REVIEW TEST IN ECONOMICS

This act is also known as the Consumer Act of the Philippines.

• RA 7394

• RA 6394

• RA 7934

• RA 7943

This act is also known as the Consumer Act of the Philippines.

• RA 7394

• RA 6394

• RA 7934

• RA 7943

_____ refers to the person who purchases and uses products and services to satisfy his/her personal needs

_____ is the process of using resources to create goods and services that satisfy the needs and wants of individuals and businesses.

_____ is the agency concerned with the quality, safety, weight and measures, labeling of price, packaging, warranties and advertisement of consumer products.

A.    Budget conscious Rica went to the grocery store to buy her needs. In the milk section, she was unsure of what to choose. She proceeded to evaluating which will be more practical for her: buy sachets of Milo or buy a can of it. What characteristic of a wise consumer of a wise consumer is shown in this situation?

• Budget conscious

• Not affected by the advertisement

• Analytical

• A.    Avoid panic buying    

Martina always examines the product she buys. She checks the weighing and     the conditions of the products and counts her change properly before leaving. Which characteristics of a wise consumer is being described?

• Alert                                                         

• Reasonable 

• Analytical

• budget conscious

Irene is planning to start her own business. She was asked by her friends Bernie and Heidi to join this venture. They have collected capital amounting to 1.5 million pesos. What type of industry and business organization are observable in this situation?

• small scale, partnership

• medium scale, partnership

• large scale, partnership

• small scale, ccooperative

26. Coach Lester needed to have a pair of sneakers for his PE class. So, he bought the latest Adidas shoes because his old shoes were already worn out.  He chose that particular brand of shoes because it fits what he needs and not because they were worn by his favorite athlete. What type of a wise consumer is Coach Lester?

• looks for aletrnative

• budget conscious

• reasonable

• avoid panic buying

___is known as the marking attached to the products to indicate their prices.