Drill #13 Flashcards
(40 cards)
Which economic concept helps us understand how individuals make decisions by comparing the additional benefits and costs of an action?
A. Opportunity Cost
B. Supply and Demand
C. Marginal Analysis
D. Elasticity
C. Marginal Analysis
Which of the following describes the relationship between price and quantity demanded?
A. direct relationship
B. inverse relationship
B. inverse relationship
Among these statements, which one correctly describes an inferior good?
A. A good for which demand decreases as income increases
B. A good for which demand increases as income increases
C. A good for which demand is not affected by changes in income
D. A good for which demand is not affected by changes in price
A. A good for which demand decreases as income increases
Which of the following holds true about the concept of diminishing marginal utility?
A. The more you consume of a good, the less you enjoy it.
B. The more you consume of a good, the more you enjoy it.
C. The price of a good increases as quantity demanded increases.
D. The price of a good decreases as quantity demanded decreases.
A. The more you consume of a good, the less you enjoy it.
Which of the following goods is considered a normal good in economics?
A. Giffen goods
B. Inferior goods
C. Luxury goods
D. Complementary goods
C. Luxury goods
What is likely to happen when there is an increase in demand for a product?
A. The price of the product will decrease and the quantity supplied will increase.
B. The price of the product will increase and the quantity supplied will decrease.
C. The price of the product will decrease and the quantity demanded will decrease.
D. The price of the product will increase and the quantity demanded will increase.
D. The price of the product will increase and the quantity demanded will increase.
A market structure characterized by a large number of small firms, each producing a differentiated product and having some degree of market power.
A. Monopoly
B. Perfect Competition
C. Oligopoly
D. Monopolistic Competition
D. Monopolistic Competition
What could be a possible effect of inflation on fixed-income earners?
A. An increase in their purchasing power
B. A decrease in their nominal income
C. A decrease in their real income
D. No effect on their income
C. A decrease in their real income
Which of the following scenarios best illustrates substitute goods?
A. An increase in the price of gasoline leads to an increase in demand for electric cars.
B. An increase in the price of coffee leads to an increase in demand for tea.
C. An increase in the price of beef leads to an increase in demand for chicken.
D. An increase in the price of smartphones leads to an increase in demand for laptops.
B. An increase in the price of coffee leads to an increase in demand for tea.
Which best describes the suggested retail price (SRP)?
A. The lowest possible price a retailer can sell a product for.
B. A price that is set by the manufacturer to help guide retailers in setting their own prices.
C. The highest possible price a retailer can sell a product for.
D. A price that is set by the government in order to prevent price gouging.
B. A price that is set by the manufacturer to help guide retailers in setting their own prices.
Which of the following scenarios best represents structural unemployment?
A. A worker is laid off from a factory due to a temporary decrease in demand for the product.
B. A worker loses their job due to a natural disaster that destroys their workplace.
C. A worker is unable to find a job because they lack the necessary skills for available positions.
D. A worker quits their job to look for a better-paying position.
C. A worker is unable to find a job because they lack the necessary skills for available positions.
How can we best describe the concept of comparative advantage?
A. The ability of one nation to produce a good or service at a lower opportunity cost than another nation.
B. The ability of one nation to produce more of a good or service than another nation.
C. The ability of one nation to produce a good or service at a lower absolute cost than another nation.
D. The ability of one nation to produce a good or service without the need for imports.
A. The ability of one nation to produce a good or service at a lower opportunity cost than another nation.
Which of the following is the best example of substitute goods?
A. apples and oranges
B. cars and gasoline
C. coffee and tea
D. shoes and socks
C. coffee and tea
Economic systems are the means by which countries and governments distribute resources and trade goods and services. Which of these correctly discusses the command economic system?
A. An economic system in which production is based on supply and demand.
B. An economic system in which the government plays a minimal role in regulating the economy.
C. An economic system in which the government controls all aspects of production and distribution.
D. An economic system in which private individuals and businesses control the means of production.
C. An economic system in which the government controls all aspects of production and distribution.
What is the definition of price elasticity of demand?
A. The measure of how responsive the quantity demanded is to a change in price
B. The measure of how responsive the quantity supplied is to a change in price
C. The measure of how responsive the quantity demanded is to a change in income
D. The measure of how responsive the quantity supplied is to a change in income
A. The measure of how responsive the quantity demanded is to a change in price
According to the law of demand, what happens when the price of a good or service increases?
A. The demand for the good or service increases
B. The demand for the good or service decreases
C. The supply of the good or service increases
D. The supply of the good or service decreases
B. The demand for the good or service decreases
In economics, what is profit?
A. The revenue a company generates from selling its products or services.
B. The amount of money a company has in its bank account.
C. The difference between a company’s total revenue and total expenses.
D. The amount of money a company owes to its creditors.
C. The difference between a company’s total revenue and total expenses.
Who was the first female Prime Minister of the United Kingdom?
A. Angela Merkel
B. Indira Gandhi
C. Margaret Thatcher
D. Theresa May
C. Margaret Thatcher
What is the minimum age requirement for a person to become a naturalized U.S. citizen?
A. 18 years old
B. 16 years old
C. 21 years old
D. There is no minimum age requirement
A. 18 years old
In accordance with the 1987 Philippine Constitutions, how long is the term of office of a
Philippine senator?
A. 4 years
B. 6 years
C. 8 years
D. 10 years
B. 6 years
Who wrote the book “The Prince,” which is considered to be a foundational text in the field of
political science?
A. Niccolò Machiavelli
B. Thomas Hobbes
C. John Locke
D. Jean-Jacques Rousseau
A. Niccolò Machiavelli
Which book is often cited as the foundational text of modern political theory?
A. The Communist Manifesto by Karl Marx and Friedrich Engels
B. The Prince by Niccolo Machiavelli
C. Leviathan by Thomas Hobbes
D. Democracy in America by Alexis de Tocqueville
C. Leviathan by Thomas Hobbes
What is a constitutional monarchy?
A. A form of government in which a single leader or group of leaders holds all the power
B. A form of government in which power is exercised by the people through free and fair
elections
C. A form of government in which power is held by a hereditary ruler, but their powers are limited by
a constitution
D. A form of government in which power is held by a small elite group
C. A form of government in which power is held by a hereditary ruler, but their powers are limited by
a constitution
What is the final step in the lawmaking process in the Philippines?
A. The bill is signed by the Senate President
B. The bill is signed by the Speaker of the House of Representatives
C. The bill is vetoed by the President
D. The bill is signed by the President
D. The bill is signed by the President
