First Term Economics Review

Give one of the basic economic questions.

What is the opportunity cost of producing from Point L to Point H?

True or False: Point H fails to maximize all the available resources.

• True

• False

True or False: Point J is only impossible given the current resources.

• True

• False

At which number of inputs did the diminishing marginal returns set in?

It refers to a capital resource's reduction in value due to wear and tear.

What are the payments for land, labor, capital, and entrepreneur? List accordingly.

Economic system allocates resources according to the central plan

Economic system that allocates resources according to beliefs and customs of the community

The government agency that primarily implements the Consumer Act of the Philippines