaggedFlag question Question text Which of the following is a factor of production? Select one: a. The profit declared by a company in its annual report b. The taxes paid to the government c. The payment of interest on a bank loan d. The skill of the managers of a business Feedback Your answer is incorrect. The correct answer is: The skill of the managers of a business
Not flaggedFlag question Question text Which of the following is not a component of demand? Select one: a. Desire b. Surplus c. Ability d. Willingness Feedback Your answer is correct. The correct answer is: Surplus Question 5 Correct Mark 1.00 out of 1. Not flaggedFlag question Question text Which of the following is not a component of Demand? Select one: a. Ability b. Desire c. Surplus d. Willingness Feedback Your answer is correct. The correct answer is: Surplus BILLY JAMES FELISILDA 11: The state of balance when demand is equal to supply. Answer: Equilibrium Feedback The correct answer is: Equilibrium Question 2 Correct Mark 1.00 out of 1. Not flaggedFlag question
Question text Which one of the following is the best explanation of market equilibrium? Select one: a. Where price equals supply b. Where markets for goods equal markets for services c. Where market supply equals market demand d. Where price equals demand Feedback Your answer is correct. The correct answer is: Where market supply equals market demand Question 3 Incorrect Mark 0.00 out of 1. Not flaggedFlag question Question text A table showing how much of a good or service consumers will want to buy at different prices Answer: SUPPLY Feedback The correct answer is: Demand Schedule Question 4 Correct Mark 1.00 out of 1. Not flaggedFlag question Question text shortages occur when the quantity demanded exceeds the quantity supplied. When the market price is held below the equilibrium price. Select one: a. Substitute b. Shortage c. Demand Schedule d. Normal Goods Feedback Your answer is correct. The correct answer is: Shortage Question 5 Incorrect Mark 0.00 out of 1. Not flaggedFlag question Question text The actual amount of a good or service people are willing to sell at some specific price. Select one:
Mark 0.00 out of 1. Not flaggedFlag question Question text When the percentage change in the price exceeds the percentage change in quantity demanded, then demand is Select one: a. Irrelevant Irrelevant. Irrelevant. b. Elastic. c. Inelastic. d. Unitary elastic. Feedback Your answer is incorrect. The correct answer is: Inelastic. Question 5 Correct Mark 1.00 out of 1. Not flaggedFlag question Question text Which of the following is an example of a good with inelastic demand? Select one: a. Laptop Computers b. HD Flat Panel TV Sets c. Life-Saving Medicine d. Fresh Lobster Feedback Your answer is correct. The correct answer is: Life-Saving Medicine Question 6 Correct Mark 1.00 out of 1. Not flaggedFlag question Question text If a good has a lot of substitutes, then its demand will tend to be Select one: a. None of this b. Inelastic c. Elastic d. Unitary
Feedback Your answer is correct. The correct answer is: Elastic Question 7 Correct Mark 1.00 out of 1. Not flaggedFlag question Question text Mercedes makes a luxury car called the Maybach which sells for approximately $490,000. base price. One would expect the demand for this product to be... Select one: a. Elastic b. Inelastic c. None of this d. Unitary Feedback Your answer is correct. The correct answer is: Elastic Question 8 Incorrect Mark 0.00 out of 1. Not flaggedFlag question Question text If billionaire Bill Gates decides he has to have a Maybach, for him it has demand that Select one: a. Inelastic b. None of This c. Elastic d. Unitary Feedback Your answer is incorrect. The correct answer is: Inelastic Question 9 Correct Mark 1.00 out of 1. Not flaggedFlag question Question text Total revenue is defined as Select one: a. The amount of profit a company makes after paying taxes. The amount of profit a company makes after paying taxes. The amount of profit a company makes after paying taxes. The amount of profit a company makes after paying taxes.
a. False b. True Feedback Your answer is correct. The correct answer is: False Question 3 Correct Mark 1.00 out of 1. Not flaggedFlag question Question text Tick the boxes that belong to Imperfect competition: Select one: a. Perfect b. Monopoly c. Monopolistic d. Monopsony Feedback Your answer is correct. The correct answers are: Monopoly, Monopolistic, Monopsony Question 4 Correct Mark 1.00 out of 1. Not flaggedFlag question Question text The main difference between Oligopoly and duopoly is Select one: a. No. of Firms b. Strong Bariers c. Similar Products Similar Products d. Imperfect Knowledge Feedback Your answer is correct. The correct answer is: No. of Firms Question 5 Incorrect Mark 0.00 out of 1. Not flaggedFlag question Question text Given the type of business or industry below, identify what kind of market structure it belongs to. Ice Cream in the Philippines. Select one: a. Monopoly b. Oligopoly c. Perfect Competition d. Monopolistic Competition Feedback
Your answer is incorrect. The correct answer is: Oligopoly 12: What type of business structure is owned by many people? Select one: a. Sole Proprietorship b. Partnership c. Corporation Feedback Your answer is correct. The correct answer is: Corporation Question 2 Correct Mark 1.00 out of 1. Not flaggedFlag question Question text What type of business consists of two or more people? Select one: a. Sole Proprietorship b. Corporation c. Franchise d. Partnership Feedback Your answer is correct. The correct answer is: Partnership Question 3 Correct Mark 1.00 out of 1. Not flaggedFlag question Question text What kind of business is BEST described by these statements? I am the only owner of my business. I take all the risks of doing business. I keep all the profits. Select one: a. Cooperative b. Sole Propreitorship c. Corporation d. Partnership Feedback Your answer is correct. The correct answer is: Sole Propreitorship Question 4 Correct Mark 1.00 out of 1. Not flaggedFlag question Question text
