An equation showing the maximum output of a commodity that a 

firm can produce per period of time with each set of inputs. 

Answer:  
Feedback 
The correct answer is: Production function 

Question ​2 
Correct 
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These are semi-processed goods which are not ready for final use 
by the consumer, which have undergone some processing but 
need to go through additional processing before they can be 
actually used by the consumer. These are supplied to final good 
firms for conversion into goods in their finished stage. 

Select one: 
a. Exports 
b. Intermediate Goods  
c. Imports 
d. Final Goods 
Feedback 
Your answer is correct. 

The correct answer is: Intermediate Goods 

Question ​3 
Correct 
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Question text 
It refers to the additional utility derived from consuming an 
additional unit of the good. 

Select one: 
a. Total Utility 
b. Marginal product 
c. Total product 
d. Marginal Utility  
Feedback 
Your answer is correct. 

The correct answer is: Marginal Utility 

Question ​4 
Correct 
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Question text 
A written estimate of anticipated government revenues and 
expenditures during a specific period of time. 

Select one: 
a. City Budget 
b. Provincial Budget 
c. International Budget 
d. National Budget  
Feedback 
Your answer is correct. 

The correct answer is: National Budget 

Question ​5 
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Question text 
An entity organized by people with similar needs to provide 
themselves with goods or services or to jointly use available 
resources to improve their income. 

Select one: 
a. Sole Proprietorship 
b. Partnership 
c. Cooperative 
d. Corporation 
Feedback 
Your answer is incorrect. 

The correct answer is: Cooperative 

Question ​6 
Not answered 
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Question text 
A business with total assets worth below P1,500,001. 

Select one: 
a. Medium business 
b. Large Business 
c. Micro Business 
d. Small Business 
Feedback 
Your answer is incorrect. 

The correct answer is: Micro Business 

Question ​7 
Not answered 
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Question text 
The Law of Diminishing Marginal Returns states that additional 
output starts to diminish at a certain point as additional units of a 
variable input are combined with one or more fixed inputs. 

Select one: 
True 
False 
Feedback 
The correct answer is 'True'. 
Question ​8 
Not answered 
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Question text 
An act or process of trying to get or win something over one’s 
rivals. 

Answer:  
Feedback 
The correct answer is: Competition 

Question ​9 
Not answered 
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Question text 
These are unprocessed goods like raw materials, logs, and wheat, 
they are materials extracted from their sources and do not 
undergo any process of production. 

Select one: 
a. Intermediate Goods 
b. Raw Materials 
c. Final Goods 
d. Import Goods 
Feedback 
Your answer is incorrect. 

The correct answer is: Raw Materials 

Question ​10 
Not answered 
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Question text 
It refers to the combined utility derived from consuming certain 
units of a good. 
Select one: 
a. Marginal Utility 
b. Total Product 
c. Marginal Product 
d. Total utility 
Feedback 
Your answer is incorrect. 

The correct answer is: Total utility 

Question ​11 
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Question text 
A Business with total assets worth from P15,000,001 to 
P60,000,000. Large scale business is one with total assets in 
excess of P60,000,000. 

Select one: 
a. Large Business 
b. Small Business 
c. Micro Business 
d. Medium Business 
Feedback 
Your answer is incorrect. 

The correct answer is: Medium Business 

Question ​12 
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Question text 
Those that cannot be readily changed during the time period under 
consideration except at a very great expense. 
Select one: 
a. Variable Inputs 
b. Fixed Inputs 
c. Inputs 
d. Outputs 
Feedback 
Your answer is incorrect. 

The correct answer is: Fixed Inputs 

Question ​13 
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Question text 
The basic facilities, services and installations needed for the 
functioning of a community or society. 

Answer:  
Feedback 
The correct answer is: Infrastructure 

Question ​14 
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Question text 
This is undertaking by a person or a group of persons who are 
partners, or of stockholders who own a juridical entity known as a 
corporation whose main objective is to earn profit for owners. 

Answer:  
Feedback 
The correct answer is: Business 

Question ​15 
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Question text 
Target market refers to the group of customers the business aims 
to cater to. 

Select one: 
True 
False 
Feedback 
The correct answer is 'True'. 

Question ​16 
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Question text 
t is an aggregation of the different businesses engaged in the 
same kind of undertaking. 

Answer:  
Feedback 
The correct answer is: Industry 

Question ​17 
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Question text 
It is the basic producing unit, delivers the goods and services to 
the household for its consumption. 

Answer:  
Feedback 
The correct answer is: Business Firms 

Question ​18 
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Question text 
It refers to the average contribution per unit of input and is equal 
to TP/i. 

Select one: 
a. Average Product 
b. Total Utility 
c. Total Product 
d. Marginal Utility 
Feedback 
Your answer is incorrect. 

The correct answer is: Average Product 

Question ​19 
Not answered 
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Question text 
The additional output produced by an additional unit of the input 
and is equal to TP/ i. 

Select one: 
a. Marginal Utility 
b. Marginal Product 
c. Total product 
d. Total Utility 
Feedback 
Your answer is incorrect. 

The correct answer is: Marginal Product 

Question ​20 
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Question text 
The value of a particular monetary unit in terms of the goods and 
services that it can buy. 

