BAED-ECON2122 Applied Economics

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4. FIRST QUARTER EXAMINATION
5. QUARTER 1 EXAMINATION

Started on Monday, 1 May 2023, 2:06 PM

State Finished
Completed on Monday, 1 May 2023, 2:11 PM
Time taken 4 mins 46 secs
Marks 16.00/55.00
Grade 29.09 out of 100.00
Question 1
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What is the business technique wherein the data came from analyzing contrasting elements
in the business environment?

a.
External Business Environment

b.
Environmental Analysis

c.
Environmental Scanning

d.
Internal Business Environment
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Question 2
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Which statement is beneficial to an employee?

a.
Higher wage with the maximum benefits an employer can offer.

b.
Minimum wage with minimum benefits.

c.
Lower wage with minimum benefits.

d.
Higher wage with minimal benefits.
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Question 3
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The great ideas, concepts and drive of the production managers to produce something new
describe which factor of production?
a.
Land

b.
Labor

c.
Capital

d.
Entrepreneur
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Question 4
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Mrs.  Nenita  De  Jesus  purchased  basic  goods  like  vegetables  and  groceries  for the
consumption of her family. These goods are:

a.
Luxury Goods

b.
Consumers Goods

c.
Economic Goods

d.
Capital Goods
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Question 5
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Mr.  Dennis  Elecanal  purchased  new  car  as  a  gift  for  his  father’s  birthday.  This good
is...

a.
Economic Good

b.
Capital Good

c.
Luxury Good

d.
Consumers Good
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Question 6
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 Question text
Which of the indicators of PEST Analysis gives importance to the Filipino culture when
affected by economic situations?

a.
Economic

b.
Social

c.
Technological

d.
Political
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Question 7
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Business ethics refers to any behavior by businesses that may...

a.
be illegal.

b.
violate social or moral standards.

c.
result in the maximization of profits.
d.
All of the above.
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Question 8
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What information would you use to determine the employees’ level of commitment to an
organization?

a.
Aspirations

b.
Strengths

c.
Opportunities

d.
Results
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Question 9
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What is the difference between perfect competition and monopolistic competition?

a.
In perfect competition , firms produce identical products, while in monopolistic competition
does not.

b.
Perfect competition has a large number of small firms while monopolistic competition does
not.

c.
Perfect competition has barriers to entry while monopolistic competition dos not.

d.
Perfect competition has no barriers to entry while monopolistic competition does not.
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Question 10
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What is suggested as the best possible way to achieve a good business forecast?

a.
Accepts that not all estimates could happen in the future
b.
24/7 monitoring of business economic activities

c.
Compare and contrast previous and present business data

d.
Regularly review of past business data
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Question 11
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Can you design a competitive advantage out of a Feasibility Study?

a.
Either A or B

b.
No, because it only complicates the business environment, especially when you intend to
create only a small business, e.g., such as a Sari Sari store.

c.
Yes, because it is upon careful review of business technical aspects.

d.
There is a need for further review of related researches and studies needed for decision-
making.
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Question 12
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Which of the following is the best example of a perfectly competitive market?

a.
Softdrinks

b.
Diamonds

c.
Athletic shoes

d.
Farming
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Question 13
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Which is true about Economics as a social science?
a.
Scarce resources and limited needs drive choice.

b.
Economic hypotheses lead directly to predictions.

c.
The scientific method is based on the normative analysis.

d.
Economics explains and predicts economic events.
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Question 14
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The market supply curve for gasoline shows the...

a.
effect on market demand of a change in the supply of gasoline.

b.
quantity of gasoline that firms offer for sale at different prices.

c.
quantity of gasoline that consumers are willing to buy at different prices.

d.
All of the above are correct.
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Question 15
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What business indicator best explains the idea of scarcity?

a.
Opportunities

b.
Strengths

c.
Weaknesses

d.
Threats
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Question 16
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The fixed amount of money paid or received regularly for the use usually of business space
is called ___________________.
a.
Rent

b.
Taxes

c.
Wage

d.
Interest rate
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Question 17
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The market demand curve for apple shows the...

a.
quantity of an apple that consumers like to buy at different prices.

b.
marginal cost of producing and selling different quantities of an apple.

c.
effect of advertising expenditures on the market price of an apple.

d.
effect on market supply of a change in the demand for apple.
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Question 18
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Which is not considered as tangible good?

a.
Training service

b.
Mask

c.
Sack of rice

d.
Cell phone
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Question 19
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The physical effort of the manpower to produce the protective devices of the frontliners
describes which factor of production? 
a.
Labor

b.
Entrepreneur

c.
Land

d.
Capital
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Question 20
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Which is more critical for the business when achieving a competitive advantage?

