WorksheetsSS 9
Total questions: 67
Worksheet time: 35mins
What best describes a market?
A place where products are promoted
A system that organizes production
A venue where buyers and sellers exchange goods and services
A process that controls business activities
Which situation is an example of a physical market?
A website used for online shopping
A platform for digital transactions
An application for virtual trading
A place where people buy and sell goods
Why do sellers and buyers meet in a market?
To facilitate the exchange
To exchange goods only
To exchange services only
To facilitate goods and services
Why are markets important?
Buyers and sellers meet
Goods and services meet
Buyers and sellers exchange
Goods and money circulate
What do markets help determine?
Prices through supply
Prices through demand
Prices through supply and demand
Products through competition
Which is encouraged by markets?
Supply and demand
Competition and quality
Goods and services
Buyers and sellers
What do markets help improve?
Quality of products
Cycle of money
Use of resources
Exchange of transactions
Which result of markets supports people’s livelihood?
Create jobs and income
Provide income and prices
Improve quality and competition
Determine prices and demand
Which describes perfect competition?
Few sellers or one
Very many sellers
Differentiated products
Barriers to entry exist
What kind of products are found in perfect competition?
Differentiated or unique products
Homogenous or identical products
Monopoly or oligopoly products
Differentiated or identical products
How do firms behave in perfect competition?
Firms have some control
Firms are price-makers
Firms have no control
Firms control the price
Which condition exists in perfect competition?
Barriers to entry and exit
Few sellers in the market
Firms can easily enter and exit
Firms have some control
Which is an example of perfect competition?
Monopoly
Oligopoly
Agriculture
Monopolistic competition
Which describes imperfect competition?
Very many sellers
Homogenous products
Few sellers or one
Firms have no control
What kind of products exist in imperfect competition?
Homogenous or identical products
Differentiated or unique products
Agriculture products
Identical market products
How do firms behave in imperfect competition?
Firms are price-takers
Firms have no control
Firms are price-makers
Firms easily enter
Which market has barriers to entry and exit?
Perfect competition
Very many sellers
Imperfect competition
Homogenous products
Which describes firms in imperfect competition?
Firms are price-takers
Firms have no control
Firms have some control
Firms easily enter
Which is an example of imperfect competition?
Agriculture
Monopoly
Homogenous products
Very many sellers
When does monopolistic competition exist?
Companies offer competing products
Companies offer similar products
Companies offer similar but not perfect substitutes
Companies control the market
What do companies offer in monopolistic competition?
Competing products or services
A single seller or producer
A small number of firms
No close substitutes
Which is an example of monopolistic competition?
Automobile industry
Telecommunication companies
Fast-food chains
Electricity provider
What best describes an oligopoly?
A single buyer controls the market
A small number of firms control the market
A single seller or producer exists
Companies offer similar products
Which industry is an example of oligopoly?
Fast-food chains
Police and military services
Automobile industry
Electricity provider
What is a monopsony?
A market dominated by a single buyer
A market dominated by a single seller
A market with no close substitutes
A market with similar products
Who has control and influence over prices in a monopsony?
Sellers
Firms
Buyer
Producer
Which is an example of a monopsony?
Telecommunication companies
Fast-food chains
Police and military services
Automobile industry
What best describes a monopoly?
A small number of firms
A single seller or producer
A single buyer dominates
Competing products exist
Which is an example of a monopoly?
Fast-food chains
Automobile industry
Electricity provider in a specific area
Telecommunication companies
A market dominated by a single buyer with control and influence over prices is called
Monopoly
Oligopoly
Monopolistic competition
Monopsony
A market structure where a small number of firms control the market is known as
Monopoly
Monopsony
Oligopoly
Monopolistic competition
A market where companies offer competing products or services that are similar but not perfect substitutes is called
Monopoly
Monopsony
Oligopoly
Monopolistic competition
A market structure that consists of a single seller or producer with no close substitutes is known as
Monopoly
Monopsony
Oligopoly
Monopolistic competition
Fast-food chains are an example of which market structure?
Monopoly
Monopsony
Oligopoly
Monopolistic competition
Police and military services best describe which market structure?
Monopoly
Monopsony
Oligopoly
Monopolistic competition
The automobile industry is commonly classified under which market structure?
Monopoly
Monopsony
Oligopoly
Monopolistic competition
An electricity provider in a specific area is an example of
Monopoly
Monopsony
Oligopoly
Monopolistic competition
Which is included in the government’s roles?
Maintaining market competition
Ensuring buyer demand
Increasing private profits
Limiting market exchange
Which role involves rules and laws in the market?
Reallocate resources
Provide legal structure
Promote stability
Impose taxes
Which government action helps manage the economy?
Promote stability
Provide services
Control buyers
Increase sellers
Which institution ensures price stability of goods and services?
Malacañang Palace
Bangko Sentral ng Pilipinas
Bank of the Philippines
Social Security System
How does the government regulate prices?
Through market competition
Through inflation targeting
Through legal structure
Through subsidies
Which policies are used for inflation targeting?
Taxation policies
Monetary policies
Legal policies
Market policies
Why are taxes collected from buyers and sellers?
To ensure price stability
To regulate market prices
To operate the whole government system
To promote market competition
What does the government aim to allocate efficiently?
Goods and services
Market competition
Funds collected
Essential goods
Monopolistic competition, monopoly, and oligopoly are subtypes of ____.
perfect competition
imperfect competition
There is a high competition between the sellers.
perfect competition
imperfect competition
Because they offer identical products, any ads that one seller does would also increase the sale of their competitors.
perfect competition
imperfect competition
No advertisements are necessary.
perfect competition
imperfect competition
The firms are free to enter and exit because there is no barrier to entry.
perfect competition
imperfect competition
fruits and vegetables
perfect competition
imperfect competition
It refers to how different economic industries and classified and differentiated based on their degree and nature of competition for goods and services.
segmentation
structure
economy
analysis
Fruits and vegetables do not need advertisements, but the competition of the sellers will be based on the ____ of their goods.
pricing
In perfect competition, the producers are called ____
price-takers
price-makers
In perfect competition, the consumers are called ____
price-takers
price-makers
In imperfect competition, the sellers are called ____
price-takers
price-makers
While it is hard in general to enter and exit the market with imperfect competition, which subtype is the easiest to enter and exit?
monopolistic competition
monopoly
oligopoly
With a limited number of sellers, each firm produces and contributes a lot to the whole production.
monopolistic competition
monopoly
oligopoly
The first firms are also established. Thus, new players have a hard time in terms of competing.
monopolistic competition
monopoly
oligopoly
petroleum companies
monopolistic competition
monopoly
oligopoly
perfect competition
The market is handled by only one firm.
Monopoly
Monopolistic competition
Oligopoly
Perfect competition
Water companies
Monopoly
Monopolistic competition
Oligopoly
Perfect competition
They use ads to redesign the image of the whole company.
Monopoly
Monopolistic competition
Oligopoly
Perfect competition
MERALCO
Monopoly
Monopolistic competition
Oligopoly
Perfect competition
It has only one buyer.
(a)
Police and military services are monopsony because only the (a) can pay for.
When a firm monopolizes an industry, it can control the price to the point wherein people cannot afford anymore.
True
False