Answer:  
Feedback 
The correct answer is: Purchasing Power 

Question ​21 
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Question text 
This includes a look at the population size, the geography of the 
place where business will be located, land distribution, climate, 
and today’s global warming situation, whether or not the area is 
prone to flood or earthquake. 

Select one: 
a. Economic Forces 
b. Political Factors 
c. Physical Environment 
d. Cultures and Lifestyles 
Feedback 
Your answer is incorrect. 

The correct answer is: Physical Environment 

Question ​22 
Not answered 
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Question text 
Production is the transformation of inputs into outputs of goods & 
services. 

Select one: 
True 
False 
Feedback 
The correct answer is 'True'. 

Question ​23 
Not answered 
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Question text 
It studies the conditions in an industry at a particular time, 
including the behavior of and relations between competitors, 
suppliers, and customers. 

Select one: 
a. ​SWOT Analysis 
b. Industrial analysis 
c. ​Environmental Analysis 
d. HERFINDAHL-HIRSCHMAN INDEX (HHI) 
Feedback 
Your answer is incorrect. 

The correct answer is: Industrial analysis 

Question ​24 
Not answered 
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Question text 
It is a tool that lists the strengths, weaknesses, opportunities, and 
threats that face the business. 

Select one: 
a. HERFINDAHL-HIRSCHMAN INDEX (HHI) 
b. Industrial analysis 
c. ​SWOT Analysis 
d. ​Environmental Analysis 
Feedback 
Your answer is incorrect. 
The correct answer is: S
​ WOT Analysis 

Question ​25 
Not answered 
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Question text 
It refers to goods purchased from a foreign country 

Select one: 
a. Final Goods 
b. Exports 
c. Imports 
d. Intermediate Goods 
Feedback 
Your answer is incorrect. 

The correct answer is: Imports 

Question ​26 
Not answered 
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Question text 
Refers to an evaluation of the possible or probable effects of 
external forces and conditions on the survival and growth of the 
business. 

Answer:  
Feedback 
The correct answer is: Environmental Analysis 

Question ​27 
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Question text 
This involves a look at economic factors such as income of the 
people, specifically the target market, economic conditions such 
as inflation, recession, prosperity, demand, and supply in the 
market. 

Select one: 
a. Cultures and Lifestyles 
b. Physical Environment 
c. Economic Forces 
d. Political Factors 
Feedback 
Your answer is incorrect. 

The correct answer is: Economic Forces 

Question ​28 
Not answered 
Marked out of 1.00 
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Question text 
The combined production of several units of a given set of inputs. 

Select one: 
a. Total Utility 
b. Marginal Utility 
c. Marginal product 
d. Total Product 
Feedback 
Your answer is incorrect. 

The correct answer is: Total Product 

Question ​29 
Not answered 
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Question text 
The basic consuming unit, makes use of goods and services 
which are available in the economy. 

Answer:  
Feedback 
The correct answer is: Household 

Question ​30 
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Question text 
Goods that are ready for direct consumption and are then sold to 
customers for their use. 

Select one: 
a. Imports 
b. Exports 
c. Final Goods 
d. Intermediate Goods 
Feedback 
Your answer is incorrect. 

The correct answer is: Final Goods 

Question ​31 
Not answered 
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Question text 
Consumers are a business’ source of raw materials, intermediate 
goods or final products and services. 

Select one: 
True 
False 
Feedback 
The correct answer is 'False'. 
Question ​32 
Not answered 
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Question text 
It is a legal entity that is separate from its owners, the 
shareholders. No shareholder is personally liable for the debts, 
obligations or acts of the corporation. 

Select one: 
a. Cooperative 
b. Corporation 
c. Sole Proprietorship 
d. Partnership 
Feedback 
Your answer is incorrect. 

The correct answer is: Corporation 

Question ​33 
Not answered 
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Question text 
A regular payment, usually on an hourly, daily or weekly basis, 
made by an employer to an employee, especially for manual labor. 

Answer:  
Feedback 
The correct answer is: Wage 

Question ​34 
Not answered 
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Question text 
Consumer Theory describes how consumers make decisions 
about what to buy given their income and prices of goods and 
services. 

Select one: 
True 
False 
Feedback 
The correct answer is 'True'. 

Question ​35 
Not answered 
Marked out of 1.00 
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Question text 
A form of business organization in which two or more persons 
combine their resources in a business with a view to making 
profit. 

Select one: 
a. Cooperative 
b. Partnership 
c. Corporation 
d. Sole Proprietorship 
Feedback 
Your answer is incorrect. 

The correct answer is: Partnership 

Question ​36 
Not answered 
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Question text 
Retailers are wholesalers or brokers who buy in big quantities 
from manufacturers, add a mark-up to their purchase price and 
sell to distributors. 
Select one: 
True 
False 
Feedback 
The correct answer is 'False'. 

Question ​37 
Not answered 
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Question text 
These are domestically produced goods sold to foreign countries. 

Select one: 
a. Imports 
b. Final Goods 
c. Exports 
d. Intermediate Goods 
Feedback 
Your answer is incorrect. 

The correct answer is: Exports 

Question ​38 
Not answered 
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Question text 
The product created as a result of the combination of inputs in the 
production process. 