a.
Benchmarking

b.
Always on top

c.
Service Quality

d.
Product Quality
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Question 21
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What is the first thing that a businessman or entrepreneur should do when creating a
business?

a.
SWOT Analysis

b.
SMART Analysis

c.
Personality Analysis

d.
Business Plan
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Question 22
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Which describes a barrier to entry?
a.
Something that establishes a barrier to expanding output.

b.
Firms already in the market incurring economic losses so that no new firm wants to enter
the market.

c.
Anything that protects a firm from the arrival of new competitors.

d.
A government regulation that bars a monopoly from earning an economic profit.
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Question 23
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What does “setting performance-standards” mean in the world of business?

a.
Market Equilibrium

b.
Benchmarking

c.
Demand equals Supply

d.
Business Prediction
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Question 24
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ABM Computer shop purchased additional 10 units of computer for the business. These
goods are called:

a.
Luxury Goods

b.
Consumers Goods

c.
Economic Goods

d.
Capital Goods
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Question 25
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 Question text
What business tool must also be included in researches?

a.
Financial Report

b.
Forecasting

c.
Organizational Structure

d.
Feasibility Study
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Question 26
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Which statement is correct about Wage?

a.
Payment may be calculated as a fixed amount for each task completed in an hourly basis.

b.
Payment may be calculated as a fixed amount for each task completed in a weekly basis.

c.
Payment may be calculated as a fixed amount for each task completed in a daily basis.
d.
All of the above.
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Question 27
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An increase in the price of electricity bill will force you to: 

a.
increase your demand for kerosene heaters and coal.

b.
increase your demand for stereos and videokes.

c.
increase your demand for TVs and use of gadgets.

d.
increase your demand for light bulbs and aircon.
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Question 28
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 Question text
Which of the following statements is correct?

a.
The market demand and the firm's demand are the same for a monopoly.

b.
Monopolies have perfectly inelastic demand for the product sold.

c.
Monopolies are guaranteed to earn an economic profit.

d.
All of the above are correct.
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Question 29
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The idea of seeing and experiencing “touch screens” inside the banks fall under which
indicator?

a.
Economic

b.
Political

c.
Technological
d.
Social
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Question 30
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Tax is one of the entrepreneur’s obligations which is the _______________financial charge or
some other type of levy imposed upon a taxpayer.

a.
Conditional

b.
Special

c.
Occasional

d.
Compulsory
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Question 31
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Why is perfect competitive firms are considered as price takers?

a.
There are no good substitutes for their products.

b.
Many other firms produce identical products.

c.
Their Demand curves are downward sloping.

d.
Each firm is very large.
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Question 32
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When employees from your competitors “spy” your product pricing strategies, this situation
is a case under which of the following?

a.
Business Mathematics
b.
Business Ethics

c.
Monkey Business

d.
Business Finance
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Question 33
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What consist of differentiated products?

a.
Many perfect substitutes

b.
No close substitutes

c.
Close but not perfect substitutes

d.
No substitutes of any kind
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Question 34
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Economies  experience  an  increased  in  unemployment  and  a  reduced  of activity during
recession. How does recession affect the market demand for new cars? 

a.
Demand for new cars shifts to the right.

b.
Demand for new cars either has or no shift.

c.
Demand for new cars has no shift.

d.
Demand for new cars shifts to the left.
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Question 35
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Why do firms use marketing?

a.
Persuade buyers that their products is superior than others.
b.
Convince customers that their products are worth the price.

c.
All of these.

d.
Influence a consumer’s buying decision.
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Question 36
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In monopolistic competition, each firm supplies a small part of the market. This occurs
because __________________.

a.
there are a large number of firms.

b.
there are no barriers to entry.

c.
there are barriers to entry.

d.
firms produce differentiated products.
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Question 37
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If Toyota firm is producing a car faster than people want to buy, there is...

a.
an excess demand of car and price can be expected to decrease.

b.
an excess supply of car  and price can be expected to increase.

c.
an excess supply of car and price can be expected to decrease.

d.
an excess demand and price can be expected to increase.
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Question 38
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The  interest  rate  or  the  amount  of  interest  due  per  period,  as  a  proportion  of  the
amount lent, deposited or borrowed (called the principal sum) is not true to all of the given
statements below EXCEPT_________________.
a.
Given to all borrowed money in the same rate.

b.
It  is  the  right  time  to  invest  when  your  capital  is  borrowed  and  with  higher interest
rate.

c.
Higher  interest  rates  are  given  to  all  borrowed  money  when  there  is  an economic
decline.

d.
It is a good opportunity for barrowers to borrow money when banks or other lending
institutions offer higher interest rates.
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Question 39
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The adage, “The customer is always right” falls under which column of the PEST Analysis?