d. Microeconomics Feedback Your answer is correct. The correct answer is: Ceteris Paribus Question 3 Correct Mark 1.00 out of 1. Not flaggedFlag question Question text Supply curve that shows the quantities offered at various prices BY ALL FIRMS that sell product in a given market. โ Cost of Production Select one: True False Feedback The correct answer is 'False'. Question 4 Incorrect Mark 0.00 out of 1. Not flaggedFlag question Question text Amount demanded at any given price. Answer: Adsdf Feedback The correct answer is: Quantity Demanded Question 5 Incorrect Mark 0.00 out of 1. Not flaggedFlag question Question text Law of supply: suppliers will offer more for sale at _____ prices and less for sale at _____ prices. Select one: a. Demand Curve b. Supply Curve c. high, low d. down, up Feedback Your answer is incorrect. The correct answer is: high, low Question 6 Correct Mark 1.00 out of 1. Not flaggedFlag question Question text Measure of the way in which the quantity supplied responds to a change in price. โ Elasticity of Demand
Select one: True False Feedback The correct answer is 'False'. Question 7 Incorrect Mark 0.00 out of 1. Not flaggedFlag question Question text The mental and physical capacity of workers to produce goods and services Answer: sfrg Feedback The correct answer is: Labor Question 8 Not answered Marked out of 1. Not flaggedFlag question Question text Principle that more will be offered for sale at higher and prices and less at lower prices. โ Law of Supply Select one: True False Feedback The correct answer is 'True'. Question 9 Not answered Marked out of 1. Not flaggedFlag question Question text What is the measure of how consumers react to a change in price? Select one: a. Scarcity b. Elasticity c. Marginal d. Equilibrium Price Feedback Your answer is incorrect. The correct answer is: Elasticity Question 10 Not answered Marked out of 1. Not flaggedFlag question Question text The branch of economics that studies decision making for the economy as a whole โ Microeconomics
Question 14 Not answered Marked out of 1. Not flaggedFlag question Question text What are the three basic economic questions? Select one: a. What?, Where?, Whom? b. What?, Why?. Whom? c. What?, How?, Whom? d. How?, Whom?, When? Feedback Your answer is incorrect. The correct answer is: What?, How?, Whom? Question 15 Not answered Marked out of 1. Not flaggedFlag question Question text Amount that producers bring to the market at at any given price. Answer: Feedback The correct answer is: Quantity Supplied Question 16 Not answered Marked out of 1. Not flaggedFlag question Question text The branch of economics that studies, decision making by a single individual, household, firm, industry, or level of government โ Macroeconomics Select one: True False Feedback The correct answer is 'False'. Question 17 Not answered Marked out of 1. Not flaggedFlag question Question text The main difference between Oligopoly and duopoly is Select one: a. No. of Firms b. Similar Products c. Strong Bariers d. Imperfect Knowledge Feedback Your answer is incorrect.
The correct answer is: No. of Firms Question 18 Not answered Marked out of 1. Not flaggedFlag question Question text The condition in which human wants are forever greater than the available supply of time, goods, and resources. Answer: Feedback The correct answer is: Scarcity Question 19 Not answered Marked out of 1. Not flaggedFlag question Question text What type of business structure is owned by many people? Select one: a. Sole Proprietorship b. Partnership c. Corporation Feedback Your answer is incorrect. The correct answer is: Corporation Question 20 Not answered Marked out of 1. Not flaggedFlag question Question text A person who takes a risk to produce goods and services in search of profit Select one: a. Profiteer b. Baliff c. Entrepreneur d. Magistrate Feedback Your answer is incorrect. The correct answer is: Entrepreneur Question 21 Not answered Marked out of 1. Not flaggedFlag question Question text Human-made goods that are used to produce other goods and services Answer: Feedback The correct answer is: Capital
Provides a means to clearly show economic relationships in two-dimensional space. Economic analysis is often concerned with two variables confined to the upper-right (northeast) quadrant of the coordinate number system. Answer: Feedback The correct answer is: Graphs Question 26 Not answered Marked out of 1. Not flaggedFlag question Question text Decision making based on extra benefit/cost of an action. Answer: Feedback The correct answer is: Marginal Analysis Question 27 Not answered Marked out of 1. Not flaggedFlag question Question text Changes in price cause a LARGE change in quantity demanded. Answer: Feedback The correct answer is: Elastic Demand Question 28 Not answered Marked out of 1. Not flaggedFlag question Question text Amount of money, resources, raw materials, labor, and production it takes to make a good, item, or service. Select one: a. Quantity Demanded b. Inelastic c. Cost of Production d. Elastic Feedback Your answer is incorrect. The correct answer is: Cost of Production Question 29 Not answered Marked out of 1. Not flaggedFlag question Question text What is the study of economic behavior and decision makings of small units, such as individuals, families, and businesses called? Select one: a. Macroeconomics
b. Economic Statistics c. Microeconomics d. Economics Feedback Your answer is incorrect. The correct answer is: Microeconomics Question 30 Not answered Marked out of 1. Not flaggedFlag question Question text A form of business organization that is authorized to act as a legal entity regardless of the number of owners. Select one: a. Partnership b. Corporation c. Distributor d. Proprietorship Feedback Your answer is incorrect. The correct answer is: Corporation Question 31 Not answered Marked out of 1. Not flaggedFlag question Question text What are the four factors of production? Select one: a. Land, capital, money, entrepreneurs b. Capital, money, supply, demand c. Labor, capital, supply, demand d. Land, capital, labor, entrepreneurs Feedback Your answer is incorrect. The correct answer is: Land, capital, labor, entrepreneurs Question 32 Not answered Marked out of 1. Not flaggedFlag question Question text The creative ability of individuals to seek profits by taking risk and combining resources to produce innovative products. Answer: Feedback The correct answer is: Entrepreneurship Question 33 Not answered