Select one: 
a. Output 
b. Variable inputs 
c. Input 
d. Fixed Inputs 
Feedback 
Your answer is incorrect. 

The correct answer is: Output 

Question ​39 
Not answered 
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Question text 
The Law of Diminishing Marginal Utility states that as additional 
units of a good are consumed, the additional utility derived from 
each additional unit tends to diminish, while keeping consumption 
of other goods constant. 

Select one: 
True 
False 
Feedback 
The correct answer is 'True'. 

Question ​40 
Not answered 
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Question text 
This sector processes raw materials from agriculture, fishery and 
forestry into intermediate products which are further processed 
into final products. 

Select one: 
a. Manufacturing 
b. Trade and Transport 
c. Industrial Sector 
d. Service Sector 
Feedback 
Your answer is incorrect. 
The correct answer is: Industrial Sector 

Question ​41 
Not answered 
Marked out of 1.00 
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Question text 
A form of business organization that is owned by a single 
individual who is singly responsible for running the business and is 
accountable for all debts and obligations related to the business. 

Select one: 
a. Cooperation 
b. Sole Proprietorship 
c. Partnership 
d. Corporation 
Feedback 
Your answer is incorrect. 

The correct answer is: Sole Proprietorship 

Question ​42 
Not answered 
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Question text 
It produces the intangibles supporting and complementing 
production in the other sectors as well as among its own 
industries. 

Select one: 
a. Manufacturing 
b. Service Sector 
c. Industrial Sector 
d. Trade and Transport 
Feedback 
Your answer is incorrect. 
The correct answer is: Service Sector 

Question ​43 
Not answered 
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Question text 
The resources used in the production of goods & services. It refers 
to the use of economic resources to create goods and services 
that will be used to satisfy human wants. 

Select one: 
a. Inputs 
b. Variable Inputs 
c. Outputs 
d. Fixed Inputs 
Feedback 
Your answer is incorrect. 

The correct answer is: Inputs 

Question ​44 
Not answered 
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Question text 
Production refers to the use of goods and services to satisfy 
human wants. 

Select one: 
True 
False 
Feedback 
The correct answer is 'False'. 

Question ​45 
Not answered 
Marked out of 1.00 
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Question text 
The commonly accepted measure of market concentration. It is 
calculated by squaring the market share of each firm competing in 
a market, and then summing the resulting numbers. 

Select one: 
a. HERFINDAHL-HIRSCHMAN INDEX (HHI) 
b. ​SWOT Analysis 
c. Industrial analysis 
d. ​Environmental Analysis 
Feedback 
Your answer is incorrect. 

The correct answer is: HERFINDAHL-HIRSCHMAN INDEX (HHI) 

Question ​46 
Not answered 
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Question text 
It shows the relationship between utility and consumption. 

Answer:  
Feedback 
The correct answer is: Utility Function 

Question ​47 
Not answered 
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Question text 
The term used for satisfaction derived from consuming a 
good/service. 

Answer:  
Feedback 
The correct answer is: Utility 
Question ​48 
Not answered 
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Question text 
A principle or body of principles to guide decisions and achieve 
rational outcomes. 

Answer:  
Feedback 
The correct answer is: Policy 

Question ​49 
Not answered 
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Question text 
A Business with total assets worth from P1,500,001 to 
P15,000,000. 

Select one: 
a. Large Business 
b. Micro Business 
c. Medium Business 
d. Small Business 
Feedback 
Your answer is incorrect. 

The correct answer is: Small Business 

Question ​50 
Not answered 
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Question text 
Those that can be changed easily and on short notice. 

Select one: 
a. Variable Inputs 
b. Input 
c. Fixed inputs 
d. Output 
Feedback 
Your answer is incorrect. 

The correct answer is: Variable Inputs 

 
This includes a look at the population size, the geography of the 
place where business will be located, land distribution, climate, 
and today’s global warming situation, whether or not the area is 
prone to flood or earthquake. 

Select one: 
a. Economic Forces 
b. Cultures and Lifestyles 
c. Political Factors 
d. Physical Environment  
Feedback 
Your answer is correct. 

The correct answer is: Physical Environment 

Question ​2 
Incorrect 
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Question text 
It is the basic producing unit, delivers the goods and services to 
the household for its consumption. 

Answer:  
Feedback 
The correct answer is: Business Firms 

Question ​3 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
The product created as a result of the combination of inputs in the 
production process. 

Select one: 
a. Variable inputs 
b. Input 
c. Output  
d. Fixed Inputs 
Feedback 
Your answer is correct. 

The correct answer is: Output 

Question ​4 
Correct 
Mark 1.00 out of 1.00 
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Question text 
An equation showing the maximum output of a commodity that a 
firm can produce per period of time with each set of inputs. 

Answer:  
Feedback 
The correct answer is: Production function 

Question ​5 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
This sector processes raw materials from agriculture, fishery and 
forestry into intermediate products which are further processed 
into final products. 

Select one: 
a. Trade and Transport 
b. Manufacturing 
c. Service Sector 
d. Industrial Sector  
Feedback 
Your answer is correct. 

The correct answer is: Industrial Sector 

Question ​6 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
Those that can be changed easily and on short notice. 

