Professional Documents
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Econ Week 20
Econ Week 20
Answer:
Policy
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Question 2
Correct
Question text
Consumers are a business’ source of raw materials, intermediate goods or final products and services.
Select one:
True
False
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Question 3
Correct
Question text
The basic consuming unit, makes use of goods and services which are available in the economy.
Answer:
Household
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Correct
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:
Business
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Question 5
Correct
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.
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Question 6
Correct
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
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Question 7
Correct
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.
b.
Industrial analysis
c.
Environmental Analysis
d.
SWOT Analysis
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Question 8
Correct
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:
Wage
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Question 9
Correct
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Target market refers to the group of customers the business aims to cater to.
Select one:
True
False
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Question 10
Correct
Question text
Goods that are ready for direct consumption and are then sold to customers for their use.
Select one:
a.
Final Goods
b.
Imports
c.
Intermediate Goods
d.
Exports
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Your answer is correct.
Question 11
Correct
Question text
The product created as a result of the combination of inputs in the production process.
Select one:
a.
Output
b.
Fixed Inputs
c.
Input
d.
Variable inputs
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Correct
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
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Question 13
Correct
Question text
It refers to the additional utility derived from consuming an additional unit of the good.
Select one:
a.
Marginal Utility
b.
Total product
c.
Marginal product
d.
Total Utility
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Question 14
Incorrect
Question text
The value of a particular monetary unit in terms of the goods and services that it can buy.
Answer:
Purchasing-power
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Question 15
Correct
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.
Fixed Inputs
d.
Outputs
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Question 16
Correct
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 Utility
c.
Marginal Product
d.
Total product
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Question 17
Correct
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.
b.
SWOT Analysis
c.
Environmental Analysis
d.
Industrial analysis
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Question 18
Correct
Question text
Select one:
a.
Variable Inputs
b.
Fixed inputs
c.
Output
d.
Input
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Question 19
Correct
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.
Medium Business
c.
Small Business
d.
Micro Business
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Question 20
Incorrect
Question text
It is the basic producing unit, delivers the goods and services to the household for its consumption.
Answer:
The Firm
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Question 21
Correct
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
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Question 22
Correct
Question text
Select one:
a.
Final Goods
b.
Imports
c.
Exports
d.
Intermediate Goods
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Question 23
Correct
Question text
Select one:
True
False
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Question 24
Correct
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.
Imports
b.
Exports
c.
Intermediate Goods
d.
Final Goods
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Question 25
Correct
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.
Variable Inputs
c.
Fixed Inputs
d.
Inputs
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Question 26
Correct
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.
Import Goods
d.
Final Goods
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Question 27
Correct
Question text
Answer:
Competition
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The correct answer is: Competition
Question 28
Correct
Question text
Answer:
Industry
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Question 29
Correct
Question text
Select one:
a.
Intermediate Goods
b.
Imports
c.
Final Goods
d.
Exports
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Question 30
Correct
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.
Service Sector
b.
Manufacturing
c.
Industrial Sector
d.
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Question 31
Correct
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:
Environmental Analysis
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Question 32
Correct
Question text
It refers to the combined utility derived from consuming certain units of a good.
Select one:
a.
Total Product
b.
Marginal Product
c.
Total utility
d.
Marginal Utility
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Question 33
Correct
Question text
Select one:
a.
Total Utility
b.
Marginal product
c.
Marginal Utility
d.
Total Product
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Question 34
Correct
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.
Corporation
c.
Sole Proprietorship
d.
Cooperative
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Question 35
Correct
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.
Political Factors
b.
c.
Economic Forces
d.
Physical Environment
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Question 36
Correct
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:
Production Function
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Question 37
Correct
Mark 1.00 out of 1.00
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.
c.
Service Sector
d.
Industrial Sector
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Question 38
Correct
Question text
A written estimate of anticipated government revenues and expenditures during a specific period of
time.
Select one:
a.
International Budget
b.
National Budget
c.
Provincial Budget
d.
City Budget
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Question 39
Correct
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.
Corporation
c.
Sole Proprietorship
d.
Partnership
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Question 40
Correct
Question text
Production refers to the use of goods and services to satisfy human wants.
Select one:
True
False
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Question 41
Correct
Question text
Select one:
a.
Large Business
b.
Medium Business
c.
Micro Business
d.
Small Business
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Question 42
Incorrect
Question text
The basic facilities, services and installations needed for the functioning of a community or society.
Answer:
Household
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Question 43
Correct
Question text
Select one:
a.
Small Business
b.
Medium business
c.
Large Business
d.
Micro Business
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Question 44
Correct
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
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Question 45
Correct
Mark 1.00 out of 1.00
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
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Question 46
Correct
Question text
It is a tool that lists the strengths, weaknesses, opportunities, and threats that face the business.
Select one:
a.
Environmental Analysis
b.
SWOT Analysis
c.
HERFINDAHL-HIRSCHMAN INDEX (HHI)
d.
Industrial analysis
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Question 47
Correct
Question text
Answer:
Utility Function
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Question 48
Correct
Question text
Answer:
Utility
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Question 49
Correct
Question text
It refers to the average contribution per unit of input and is equal to TP/i.
Select one:
a.
Total Utility
b.
Average Product
c.
Marginal Utility
d.
Total Product
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Correct
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
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