Pre-Finals Set A

Question 1

the competitive environment in which buyers and sellers operate.

Answer 1

Market Structure

Question 2

What are the Varying Degrees of Competition?

Answer 2

• Number and size of buyers and sellers
• Similarity or type of product bought and sold
• Degree of mobility of resources
• Entry and exit of firms and input owners
• Degree of knowledge of economic agents regarding prices, costs, demand

Question 3

2 Types of Market Structure

Answer 3

• Perfect Competition
• Imperfect Competition

Question 4

There are so many buyers and sellers that each has a negligible impact on market price.

Answer 4

Perfect Competition

Question 5

No single buyer can influence the price.

Answer 5

Perfect Competition

Question 6

A homogenous (similar) product is sold by sellers, which means the products are highly similar in such a way that consumers will have no preference in buying from one seller to another.

Answer 6

Perfect Competition

Question 7

What happens when a homogenous (similar) product is sold by sellers?

Answer 7

products are highly similar in such a way that consumers will have no preference in buying from one seller to another.

Question 8

There is perfect knowledge of economic agents of a market condition, such as present and future prices, costs, and economic opportunities.

Answer 8

Perfect Competition

Question 9

What are economic agents of a market condition?

Answer 9

• present and future prices
• costs
• economic opportunities.

Question 10

Market price and quantity of output are determined exclusively by forces of demand and supply.

Answer 10

Perfect Competition

Question 11

How are Market price and quantity of output determined?

Answer 11

by forces of demand and supply.

Question 12

The sellers and buyers are well-informed about prices

Answer 12

Perfect Competition

Question 13

Seller must follow the price

Answer 13

Perfect Competition

Question 14

Standardized product

Answer 14

Perfect Competition

Question 15

4 Types of Imperfect Competition

Answer 15

• Monopoly
• Monopsony
• Monopolistic Competition
• Oligopoly

Question 16

Exists when a single firm that sells in that market has no substitute

Answer 16

Monopoly

Question 17

Consumers tend to have a bad image of this market structure

Answer 17

Monopoly

Question 18

The quantity of output will be lower to enable him to set the price higher.

Answer 18

Monopoly

Question 19

The firm is free to determine its output level and price.

Answer 19

Monopoly

Question 20

a firm is the sole purchaser of a good or service

Answer 20

Monopsony

Question 21

A blend of competition and monopoly

Answer 21

Monopolistic Competition

Question 22

Firms sell differentiated products

Answer 22

Monopolistic Competition

Question 23

Many sellers offer heterogeneous (varying) products.

Answer 23

Monopolistic Competition

Question 24

Entry and exit of firms is easy

Answer 24

Monopolistic Competition

Question 25

The firm tends to engage in non-price competition

Answer 25

Monopolistic Competition

Question 26

Similar to a monopoly, they can control the price and the quantity

Answer 26

Monopolistic Competition

Question 27

a market dominated by a small number of strategically interacting firms.

Answer 27

Oligopoly

Question 28

Action of each firm affects other firms.

Answer 28

Oligopoly

Question 29

Interdependence among firms.

Answer 29

Oligopoly

Question 30

Also known as labor force.

Answer 30

The Philippine Labor Market

Question 31

How are the people of a country very important as a resource?

Answer 31

they are a resource used in the production of goods and services.

Question 32

is the source of labor supply

Answer 32

Population

Question 33

Who are excluded from the labor force?

Answer 33

- Prisoners - Persons with disability - Housewives - Students - Retirees

Question 34

what determines the country’s GDP?

Answer 34

Labor supply

Question 35

When and what is the lowest recorded Labor Force Participation Rate in the history of the Philippine Labor Market?

Answer 35

In April 2020, with 55.6%

Question 36

What were the five regions in July 2020 that still reported double-digit unemployment rates?

Answer 36

1. National Capital Region (NCR) – 15.8% 2. Region IV-A (CALABARZON) – 12.4 % 3. Region VII (Central Visayas) – 11.7% 4. Region I (Ilocos Region) – 11.1% 5. Region III (Central Luzon) – 10.9%.

Question 37

What were the two affected sectors in the labor market of July 2020 and April 2020 during the pandemic?

Answer 37

July 2020: - Arts - entertainment - recreation April 2020: - Accommodation - food services

Question 38

What is the current daily minimum wage of the non-agriculture sector in Region 8?

Answer 38

Php 375.00

Question 39

What is the current daily minimum wage of the retail and service industry employing 11 workers and above in Region 8?

Answer 39

Php 375.00

Question 40

What is the current daily minimum wage of the retail and service industry employing 10 workers and below in Region 8?

Answer 40

Php 345.00

Question 41

What is the current daily minimum wage of the cottage or handicraft industry in Region 8?

Answer 41

Php 345.00

Question 42

What is the current daily minimum wage of the agriculture sector in Region 8?

Answer 42

Php 345.00

Question 43

Coverage of the Daily Minimum wage rate of Eastern Visayas

Answer 43

Provinces of Leyte Southern Leyte Biliran Samar Eastern Samar Northern Samar the Cities of Tacloban, Ormoc, Maasin, Catbalogan, Borongan, Baybay and Calbayog.

Question 44

What is the current monthly minimum wage for domestic workers of Chartered Cities and First- Class Municipalities in Region 8?

Answer 44

Php 5,000.00

Question 45

What is the current daily minimum wage for domestic workers of other Municipalities in Region 8?

Answer 45

Php 4,500.00

Question 46

Another distinct feature of Philippine labor

Answer 46

the growth of laborers whom we call the OFWs or the Overseas Filipino Workers.

Question 47

Meaning of OFW

Answer 47

Overseas Filipino Workers

Question 48

Cause of Migration

Answer 48

wage gaps among countries.

Question 49

Why are Overseas Filipino workers hailed as modern-day heroes?

Answer 49

For contributing to the growth of the economy and sending millions of dollars to their families back home in the Philippines.

Question 50

Brain drain

Answer 50

White-collar professionals are leaving the country

Question 50

Blue-collar professionals are leaving the country

Answer 50

Brawn Drain