Select one: 
a. Output 
b. Input 
c. Variable Inputs  
d. Fixed inputs 
Feedback 
Your answer is correct. 

The correct answer is: Variable Inputs 

Question ​7 
Correct 
Mark 1.00 out of 1.00 
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Question text 
The basic consuming unit, makes use of goods and services 
which are available in the economy. 

Answer:  
Feedback 
The correct answer is: Household 
Question ​8 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
The additional output produced by an additional unit of the input 
and is equal to TP/ i. 

Select one: 
a. Total Utility 
b. Marginal Product  
c. Marginal Utility 
d. Total product 
Feedback 
Your answer is correct. 

The correct answer is: Marginal Product 

Question ​9 
Correct 
Mark 1.00 out of 1.00 
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Question text 
This is undertaking by a person or a group of persons who are 
partners, or of stockholders who own a juridical entity known as a 
corporation whose main objective is to earn profit for owners. 

Answer:  
Feedback 
The correct answer is: Business 

Question ​10 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
It studies the conditions in an industry at a particular time, 
including the behavior of and relations between competitors, 
suppliers, and customers. 

Select one: 
a. ​Environmental Analysis 
b. Industrial analysis  
c. ​SWOT Analysis 
d. HERFINDAHL-HIRSCHMAN INDEX (HHI) 
Feedback 
Your answer is correct. 

The correct answer is: Industrial analysis 

Question ​11 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
It is a legal entity that is separate from its owners, the 
shareholders. No shareholder is personally liable for the debts, 
obligations or acts of the corporation. 

Select one: 
a. Partnership 
b. Sole Proprietorship 
c. Corporation  
d. Cooperative 
Feedback 
Your answer is correct. 

The correct answer is: Corporation 

Question ​12 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
It shows the relationship between utility and consumption. 

Answer:  
Feedback 
The correct answer is: Utility Function 

Question ​13 
Correct 
Mark 1.00 out of 1.00 
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Question text 
The basic facilities, services and installations needed for the 
functioning of a community or society. 

Answer:  
Feedback 
The correct answer is: Infrastracture 

Question ​14 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
The Law of Diminishing Marginal Utility states that as additional 
units of a good are consumed, the additional utility derived from 
each additional unit tends to diminish, while keeping consumption 
of other goods constant. 

Select one: 
True  
False 
Feedback 
The correct answer is 'True'. 

Question ​15 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
These are semi-processed goods which are not ready for final use 
by the consumer, which have undergone some processing but 
need to go through additional processing before they can be 
actually used by the consumer. These are supplied to final good 
firms for conversion into goods in their finished stage. 

Select one: 
a. Intermediate Goods  
b. Exports 
c. Imports 
d. Final Goods 
Feedback 
Your answer is correct. 

The correct answer is: Intermediate Goods 

Question ​16 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
The term used for satisfaction derived from consuming a 
good/service. 

Answer:  
Feedback 
The correct answer is: Utility 

Question ​17 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
The Law of Diminishing Marginal Returns states that additional 
output starts to diminish at a certain point as additional units of a 
variable input are combined with one or more fixed inputs. 

Select one: 
True  
False 
Feedback 
The correct answer is 'True'. 

Question ​18 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
A regular payment, usually on an hourly, daily or weekly basis, 
made by an employer to an employee, especially for manual labor. 

Answer:  
Feedback 
The correct answer is: Wage 

Question ​19 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
It is a tool that lists the strengths, weaknesses, opportunities, and 
threats that face the business. 

Select one: 
a. ​Environmental Analysis 
b. HERFINDAHL-HIRSCHMAN INDEX (HHI) 
c. Industrial analysis 
d. ​SWOT Analysis  
Feedback 
Your answer is correct. 

The correct answer is: S

​ WOT Analysis 

Question ​20 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
Consumer Theory describes how consumers make decisions 
about what to buy given their income and prices of goods and 
services. 

Select one: 
True  
False 
Feedback 
The correct answer is 'True'. 

Question ​21 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
A business with total assets worth below P1,500,001. 

Select one: 
a. Micro Business  
b. Medium business 
c. Large Business 
d. Small Business 
Feedback 
Your answer is correct. 

The correct answer is: Micro Business 

Question ​22 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
Refers to an evaluation of the possible or probable effects of 
external forces and conditions on the survival and growth of the 
business. 
Answer:  
Feedback 
The correct answer is: Environmental Analysis 

Question ​23 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
It produces the intangibles supporting and complementing 
production in the other sectors as well as among its own 
industries. 

Select one: 
a. Manufacturing 
b. Service Sector  
c. Industrial Sector 
d. Trade and Transport 
Feedback 
Your answer is correct. 

The correct answer is: Service Sector 

Question ​24 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
An act or process of trying to get or win something over one’s 
rivals. 

Answer:  
Feedback 
The correct answer is: Competition 

Question ​25 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
A Business with total assets worth from P15,000,001 to 
P60,000,000. Large scale business is one with total assets in 
excess of P60,000,000. 

Select one: 
a. Large Business 
b. Micro Business 
c. Small Business 
d. Medium Business  
Feedback 
Your answer is correct. 

The correct answer is: Medium Business 

Question ​26 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
The combined production of several units of a given set of inputs. 

