SHARE
TWEET

Economics

a guest Jul 4th, 2016 405 Never
Not a member of Pastebin yet? Sign Up, it unlocks many cool features!
  1. 1. Which of the following are important factors in Economics?
  2. Land, capital, labor and entrepreneurship
  3.  
  4. 2. It is the study of production, consumption and distribution of goods and services.
  5. Economics
  6.  
  7. 3. He is the author of Wealth of Nations and considered as Father of Modern Economics.
  8. Adam Smith
  9.  
  10. 4. It is the study the production and distribution of goods and services; it is the study of human efforts to satisfy unlimited wants with limited resources.
  11. Economics
  12.  
  13. 5. Which Economic system can be characterized by a dictatorial system of government?
  14. Command Economic system
  15.  
  16. 6. It studies economic behavior without making judgments. It describes what exists and how it works.
  17. Positive economics
  18.  
  19. 7. The field of economics that studies the behavior of the aggregate economy.
  20. Macroeconomics
  21.  
  22. 8. We use resources as ____ to produce economic goods called ____.
  23. Input - Output
  24.  
  25. 9. It refers to the collection and use of data to test economic theories.
  26. Empirical economics
  27.  
  28. 10. What is the main element of every market?
  29. All of the given options
  30.  
  31. 11. A discussion of wealth and income is under:
  32. Economics
  33.  
  34. 12. The word Economics comes from the Greek word which means:
  35. Household management
  36.  
  37. 13. Which statement is not correct?
  38. Service are tangible commodity
  39.  
  40. 14. It analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe courses of action.
  41. Normative economics
  42.  
  43. 15. Economics is important because:
  44. All of these
  45.  
  46. 1. Inputs are including of _____.
  47. All of the given options
  48.  
  49. 2. It is the study of methods, especially the scientific method, in relation to economics, including principles underlying economic reasoning.
  50. Economic methodology
  51.  
  52. 3. Which one is not include of goods for the future?
  53. Food
  54.  
  55. 4. It involves building models of behavior.
  56. Economic theory
  57.  
  58. 5. In the product market, households are ____ and firms are ____.
  59. buyers - sellers
  60.  
  61. 6. Inputs are known as the ______ owned by the ______ who in return consume all the goods and services produce by the firm.
  62. factors of production - household
  63.  
  64. 7. Injections into the circular flow are _____, ______ and ______.
  65. investment,goverment expenditure,exports
  66.  
  67. 8. Leakages from the circular flow are ____, _____ and _____.
  68. savings,taxes net of subsidies,import
  69.  
  70. 9. Which factors can make an economy grows?
  71. All of the given options
  72.  
  73. 10. It means that we are using all available resources, and they are being used to their potential.
  74. Full employment
  75.  
  76. 1. The market supply curve shows
  77. the quantity of a good that firms would offer for sale at different prices
  78.  
  79. 2. If the price of a good decreases while the quantity of the good exchanged on markets increases, then the most likely explanation is that there has been
  80. An increase in supply
  81.  
  82. 3. Demand curve indicates lower quantity at a ___ price, and a higher quantity at a ___ price.
  83. higher - lower
  84.  
  85. 4. Which of the following will cause a change in quantity supplied?
  86. All of the given options
  87.  
  88. 5. Which one is not normal good?
  89. Cheap frozen dinner
  90.  
  91. 6. If the price of a good increases while the quantity of the good exchanged on markets increases, then the most likely explanation is that there has been
  92. An increase in demand
  93.  
  94. 7. Which one is Neutral good?
  95. Salt
  96.  
  97. 8. Market equilibrium refers to a situation in which market price
  98. Is at a level where there is neither a shortage nor a surplus
  99.  
  100. 9. If input prices increase, all else equal,
  101. Supply will decrease
  102.  
  103. 10. The market demand curve shows
  104. The quantity of a good that consumers would like to purchase at different prices
  105.  
  106. 11. ____ is discovered in the interactions of buyers and sellers
  107. Price
  108.  
  109. 12. During a recession, economies experience increased unemployment and a reduced level of activity. How would a recession be likely to affect the market demand for new cars?
  110. Demand will shift to the left
  111.  
  112. 13. Which one are complementary goods?
  113. Tea - Sugar
  114.  
  115. 14. If the price of a good increases while the quantity of the good exchanged on markets decreases, then the most likely explanation is that there has been
  116. A decrease in supply
  117.  
  118. 15. If automobile manufacturers are producing cars faster than people want to buy them,
  119. There is an excess supply and price can be expected to decrease
  120.  
  121. 1. When ed=1, it means:
  122. Unit-elastic
  123.  
  124. 2. Tennis racquets and tennis balls are likely to have a positive cross-elasticity of demand.
  125. False
  126.  
  127. 3. If the price elasticity of demand is unit then a fall in price:
  128. Leaves revenue unchanged
  129.  
  130. 4. Which statement is wrong?
  131. Cross-elasticity for Subtitute goods is negative
  132.  
  133. 5. A government seeking to raise revenue should increase taxes on products with relatively elastic demands.
  134. False
  135.  
  136. 6. 2. The bus fare charged by the local bus company is Php2.00 during the morning rush hour, but only Php1.50 during the early afternoon. This can be explained by the fact that the demand for bus rides during the morning rush hour is _____; but during the early afternoon the demand for bus rides is _____:
  137. Less elastic; more elastic
  138.  
  139. 7. If the income elasticity of a demand for a good is negative, then the good is:
  140. an inferior good
  141.  
  142. 8. _____ measures the relative responsiveness in quantity demanded to a change in price.
  143. Price elasticity of demand
  144.  
  145. 9. If the cross elasticity of demand between two goods is negative, then the two goods are:
  146. Complements
  147.  
  148. 10. When ed>1, it means:
  149. Elastic demand
  150.  
  151. 11. At a price of Php11.00, quantity demanded is 90; and at a price of Php9.00, quantity demanded is 110. The price elasticity of demand is:
  152. -1.22
  153.  
  154. 12. ______ measures elasticity over a distance.
  155. Arc elasticity
  156.  
  157. 13. Different types of washing-up liquid are likely to have a positive cross-elasticity of demand.
  158. True
  159.  
  160. 14. When ed=0, it means:
  161. Perfectly inelastic
  162.  
  163. 15. A university decides to raise tuition fees to increase the total revenue it receives from students. This strategy will work if the demand for education at that university is:
  164. Inelastic
  165.  
  166. 16. Price elasticity of demand refers to shifts in the demand curve for a product.
  167. False
  168.  
  169. 17. When ed<1, it means:
  170. Inelastic
  171.  
  172. 18. Measures responsiveness of buyers to changes in income.
  173. Income elasticity of demand
  174.  
  175. 19. When ed=8, it means:
  176. Perfectly elastic
  177.  
  178. 20. _____ is primary determinant of elasticity of supp
RAW Paste Data
We use cookies for various purposes including analytics. By continuing to use Pastebin, you agree to our use of cookies as described in the Cookies Policy. OK, I Understand
 
Top