Font size
WorksheetsEntrep Mind MT
Total questions: 82
Worksheet time: 2hrs 45mins
What is Marginal Advantage (Analysis)?
Making a decision by comparing costs and benefits
Making a decision by comparing scarcity and choice
Living on the edge because you have an advantage
The advantage of using margarine
Something we use from nature
natural resource
human resource
capital resource
entrepreneur
Sebastian has decided to buy some water balloons rather than get an extra milk at lunch. Choosing among economic alternatives is referred to as
Scarcity
Trade - Off
Interdependence
1.2 The study of ten principles of economics is important because it enables us to
Describe our standard of living
Increase our consumption of consumer goods
Become better decision makers
The three basic categories of resources are land, labour and:
money.
time.
energy.
capital.
Which of the following is NOT a factor of production?
Land
Labor
Capital
Standard of Living
Incentives are ______________
A set of external motivators that help people make choices.
Whatever you are giving up to do something.
The tension caused by infinite wants and finite resources.
The study of production, employment, prices, and policies on a nationwide scale
Should I spend thousands of pesos on college? Would it be worth it?
Markets Coordinate Trade
Costs vs Benefits
Trade Makes People Better Off
Thinking at the Margin
Rhodora buys a home because she is confident that she is protected by property rights laws
Principle 7: governments can sometimes improve market outcomes
Principle 10: Society faces a short-run tradeoff between inflation and unemployment
Principle 1: People face tradeoffs
Principle 4: People face incentives
Ivy wants to go to the movies with her friends, but she has homework due tonight. She must give up going to the movies if she wants to finish her homework.
Principle 7: the government can sometimes improve market outcomes
Principle 1: people face tradeoffs
Principle 2: the cost of something is what you give up to get it
Principle 6: Markets are usually a good way of organizing economic activity
A t-shirt that Rhoda really wants is on sale for 20% off. She wouldn't have bought it at its original price, but now that it is 20% off she buys it.
Principle 1: People face tradeoffs
Principles 9: Prices rise when the government prints too much money
Principle 3: Rational people think at the margin
Principle 4: People respond to incentives
The Duterte government decides to print more money, and the price of milk rises from 95 pesos a gallon to 120 pesos a gallon
Principle 5: Trade can make everyone better off
Principle 2: The cost of something is what you give up to get it
Principle 4: People respond to incentives
Principle 9: Prices rise when the government prints too much money
Adam Smith said that the "invisible hand" controls the market and creates the optimal outcome
Principle 1: people face tradeoffs
Principle 3: Rational people think at the margin
Principle 6: Markets are usually a good way of organizing economic activity
Principle 9: Prices rise when the government prints too much money
Social awareness includes .........
Not knowing people's names
Dressing appropriately
Being rude
Gossiping
Making rational decisions "at the margin" means that people
make those decisions that do not impose a marginal cost.
compare the marginal costs and marginal benefits of each decision.
evaluate how easily a decision can be reversed if problems arise.
always calculate the marginal dollar costs for each decision.
Foreign trade
increases the scarcity of resources
makes a country more equitable
allows a country to avoid tradeoffs
allows a country to have a greater variety of products at a lower cost than if it tried to produce everything at home.
In a market economy, who makes the decisions that guide most economic activity?
firms only
households only
firms and households
government
Which of the following statement is incorrect?
If the price of a substitute for good “X” rises, people tend to buy less of the substitute
If the price of a substitute for good “X” rises, people tend to buy less of good “X”.
If the price of a complement for good “Y” rises, people tend to buy less of the complement.
If the price of a complement for good “Y” rises, people tend to buy less of good “Y”.
They spend more than they earn, reducing their accumulated savings or going deeper into debt.
middle class
poor people
rich people
none of the above
If a change in income appears permanent such as being promoted to a secure and high paying job, __________________.
then people are likely to consume less.
then people are likely to save more.
then people are likely to consume more.
then people are likely to save less.
Who among the following would be considered as unemployed?
A graduating student of legal age to work
An entrepreneur in the process of starting a new business
A secretary who has resigned from work & looking at job ads
A housewife running 2 internet shops at the same time
Which of the following observations was made famous by Adam Smith in his book The Wealth of Nations?
There is no such thing as a free lunch.
People buy more when prices are low than when prices are high.
No matter how much people earn, they tend to spend more than they earn.
Households and firms interacting in markets are guided by an "invisible hand" that leads them to desirable market outcomes.
None of the above
Many sources of income is always better than one source of income.
false
true
A saving that is for buying something one wants is______.
delayed expense
tariff
tax
ambition
The type of mindset that is open for improvements.
Fixed Mindset
Entrepreneurial Mindset
My talents and skills will never improve". What mindset is this?
Growth Mindset
Entrepreneurial Mindset
This refers to the constant ability to seek opportunities, take risks and make an idea into a reality.
Fixed Mindset
growth Mindset
If a small number of people hold the largest portion of wealth, this is called...
even distribution of wealth
unequal distribution of wealth
life as we know it
unfair
The government prints more money to stimulate the economy and create more jobs, but the price of milk increases from P100 to P150.
Principle 9: Prices rise when the government prints too much money
Principle 5: Trade can make everyone better off
Principle 10: Society faces a short run tradeoff between inflation and unemployment
Principle 3: Rational people think at the margin
When is a good considered scarce in a society?
when more output of the good is possible
when everyone in that society cannot have all they want of the good
when the government restricts production of the good
when only the richest people in the economy can buy all they want of the good
Smaller companies use the cash basis method of accounting since it is easier to understand
True
False
What type of expense is the same each month?
Fixed
Sales
Variable
Revenue
The Most important requirement in putting up a business is __.
capital
location
product
customer
Never underestimate the Power of____
the sword
the word
network/connection
Reading about a topic or business is like learning ____ without experiencing ____
success/failure
failure/success
banking/ATM
What are the two considerations that are blended in a wise leader´s plan?
Strengths & weaknesses
Advantage & disadvantage
Mind & soul
Opportunities & threats
If we take into consideration advantages & disadvantages, we will succeed in our plans?
True
No idea
False
the action of deceiving someone.
prolonged
hasten
deception
deliberate
the refusal to accept or comply with something.
besiege
succumb
hasten
resistance
to surround a place with armed forces.
besiege
prolonged
succumb
deception
to be quick to do something.
hasten
prolonged
deliberate
axiom
Of the Five Factors to consider, This one signifies being aware of the weather, daylight and darkness, and season
moral law
heaven
earth
commander
Of the Five Factors to consider, is consideration of the distances, dangers and narrow passes, the terrain.
moral law
earth
heaven
method and discipline
What does Sun Tzu suggest about the timing of battle?
Fight whenever possible
Know the time and place
Delay battles for better conditions
Always attack first
What are the five constant factors in the art of war according to Sun Tzu?
Planning, Execution, Review, Adaptation, Victory
Strategy, Tactics, Resources, Leadership, Discipline
Moral Law, Heaven, Earth, Commander, Method
Strength, Speed, Agility, Intelligence, Morale
What does Sun Tzu say about deception in warfare?
It is unnecessary
It should be avoided
It is only for weak generals
It is the key to victory
Can the Art of War be applied to personal and business decisions?
yes
no
business only
personal only
The greatest advantage of a family business is the _________ and togetherness that family members share.
Arguments
Trust
Aggravation
Frustration
Starting a new business requires more time and effort than opening a franchise.
True
False