Select one: 
a. Total Utility 
b. Marginal product 
c. Total Product  
d. Marginal Utility 
Feedback 
Your answer is correct. 

The correct answer is: Total Product 

Question ​27 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
t is an aggregation of the different businesses engaged in the 
same kind of undertaking. 

Answer:  
Feedback 
The correct answer is: Industry 

Question ​28 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
Retailers are wholesalers or brokers who buy in big quantities 
from manufacturers, add a mark-up to their purchase price and 
sell to distributors. 

Select one: 
True 
False  
Feedback 
The correct answer is 'False'. 

Question ​29 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
These are unprocessed goods like raw materials, logs, and wheat, 
they are materials extracted from their sources and do not 
undergo any process of production. 

Select one: 
a. Final Goods 
b. Raw Materials  
c. Intermediate Goods 
d. Import Goods 
Feedback 
Your answer is correct. 

The correct answer is: Raw Materials 

Question ​30 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
A form of business organization that is owned by a single 
individual who is singly responsible for running the business and is 
accountable for all debts and obligations related to the business. 

Select one: 
a. Corporation 
b. Partnership 
c. Sole Proprietorship  
d. Cooperation 
Feedback 
Your answer is correct. 

The correct answer is: Sole Proprietorship 

Question ​31 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
A Business with total assets worth from P1,500,001 to 
P15,000,000. 

Select one: 
a. Large Business 
b. Micro Business 
c. Small Business  
d. Medium Business 
Feedback 
Your answer is correct. 

The correct answer is: Small Business 

Question ​32 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
It refers to the average contribution per unit of input and is equal 
to TP/i. 

Select one: 
a. Marginal Utility 
b. Total Product 
c. Average Product  
d. Total Utility 
Feedback 
Your answer is correct. 

The correct answer is: Average Product 

Question ​33 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
This involves a look at economic factors such as income of the 
people, specifically the target market, economic conditions such 
as inflation, recession, prosperity, demand, and supply in the 
market. 

Select one: 
a. Physical Environment 
b. Cultures and Lifestyles 
c. Economic Forces  
d. Political Factors 
Feedback 
Your answer is correct. 

The correct answer is: Economic Forces 

Question ​34 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
Target market refers to the group of customers the business aims 
to cater to. 

Select one: 
True  
False 
Feedback 
The correct answer is 'True'. 

Question ​35 
Correct 
Mark 1.00 out of 1.00 
Flag question 
Question text 
A form of business organization in which two or more persons 
combine their resources in a business with a view to making 
profit. 

Select one: 
a. Cooperative 
b. Corporation 
c. Partnership  
d. Sole Proprietorship 
Feedback 
Your answer is correct. 

The correct answer is: Partnership 

Question ​36 
Correct 
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Question text 
Those that cannot be readily changed during the time period under 
consideration except at a very great expense. 

Select one: 
a. Outputs 
b. Fixed Inputs  
c. Variable Inputs 
d. Inputs 
Feedback 
Your answer is correct. 

The correct answer is: Fixed Inputs 

Question ​37 
Correct 
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Question text 
It refers to the additional utility derived from consuming an 
additional unit of the good. 

Select one: 
a. Marginal Utility  
b. Marginal product 
c. Total Utility 
d. Total product 
Feedback 
Your answer is correct. 

The correct answer is: Marginal Utility 

Question ​38 
Correct 
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Question text 
The resources used in the production of goods & services. It refers 
to the use of economic resources to create goods and services 
that will be used to satisfy human wants. 

Select one: 
a. Fixed Inputs 
b. Outputs 
c. Inputs  
d. Variable Inputs 
Feedback 
Your answer is correct. 

The correct answer is: Inputs 

Question ​39 
Correct 
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Question text 
An entity organized by people with similar needs to provide 
themselves with goods or services or to jointly use available 
resources to improve their income. 

Select one: 
a. Partnership 
b. Cooperative  
c. Sole Proprietorship 
d. Corporation 
Feedback 
Your answer is correct. 

The correct answer is: Cooperative 

Question ​40 
Correct 
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Question text 
Consumers are a business’ source of raw materials, intermediate 
goods or final products and services. 

Select one: 
True 
False  
Feedback 
The correct answer is 'False'. 

Question ​41 
Incorrect 
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Question text 
The value of a particular monetary unit in terms of the goods and 
services that it can buy. 

Answer:  
Feedback 
The correct answer is: Purchasing Power 

Question ​42 
Correct 
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Question text 
These are domestically produced goods sold to foreign countries. 

Select one: 
a. Imports 
b. Final Goods 
c. Exports  
d. Intermediate Goods 
Feedback 
Your answer is correct. 

The correct answer is: Exports 

Question ​43 
Correct 
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Question text 
Goods that are ready for direct consumption and are then sold to 
customers for their use. 

Select one: 
a. Imports 
b. Final Goods  
c. Intermediate Goods 
d. Exports 
Feedback 
Your answer is correct. 

The correct answer is: Final Goods 

Question ​44 
Correct 
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Question text 
It refers to the combined utility derived from consuming certain 
units of a good. 

Select one: 
a. Marginal Utility 
b. Total Product 
c. Total utility  
d. Marginal Product 
Feedback 
Your answer is correct. 
The correct answer is: Total utility 

Question ​45 
Correct 
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Question text 
A written estimate of anticipated government revenues and 
expenditures during a specific period of time. 

