BASTA REVIEWER NI!!

1. is the study of how individuals, firms, governments and societies make choices under the
conditions of scarcity.
A. Economics B. Socio Economics C. Applied Economics D. None of the choices
2. It is a situation where resources are finite or limited.
A. Scarce B. Scarcity C. Scare D None of the choices
3. The Basic economic resource or factors of production are
A. Land B. Labor C. Capital D. All the above
4. It is also called factors of production.
A. Political Resources C. Social Resources
B. Economic Resources D. None of the chances
5. It is the statistical and mathematical models to economic data for the purpose of testing
theories, hypothesis and future trends.
A. Barometrics B. Econometrics C Polimetrics D. None of the choices
6. It is the application of economic theory and econometrics in specific setting with the goal of
analyzing potential outcome.
A. Applied Science B Economics C. Applied Economics D. Science
7. It is concerned with the behavior of the smaller units of the econottry like the
consumers/households and the producers/firms
A. Macroeconomics B. Microeconomics C. Minor economics D. None of the choices
8. It focuses on the overall flow of resources and studies the change in the aggregate flow of
money and aggregate movement of goods and services.
A. Macroeconomics B. Microeconomics C. Minor economics D. None of the choices
9. What are the basic questions that our society are faced with regards to our economy?
A What to produce and how much? C. How to produce?
B. For whom to produce D. All of the choices
10. Economic problems arise due to unlimited needs and wants of the people with only limited or
scarce mourves available to satisfy them.
A. True B. False C. Maybe D. None of the choices
11. Which combination of resources and wants causes the economic problem?
A. Unlimited resources, limited wants C. Limited resources, unlimited wants
B. Unlimited resources, unlimited wants D. Limited resources, limited wants
12. Why does scarcity exist?
A. Each year workers tend to produce less than previously
B. There is a limit to people want's
 C. Machine wear out in time
D. There are not sufficient resources to meet everyone's wants
13. The local manufacturing company decides to produce more rubbing alcohol during the
pandemic to supply the growing demands in the market. It solves the issue on.
A. How to produce C. Whom to produce
B. How much incentive D. What to produce
14. Which fundamental economic problem must be solved efficiently?
A Export policies C. Scarcity of resources
B. Surplus of demands D. Uslimited resouron rainforests for hardwood timber.
15. Commercial companies are cutting down tropical rainforest for hardwood timber. What is the
opportunity cost to the society of this activity?
A Tax revenue from the sale of the C. The environment that is destroyed
B. The product made from the timber D. The profit of the companies
16. A hospital cannot treat all people that need treatment. This is an example of,
A. Excess supply B. Scarcity C. Unlimited resources. D. Limited wants
17. Which economic changes would increase the economic problem of scarcity?
A Discovery of new oil field C. Waste reduction
B. Decrease in stocks D. Increase in labor productivity
18. Construction companies are building new houses on land previously used for farming What
is the opportunity cost of this activity?
A. Improved living condition C. Less congestion in city centres
B. Some farm outputs D More homes for new homeowners
19. The city seeds get services of the medical front liners in curing the increasing number of
COVID patients, Raw Materials are scarce for the production of PPE’s. To whom would you
produce the first available resources?
A. Police Officers B. Barangay works C. Medical Front liners D. Soldiers
20 Which statement best plains why drought is an economic poblem?
A Drought be controlled C. Water is a scarce good
B. The effect of drogt solve the government D. Rainfall is unreliable
21. Liza Soberano ddenumam loose tattered Poople now want this kind of jeans. Which demand
determinant is the most likely to fall under?
A. Change Take C.Change Price of Complementary Good
B. Change in Consumer's Price Expectation D. Changi Consumer's Income
22 All government coplo will receive an extra one that pesos this year. What determant of
demand does thus likely so fall under?
 A Change in Consumers Taste C. Change in Price of Complementary
B. Change in Price of Substitut Good Good D. Change in Consumer's Income
23. Ube cheese pandesal are now extremely expensive to purchase. Instead buying of ube cheese
pandesal, I preferred to buy Emaymada. What determinant of demand does this likely fall under?