a.
Technological

b.
Social

c.
Economic
d.
Political
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Question 40
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Which of the following is not an economic agent in your locality?

a.
Producer

b.
Consumer

c.
Public Sector

d.
None of the above.
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Question 41
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 Question text
The effect of Economic issues in investment is _______________________.

a.
None of the above.

b.
Lower turnover of capital with higher investment.

c.
Higher investment with lower turnover of capital.

d.
Higher investment with higher turnover of capital.
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Question 42
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Businesses have responded to incentives for ethical behavior by doing ALL except.

a.
appointing “ethics officers” to monitor  ethical manners of employees.

b.
providing training sessions in ethical behavior for employees.

c.
establishing codes of ethical behavior for employees.
d.
lobbying for the abolition of laws that require ethical behavior.
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Question 43
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Question text
Which of the following market types has the fewest number of firms?

a.
Oligopoly

b.
Monopoly

c.
Perfect competition

d.
Monopolistic competition
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 Question text
An examples of investment EXCEPT _________________.

a.
Human  resources  such  as  waiters,  product  specialists,  cashiers,  security guard etc.

b.
Expensive technologies inappropriate for the business

c.
Machines, Equipment, Tools used in the operation of the business

d.
Land, Building, Commercial Space for the business
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Question 45
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What business tool is considered the inverted format of SWOT Analysis?

a.
TOWS Matrix

b.
SOAR Matrix

c.
SOAR Analysis
d.
TOWS Analysis
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Question 46
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What is the ideal market structure?

a.
Monopoly

b.
Perfect competition

c.
Monopolistic competition

d.
Oligopoly
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Question 47
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 Question text
Which  statement  is  beneficial  to  an  employee  during  the  time  when  there  is  an
economic decline?

a.
Higher wage with the maximum benefits an employer can offer.

b.
Higher wage with minimal benefits.

c.
Lower wage with minimum benefits.

d.
Minimum wage with minimum benefits.
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Question 48
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All  the  statements  below  is  the  given  definition  of  Investment  EXCEPT _____________.

a.
An investments can be taken from any barrowed capital with higher interest rates.

b.
It can be an asset also or item acquired with the goal of generating income or appreciation.

c.
An  investment is  a monetary asset purchased with the idea that the asset will provide
income in the future or will later be sold at a higher price for a profit.

d.
An investment is the purchase of goods that are not consumed today but are used in the
future to create wealth.
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Question 49
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Which of the following shows best the present level of competition in the economy?

a.
New shop, new products and services, new business methods

b.
No expansion, improved products and services, improved business methods

c.
Old shop, improved products and services, improved business methods

d.
Branch expansion, new products and services, new business methods
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Question 50
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Which is true on the value of an economic theory in practice? It is determined by...

a.
how economical the model is.

b.
how well the theory can be represented by a graph.

c.
how well the theory can predict or explain.

d.
how accurate the assumptions are.
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Question 51
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According  to  the  labor  law,  employers  must  give  his/her  employees  at  least  the
minimum wage, minimum wage is defined as ___________________. 

a.
The  minimum  benefits  being  given  to  employees  common  to  a  particular region.
b.
The  minimum  amount  of  money  being  paid  to  employees  common  to  a particular
region.

c.
The  minimum  amount  of  time  being  paid  to  employees  common  to  a particular
region.

d.
The  minimum  amount  of  work  being  given  by  the  employers  to  his/her employees
common to a particular region.
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Question 52
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Question text
Which best describes economics as a social and an applied science?

a.
The study of things we need to survive.

b.
The study of how buyers make choices when there is limited supply of resources.

c.
The study of human behavior.

d.
The study of how people make choices when they are faced with an unlimited supply of
resources.
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Question 53
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The computers of the production manager in an office are what kind of goods or products?

a.
Either consumer goods or capital goods

b.
Capital goods

c.
Consumer goods

d.
Economic goods
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Question 54
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Which of the following is the study of the aggregate economy studied as a whole?
a.
Mathematical economics

b.
Econometrics

c.
Macroeconomics

d.
Microeconomics
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Question 55
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Which of the following are examples of human needs?

a.
Flat screen televisions

b.
Iced caramel macchiato Frappuccino

c.
Water and a place to live like houses

d.
Laptops and computers
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Question text
The great ideas, concepts and drive of the production managers to produce something new
describe which factor of production?

a.
Land

b.
Labor

c.
Capital

d.
Entrepreneur
Feedback
The great ideas, concepts and drive of the production managers to produce something new
describe which factor of production?

a.
Land

b.
Labor

c.
Capital

d.
Entrepreneur