Select one: 
a. National Budget  
b. City Budget 
c. Provincial Budget 
d. International Budget 
Feedback 
Your answer is correct. 

The correct answer is: National Budget 

Question ​46 
Correct 
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Question text 
The commonly accepted measure of market concentration. It is 
calculated by squaring the market share of each firm competing in 
a market, and then summing the resulting numbers. 

Select one: 
a. Industrial analysis 
b. ​Environmental Analysis 
c. HERFINDAHL-HIRSCHMAN INDEX (HHI)  
d. ​SWOT Analysis 
Feedback 
Your answer is correct. 
The correct answer is: HERFINDAHL-HIRSCHMAN INDEX (HHI) 

Question ​47 
Correct 
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Question text 
It refers to goods purchased from a foreign country 

Select one: 
a. Intermediate Goods 
b. Final Goods 
c. Exports 
d. Imports  
Feedback 
Your answer is correct. 

The correct answer is: Imports 

Question ​48 
Correct 
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Question text 
Production refers to the use of goods and services to satisfy 
human wants. 

Select one: 
True 
False  
Feedback 
The correct answer is 'False'. 

Question ​49 
Correct 
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Question text 
Production is the transformation of inputs into outputs of goods & 
services. 

Select one: 
True  
False 
Feedback 
The correct answer is 'True'. 

Question ​50 
Correct 
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Question text 
A principle or body of principles to guide decisions and achieve 
rational outcomes. 

Answer:  
Feedback 
The correct answer is: Policy 
 

The commonly accepted measure of market concentration. It is 

calculated by squaring the market share of each firm competing in a 
market, and then summing the resulting numbers. 

Select one: 

a. ​Environmental Analysis 

b. HERFINDAHL-HIRSCHMAN INDEX (HHI)  

c. Industrial analysis 

d. ​SWOT Analysis 

Feedback 

Your answer is correct. 

The correct answer is: HERFINDAHL-HIRSCHMAN INDEX (HHI) 

Question 2
​  

Correct 

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Question text 

An entity organized by people with similar needs to provide themselves 

with goods or services or to jointly use available resources to improve 
their income. 

Select one: 
a. Partnership 

b. Cooperative  

c. Corporation 

d. Sole Proprietorship 

Feedback 

Your answer is correct. 

The correct answer is: Cooperative 

Question 3
​  

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Question text 
A form of business organization that is owned by a single individual who is 
singly responsible for running the business and is accountable for all 
debts and obligations related to the business. 

Select one: 

a. Partnership 

b. Sole Proprietorship  

c. Cooperation 

d. Corporation 

Feedback 

Your answer is correct. 

The correct answer is: Sole Proprietorship 

Question 4
​  

Correct 
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Question text 

The Law of Diminishing Marginal Returns states that additional output 

starts to diminish at a certain point as additional units of a variable input 
are combined with one or more fixed inputs. 

Select one: 

True  

False 

Feedback 

The correct answer is 'True'. 

Question 5
​  

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Question text 

An equation showing the maximum output of a commodity that a firm can 

produce per period of time with each set of inputs. 

Answer:  

Feedback 

The correct answer is: Production function 

Question 6
​  

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Question text 

Production refers to the use of goods and services to satisfy human 

wants. 
Select one: 

True 

False  

Feedback 

The correct answer is 'False'. 

Question 7
​  

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Question text 

It produces the intangibles supporting and complementing production in 

the other sectors as well as among its own industries. 

Select one: 
a. Service Sector  

b. Manufacturing 

c. Industrial Sector 

d. Trade and Transport 

Feedback 

Your answer is correct. 

The correct answer is: Service Sector 

Question 8
​  

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Question text 
It refers to goods purchased from a foreign country 

Select one: 

a. Intermediate Goods 

b. Final Goods 

c. Imports  

d. Exports 

Feedback 

Your answer is correct. 

The correct answer is: Imports 

Question 9
​  

Correct 

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Question text 

Those that can be changed easily and on short notice. 

Select one: 

a. Fixed inputs 

b. Output 

c. Input 

d. Variable Inputs  

Feedback 

Your answer is correct. 

The correct answer is: Variable Inputs 

Question 1
​ 0 
Correct 

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Question text 

A principle or body of principles to guide decisions and achieve rational 

outcomes. 

Answer:  

Feedback 

The correct answer is: Policy 

Question 1
​ 1 

Correct 

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Question text 

The basic consuming unit, makes use of goods and services which are 
available in the economy. 

Answer:  

Feedback 

The correct answer is: Household 

Question 1
​ 2 

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Question text 

The value of a particular monetary unit in terms of the goods and services 
that it can buy. 

Answer:  
Feedback 

The correct answer is: Purchasing Power 

Question 1
​ 3 

Correct 

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Question text 

Goods that are ready for direct consumption and are then sold to 
customers for their use. 

Select one: 

a. Intermediate Goods 

b. Exports 

c. Final Goods  
d. Imports 

Feedback 

Your answer is correct. 

The correct answer is: Final Goods 

Question 1
​ 4 

Correct 

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Question text 

Target market refers to the group of customers the business aims to cater 
to. 

