WorksheetsLONG QUIZ ON APPLIED ECONOMICS
Total questions: 33
Worksheet time: 33mins
International trade is the exchange of goods and services between countries.
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A comparative advantage gives a company the ability to sell goods and services at a lower price than its competitors and realize stronger sales margins.
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Global trade does not allows rich countries to use their resources, whether labor, technology, or capital, more efficiently.
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International trade prevent countries to expand their business in the global arena.
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One of the advantages of e-commerce is inability to touch the products.
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Many stores offer a wider array of products online than they carry in their brick-and-mortar counterparts.
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E-commerce is facilitated through the use of electronic devices such as computers, tablets, and smartphones.
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A small enterprise has an asset of less than ₱3,000,000.
The total assets of the business to be considered as micro-enterprise is at least ₱5,000,000.
A medium enterprise has a total assets of more than ₱100,000,000.
Go Negosyo Act promotes ease of doing business and facilitate access to services for MSMEs through the Negosyo Centers.
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Barangay Micro Business Enterprise Act encourages the formation and growth of micro enterprises by granting incentives and other benefits.
All BMBEs shall not be exempt from tax for income arising from the operations of the enterprise.
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Which tool is used to gather information directly from customers about their preferences and buying habits?
Market Scanning
Market Survey
SWOT Analysis
Forecasting
Which of the following best describes SWOT Analysis?
A method to study customer satisfaction
A prediction tool for future sales
A framework to evaluate strengths, weaknesses, opportunities, and threats
A way to monitor competitor actions
Which of the following BEST defines a manufacturing business?
A business that only buys and resells finished goods.
A business that transforms raw materials into finished products using labor and machines.
A business that focuses solely on providing intangible services.
A business that imports goods and distributes them locally.
The manufacturing industry is considered important to the economy because it:
Only benefits the owners through higher profits.
Focuses on reducing competition by monopolizing resources.
Creates employment, stimulates trade, and contributes to GDP growth.
Functions independently without relying on other industries
A shoe manufacturing company introduces lean production techniques to reduce waste and maximize efficiency. This is an example of:
Ignoring business principles in order to cut costs.
Applying business principles, tools, and techniques in manufacturing.
Focusing only on weaknesses in SWOT analysis.
Using forecasting instead of actual market data.
When a manufacturing firm increases production and achieves a lower cost per unit, this concept is known as:
Opportunity Cost
Economies of Scale
Law of Diminishing Returns
Comparative Advantage
Which of the following BEST defines retail trade?
Buying goods in large quantities and selling them to wholesalers.
Selling goods and services directly to final consumers for personal use.
Exporting goods in bulk to international markets.
Providing only after-sales services to customers.
A supermarket adopts a point-of-sale (POS) system to track sales, manage inventory, and improve customer service. This is an example of:
Ignoring modern business practices to cut costs.
Applying business principles, tools, and techniques in retail trade.
Focusing on weaknesses in the retail industry instead of opportunities.
Using market forecasting without actual data.
A restaurant introduces an online booking system to improve customer experience and streamline operations. This is an example of:
Ignoring service standards to reduce costs.
Applying business principles, tools, and techniques in the service industry.
Limiting the scope of services to weaken competition.
Conducting a SWOT Analysis without considering internal factors.
A nation imports electronics while exporting agricultural products to another country. This process illustrates which economic concept?
Comparative Advantage
International Trade
Domestic Trade
Economies of Scale
It refers to the ability of an economy to produce goods and services at a lower opportunity cost compared to its trade partners.
Absolute Advantage
Comparative Advantage
Economies of Scale
Specialization
It refers to the exchange of information or business transactions using any form of electronic communication.
Digital Marketing
Electronic Commerce
Online Retailing
Information and Communications Technology
According to the Department of Trade and Industry (DTI), how are enterprises commonly classified as micro, small, or medium?
Based on the business location and number of competitors
Based on asset size and number of employees
Based on the amount of taxes paid yearly
Based on the type of ownership
Why are MSMEs considered vital to the Philippine economy?
They contribute very little to employment and GDP.
They mainly serve as competitors to large multinational corporations.
They generate jobs, stimulate innovation, and contribute significantly to national income.
They focus only on agricultural production and neglect other sectors.
Effects of economies of scale on production costs.
Types of Retail Trade Business
Types of Service Business
Main types of International Trade based on the direction of goods and services between countries.
What is the significance of the Go Negosyo Act for small businesses?
It restricts access to financial resources for MSMEs.
It focuses solely on large corporations.
It promotes entrepreneurship and provides support services for MSMEs.
It eliminates competition among small businesses.
Which of the following statements is true regarding the impact of e-commerce on traditional retail?
Traditional retail is thriving due to e-commerce.
E-commerce only benefits large retailers.
E-commerce has led to a decline in foot traffic for physical stores.
E-commerce has no effect on traditional retail sales.
