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

Answer:

Policy

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The correct answer is: Policy

Question 2

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Consumers are a business’ source of raw materials, intermediate goods or final products and services.

Select one:

True

False

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The correct answer is 'False'.

Question 3

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

Answer:

Household

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The correct answer is: Household

Question 4

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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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The correct answer is: Business

Question 5

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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

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Your answer is correct.

The correct answer is: Physical Environment

Question 6

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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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Your answer is correct.

The correct answer is: Partnership

Question 7

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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.

HERFINDAHL-HIRSCHMAN INDEX (HHI)

b.

Industrial analysis

c.
Environmental Analysis

d.

SWOT Analysis

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Your answer is correct.

The correct answer is: Industrial analysis

Question 8

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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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The correct answer is: Wage

Question 9

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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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The correct answer is 'True'.

Question 10

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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.

The correct answer is: Final Goods

Question 11

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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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Your answer is correct.

The correct answer is: Output

Question 12

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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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The correct answer is 'False'.

Question 13

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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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The correct answer is: Marginal Utility

Question 14

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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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The correct answer is: Purchasing Power

Question 15

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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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Your answer is correct.

The correct answer is: Inputs

Question 16

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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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Your answer is correct.

The correct answer is: Marginal Product

Question 17

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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.

Environmental Analysis

d.

Industrial analysis

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Your answer is correct.

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

Question 18

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Those that can be changed easily and on short notice.

Select one:

a.

Variable Inputs
b.

Fixed inputs

c.

Output

d.

Input

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Your answer is correct.

The correct answer is: Variable Inputs

Question 19

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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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Your answer is correct.

The correct answer is: Medium Business

Question 20

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

Answer:

The Firm

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The correct answer is: Business Firms

Question 21

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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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The correct answer is 'True'.

Question 22

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Question text

It refers to goods purchased from a foreign country

Select one:

a.

Final Goods

b.

Imports

c.
Exports

d.

Intermediate Goods

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Your answer is correct.

The correct answer is: Imports

Question 23

Correct

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Question text

Production is the transformation of inputs into outputs of goods & services.

Select one:

True

False

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The correct answer is 'True'.

Question 24

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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.

Imports

b.

Exports

c.

Intermediate Goods

d.

Final Goods

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Your answer is correct.

The correct answer is: Intermediate Goods

Question 25

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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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Your answer is correct.

The correct answer is: Fixed Inputs

Question 26

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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.

Import Goods

d.

Final Goods

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Your answer is correct.

The correct answer is: Raw Materials

Question 27

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

Answer:

Competition

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The correct answer is: Competition

Question 28

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

Answer:

Industry

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The correct answer is: Industry

Question 29

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Question text

These are domestically produced goods sold to foreign countries.

Select one:

a.

Intermediate Goods

b.

Imports
c.

Final Goods

d.

Exports

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Your answer is correct.

The correct answer is: Exports

Question 30

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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.

Service Sector

b.

Manufacturing

c.
Industrial Sector

d.

Trade and Transport

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Your answer is correct.

The correct answer is: Industrial Sector

Question 31

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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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The correct answer is: Environmental Analysis

Question 32

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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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Your answer is correct.

The correct answer is: Total utility

Question 33

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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 product

c.

Marginal Utility

d.

Total Product

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Your answer is correct.

The correct answer is: Total Product

Question 34

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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.

Partnership
b.

Corporation

c.

Sole Proprietorship

d.

Cooperative

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Your answer is correct.

The correct answer is: Corporation

Question 35

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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.

Cultures and Lifestyles

c.

Economic Forces

d.

Physical Environment

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Your answer is correct.

The correct answer is: Economic Forces

Question 36

Correct

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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:

Production Function

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The correct answer is: Production function

Question 37

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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.

Trade and Transport

c.

Service Sector

d.

Industrial Sector

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Your answer is correct.

The correct answer is: Service Sector

Question 38

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.

International Budget

b.

National Budget

c.

Provincial Budget

d.

City Budget

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Your answer is correct.

The correct answer is: National Budget

Question 39

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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.

Corporation

c.

Sole Proprietorship

d.

Partnership

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Your answer is correct.

The correct answer is: Sole Proprietorship

Question 40

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

Select one:

True

False

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The correct answer is 'False'.

Question 41

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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.

Medium Business

c.

Micro Business

d.
Small Business

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Your answer is correct.

The correct answer is: Small Business

Question 42

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

Answer:

Household

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The correct answer is: Infrastracture

Question 43

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Question text

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

Select one:

a.

Small Business
b.

Medium business

c.

Large Business

d.

Micro Business

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Your answer is correct.

The correct answer is: Micro Business

Question 44

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

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The correct answer is 'True'.

Question 45

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 46

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.

Environmental Analysis

b.

SWOT Analysis

c.
HERFINDAHL-HIRSCHMAN INDEX (HHI)

d.

Industrial analysis

Feedback

Your answer is correct.

The correct answer is: SWOT Analysis

Question 47

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Question text

It shows the relationship between utility and consumption.

Answer:

Utility Function

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The correct answer is: Utility Function

Question 48

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Question text

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

Answer:

Utility
Feedback

The correct answer is: Utility

Question 49

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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.

Total Utility

b.

Average Product

c.

Marginal Utility

d.

Total Product

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Your answer is correct.

The correct answer is: Average Product

Question 50

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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 correct.

The correct answer is: Cooperative