Select one: 

True  
False 

Feedback 

The correct answer is 'True'. 

Question 1
​ 5 

Correct 

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Question text 

Those that cannot be readily changed during the time period under 
consideration except at a very great expense. 

Select one: 

a. Inputs 

b. Variable Inputs 
c. Outputs 

d. Fixed Inputs  

Feedback 

Your answer is correct. 

The correct answer is: Fixed Inputs 

Question 1
​ 6 

Correct 

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Question text 

The additional output produced by an additional unit of the input and is 
equal to TP/ i. 

Select one: 
a. Marginal Utility 

b. Total product 

c. Marginal Product  

d. Total Utility 

Feedback 

Your answer is correct. 

The correct answer is: Marginal Product 

Question 1
​ 7 

Correct 

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Question text 
These are unprocessed goods like raw materials, logs, and wheat, they are 
materials extracted from their sources and do not undergo any process of 
production. 

Select one: 

a. Intermediate Goods 

b. Raw Materials  

c. Final Goods 

d. Import Goods 

Feedback 

Your answer is correct. 

The correct answer is: Raw Materials 

Question 1
​ 8 

Correct 
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Question text 

It refers to the average contribution per unit of input and is equal to TP/i. 

Select one: 

a. Marginal Utility 

b. Total Product 

c. Average Product  

d. Total Utility 

Feedback 

Your answer is correct. 

The correct answer is: Average Product 

Question 1
​ 9 

Correct 

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Question text 

Consumer Theory describes how consumers make decisions about what 

to buy given their income and prices of goods and services. 

Select one: 

True  

False 

Feedback 

The correct answer is 'True'. 

Question 2
​ 0 
Correct 

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Question text 

A regular payment, usually on an hourly, daily or weekly basis, made by an 

employer to an employee, especially for manual labor. 

Answer:  

Feedback 

The correct answer is: Wage 

Question 2
​ 1 

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Question text 

It refers to the combined utility derived from consuming certain units of a 

good. 

Select one: 

a. Marginal Utility 

b. Marginal Product 

c. Total utility  

d. Total Product 

Feedback 

Your answer is correct. 

The correct answer is: Total utility 

Question 2
​ 2 

Correct 
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Question text 

It is a legal entity that is separate from its owners, the shareholders. No 
shareholder is personally liable for the debts, obligations or acts of the 
corporation. 

Select one: 

a. Sole Proprietorship 

b. Partnership 

c. Corporation  

d. Cooperative 

Feedback 

Your answer is correct. 

The correct answer is: Corporation 

Question 2
​ 3 

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Question text 

This involves a look at economic factors such as income of the people, 

specifically the target market, economic conditions such as inflation, 
recession, prosperity, demand, and supply in the market. 

Select one: 

a. Cultures and Lifestyles 

b. Economic Forces  

c. Political Factors 

d. Physical Environment 
Feedback 

Your answer is correct. 

The correct answer is: Economic Forces 

Question 2
​ 4 

Correct 

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Question text 

It studies the conditions in an industry at a particular time, including the 

behavior of and relations between competitors, suppliers, and customers. 

Select one: 

a. Industrial analysis  

b. ​Environmental Analysis 
c. ​SWOT Analysis 

d. HERFINDAHL-HIRSCHMAN INDEX (HHI) 

Feedback 

Your answer is correct. 

The correct answer is: Industrial analysis 

Question 2
​ 5 

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Question text 

This is undertaking by a person or a group of persons who are partners, or 

of stockholders who own a juridical entity known as a corporation whose 
main objective is to earn profit for owners. 

Answer:  
Feedback 

The correct answer is: Business 

Question 2
​ 6 

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Question text 

This includes a look at the population size, the geography of the place 
where business will be located, land distribution, climate, and today’s 
global warming situation, whether or not the area is prone to flood or 
earthquake. 

Select one: 

a. Political Factors 

b. Economic Forces 
c. Cultures and Lifestyles 

d. Physical Environment  

Feedback 

Your answer is correct. 

The correct answer is: Physical Environment 

Question 2
​ 7 

Correct 

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Question text 

An act or process of trying to get or win something over one’s rivals. 

Answer:  
Feedback 

The correct answer is: Competition 

Question 2
​ 8 

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Question text 

Production is the transformation of inputs into outputs of goods & 

services. 

Select one: 

True  

False 

Feedback 
The correct answer is 'True'. 

Question 2
​ 9 

Correct 

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Question text 

t is an aggregation of the different businesses engaged in the same kind 

of undertaking. 

Answer:  

Feedback 

The correct answer is: Industry 

Question 3
​ 0 

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Question text 

Retailers are wholesalers or brokers who buy in big quantities from 

manufacturers, add a mark-up to their purchase price and sell to 
distributors. 

Select one: 

True 

False  

Feedback 

The correct answer is 'False'. 

Question 3
​ 1 

Correct 

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Question text 

The combined production of several units of a given set of inputs. 

Select one: 

a. Total Product  

b. Total Utility 

c. Marginal Utility 

d. Marginal product 

Feedback 

Your answer is correct. 

The correct answer is: Total Product 

Question 3
​ 2 
Correct 

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Question text 

It refers to the additional utility derived from consuming an additional unit 

of the good. 

