A science that applies economic theory and econometrics in specific setting with the goal of analyzing potential outcomes.

A science that deals with the allocation of scarce resources to meet the unlimited human wants.

These are products of nature, qualities of individuals, and man-made things which are used in producing goods or services.

ABM Computer shop purchased additional 10 units of computer for the business. These goods are called:

Mrs. Lily Galamay purchased basic goods like vegetables and groceries for the consumption of her family. These goods are:

Which of the following is the study of the aggregate economy studied as a whole?

Which of the following is not an economic agent in your locality?

Businesses have responded to incentives for ethical behavior by doing ALL except

Scarcity of resources in your locality (Manila) is evident. Only available are fabrics, electric sewing machines and skilled workers. The government said, you are only allowed to work from home to be safe and free from infection of viruses. Which items most likely you need to produce?

Manila is ranked 2nd in the most cases of COVID patients in Metro Manila. The city needs urgent services of the medical frontliners in curing the increasing number of patients. There is scarcity in the raw materials for production. To whom would you produce first the available resources?

There is an urgent need of PPEs by the medical frontliners in the City of Manila due increasing number of COVID patients every day. Which is not true of producing the products (PPEs)?

The ABM Manufacturing Company decides to produce more on liquid soap than bar soap to supply the growing demands in the market. It solves issues on:

The fundamental economic problem that must be solved efficiently

Economists point out that scarcity must be addressed to protect the

What two factors contribute to scarcity in the production of goods and services?

If there is scarcity in public transportation, what should the learners do?

The economists describe the amount of resources in an economy as:

An increase in the price of electricity bill will force you to:

The market demand curve for apple shows the

Economies experience an increased in unemployment and a reduced of activity during recession. How does recession affect the market demand for new cars?

The market supply curve for gasoline shows the

If Toyota firm is producing a car faster than people want to buy, there is

an people want to buy, there is

The manufacturer of a Product A now uses new technology making their company more productive. What will happen to the supply?

Because of the pandemic, the tourism industry was affected. The number of tourists decrease. What will happen to the demand for accommodation facilities?

There are different brands of coffee in the market, but I always prefer to buy my favorite brand until its price increase by 10 %. What will happen to the demand for my favorite brand?

Because the increase in demand for face mask lots of entrepreneurs produced different kinds of mask (washable, disposable, one ply, double ply, with turban, different designs, etc.). what will happen to the price of the face mask?

The demand for sugar does not increase and the same with the supply. What will happen to the price?

The degree of change in demand or supply due to the change in its determinants.

The main determinants of supply and demand.

The elasticity coefficient of 0.7 means

If the computed price elasticity is more than 1. What does it mean?

The elasticity is said to be _______ if the coefficient is 1.

The demand elasticity can be measured by the following except:

The graph show a ________________ supply curve.

When there is a greater change in the demand for banana because of the change in price of avocado. The demand for banana is said to be:

The original price of product X is ₱20.00 before an increase of ₱5.00. Because of this, the demand for the product decrease from 50 units to 40 units. The price elasticity coefficient of the product X is:

Refer to the problem in number 10. The price elasticity of product X is:

It is one of the numerous infrastructures, systems, institutions, social relations, and procedures wherein buyers and sellers usually interact with each other to exchange goods and services.

It deals with strategic decision making and focuses on both economics and marketing, making professional entrepreneurs precisely judge industry, policy changes, and market news.

Which of the following are the types of market structures?

It usually emerges because there is a high barrier to enter and exit in a particular market.

Are monopolists price setters?

Do monopolies cause deadweight loss in the economy?

It pertains to the situation where several companies sell the same yet slightly different products.

In a monopolistic competition, can every firm set the price?

In a monopolistic competition, can consumers prefer one product over another?

Is there a type of market structure wherein the market has full control over implying prices?

What do you call the market structure where many products are similar that may substitute each other since they have the same features, price and, quality?