A Change in Consumer's Taste C. Change in Price of Complementary Good
B. Change in Comer's Price Expectation D. Change is Comer Income
24.improved availability a fraw materials and resources
A Leftward shift of carve C. Rightward shift of supply curve
B Rightward shift of demand curve D. Leftward shift of the supply carve
25 An increase in the cost of leather used in making shoes
A Leftward sleft of demand curve C. Rightward shift of supply carve
B. Leftward shift of A supply curve D. Rightward shift of the demand carve
26 Fewer sellers in the market due to pandemic.
D. Rightward shift of the demand curve
A Leftward shift of demand curve C. Rightward shift of supply curve
B. Leftward shift of A supply curve D. Rightward dit of the demand com
27 Analyze the graph at what quiliberum quantay does consumer us willing to buy and seller in
willing to sell?
A. Market Demand of 65 and market supply of 35
B Market Demand of 55 and Market supply of 55
C. Maket Demand of 40 and Market supply of 85
28. Analyze the graph, what curve sloping downward and reflect au indirect relationship between
price and quantity"
A. Market supply carve
B. Market demand and Market supply curve
C. Market demand curve
29 Analyze the graph, what curve slopes upward and reflect a direct relationship between price
and quantity?
A Market supply curve
B. Market demand and Market supply curve
C Market demand curve
30. Analyze the demand and supply schedule At what equilibrium price does the market demand
and market supply willing to transact
A. At the price of IP2 C. At the price of P4
 B At the price of P10 D. At the price of P14
31. It refers to the "money charged for a product or service
A. Pricing B. Market Equilibrium C Disequilibrium D. Equilibrium
32. It refers to the state of balance when demand is equal to supply
A Pricing B. Market Equilibrium C Disequilibrium D. Equilibrium
33. It refers to the point where demand and supply come together at the same price and quantity
A Pricing B. Market Equilibrium C. Disequilibrium D. Equilibrium
34. It refers to the quantity supplied and quantity demanded are not equal at the price offered.
A. Market Equilibrium B. Disequilibrium CLaw of Demand D. Equilibrium
35. It refers to all other factors being equal, demand will be reduced as the price of a product is
raised.
A Market Equilibrium B. Disequilibrium C Law of Demand D Equilibrium
36. What will be the equilibrium price of the commoday?
A. Rs2 B.Rs3 C. Rs4 D. Rs5
37. What will be the quantity demanded and supplied the equilibrium price?
A. 10 units B. 15 units C. 20 nits D.25 units
38 What will happen, if price is more than the equilibrium price?
A. Excess supply C. Excess Demand
B. Limited supply D. Limited Demand
39. What will happenif price is less than the equilibrium Marlet Suppl price?
A. Excess supply B. Limited supply C. Excess Demand D. Limited Demand
40. This is a form of market distinguished by the presence of a physical location.
A Traditional Market B. Virtual Market C. Stock Market D. Physical Market
41. This is a market structure with a single firm that dominates the industry.
A. Oligopoly B. Perfect Competition C. Monopoly D. None of the choices
42. This is a form of market characterized by the absence of the physical location, and in which
the transactions are settled online and actual meeting of buyer and seller is not a requirem
A.Traditional Market B. Virtual Markel C. Stock Market D. Market Structure
43. It refers to the form or organization of firms in an industry
A Traditional Market B. Virtual Market C. Stock Market D Market Structure
44. It refers to the degree of similarity or homogeneity of products offered by firms in the
industry,
A.Market Structure C. Product differentiation
B. Perfect Competition D. Monopolistic competition
45. This is a market structure characterized by many firms selling homogenous products
A Market Structure C. Product differentiation
B. Perfect Competition D. Monopolistic competition
46. This is a form of imperfect competition characterized by many sellers with highly
differentiated products.
A Market Structure C. Product differentiation
B. Perfect Competition D. Monopolistic competition.
47. This is the key feature of monopolistic competition.
A Market Structure C. Product differentiation
B. Perfect Competition D. Monopolistic competition
48. This is a market structure characterized by having a few sellers dominating the market.
A Oligopoly B. Perfect Competition C.Monopoly . D. Barriers to entry
49. These refer to the factors that affect the case of setting up a business in the industry
A. Oligopoly B. Perfect Competition C. Monopoly D. Barriers to entry
50. Type of market structure for which ZAMCELCO is an example.
A. Oligopoly B. Perfect Competition C. Monopoly D. Barriers to entry