Select one: 

a. Marginal Utility  

b. Total Utility 

c. Total product 

d. Marginal product 

Feedback 

Your answer is correct. 

The correct answer is: Marginal Utility 

Question 3
​ 3 

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Question text 

The Law of Diminishing Marginal Utility states that as additional units of a 

good are consumed, the additional utility derived from each additional unit 
tends to diminish, while keeping consumption of other goods constant. 

Select one: 

True  

False 

Feedback 

The correct answer is 'True'. 

Question 3
​ 4 

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Question text 

It shows the relationship between utility and consumption. 

Answer:  

Feedback 

The correct answer is: Utility Function 

Question 3
​ 5 

Correct 

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Question text 

A written estimate of anticipated government revenues and expenditures 

during a specific period of time. 

Select one: 

a. Provincial Budget 

b. International Budget 

c. National Budget  

d. City Budget 

Feedback 

Your answer is correct. 

The correct answer is: National Budget 

Question 3
​ 6 

Correct 

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Question text 

The term used for satisfaction derived from consuming a good/service. 

Answer:  

Feedback 

The correct answer is: Utility 

Question 3
​ 7 

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Question text 

A form of business organization in which two or more persons combine 

their resources in a business with a view to making profit. 

Select one: 

a. Corporation 

b. Partnership  

c. Cooperative 

d. Sole Proprietorship 

Feedback 

Your answer is correct. 

The correct answer is: Partnership 

Question 3
​ 8 
Correct 

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Question text 

It is the basic producing unit, delivers the goods and services to the 
household for its consumption. 

Answer:  

Feedback 

The correct answer is: Business Firms 

Question 3
​ 9 

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Question text 

A business with total assets worth below P1,500,001. 

Select one: 

a. Micro Business  

b. Small Business 

c. Large Business 

d. Medium business 

Feedback 

Your answer is correct. 

The correct answer is: Micro Business 

Question 4
​ 0 

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Question text 

The product created as a result of the combination of inputs in the 

production process. 

Select one: 

a. Variable inputs 

b. Fixed Inputs 

c. Input 

d. Output  

Feedback 

Your answer is correct. 

The correct answer is: Output 

Question 4
​ 1 

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Question text 

Refers to an evaluation of the possible or probable effects of external 

forces and conditions on the survival and growth of the business. 

Answer:  

Feedback 

The correct answer is: Environmental Analysis 

Question 4
​ 2 

Correct 

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Question text 

These are domestically produced goods sold to foreign countries. 

Select one: 

a. Exports  

b. Imports 

c. Final Goods 

d. Intermediate Goods 

Feedback 

Your answer is correct. 

The correct answer is: Exports 

Question 4
​ 3 
Correct 

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Question text 

These are semi-processed goods which are not ready for final use by the 
consumer, which have undergone some processing but need to go 
through additional processing before they can be actually used by the 
consumer. These are supplied to final good firms for conversion into 
goods in their finished stage. 

Select one: 

a. Final Goods 

b. Exports 

c. Imports 

d. Intermediate Goods  

Feedback 
Your answer is correct. 

The correct answer is: Intermediate Goods 

Question 4
​ 4 

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Question text 

The basic facilities, services and installations needed for the functioning 
of a community or society. 

Answer:  

Feedback 

The correct answer is: Infrastracture 

Question 4
​ 5 
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Question text 

A Business with total assets worth from P1,500,001 to P15,000,000. 

Select one: 

a. Micro Business 

b. Medium Business  

c. Large Business 

d. Small Business 

Feedback 

Your answer is incorrect. 

The correct answer is: Small Business 

Question 4
​ 6 

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Question text 

This sector processes raw materials from agriculture, fishery and forestry 
into intermediate products which are further processed into final products. 

Select one: 

a. Trade and Transport 

b. Service Sector 

c. Manufacturing 

d. Industrial Sector  
Feedback 

Your answer is correct. 

The correct answer is: Industrial Sector 

Question 4
​ 7 

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Question text 

Consumers are a business’ source of raw materials, intermediate goods or 

final products and services. 

Select one: 

True 

False  
Feedback 

The correct answer is 'False'. 

Question 4
​ 8 

Correct 

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Question text 

It is a tool that lists the strengths, weaknesses, opportunities, and threats 

that face the business. 

Select one: 

a. ​SWOT Analysis  

b. ​Environmental Analysis 

c. HERFINDAHL-HIRSCHMAN INDEX (HHI) 

d. Industrial analysis 

Feedback 

Your answer is correct. 

The correct answer is: S

​ WOT Analysis 

Question 4
​ 9 

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Question text 

A Business with total assets worth from P15,000,001 to P60,000,000. 

Large scale business is one with total assets in excess of P60,000,000. 

Select one: 

a. Micro Business 
b. Medium Business  

c. Small Business 

d. Large Business 

Feedback 

Your answer is correct. 

The correct answer is: Medium Business 

Question 5
​ 0 

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Question text 

The resources used in the production of goods & services. It refers to the 
use of economic resources to create goods and services that will be used 
to satisfy human wants. 
Select one: 

a. Fixed Inputs 

b. Outputs 

c. Inputs  

d. Variable Inputs 

Feedback 

Your answer is correct. 

The correct answer is: Inputs 

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