he study of how society manages its scarce resources.

Select one:
A. Allocation
B. Economics
C. Scarcity
D. Applied Economics
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The correct answer is: Economics

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A condition where there are insufficient resources to satisfy needs and wants of a
population.

Answer:
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The correct answer is: Scarcity

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This is the authoritative system wherein decision-making is centralized in the government or
a planning committee. This kind of economy holds true in dictatorial, socialist, and
communist nations

Select one:
A. Command Economy
B. Market Economy
C. Traditional Economy
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The correct answer is: Command Economy

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What is the study of economic behavior and decision making of small units, such as
individuals, families, and businesses called?

Select one:
A. Macroeconomics
B. Microeconomics
C. Economics
D. Economic statistics
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The correct answer is: Microeconomics

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Defined as the market value of final products produced within the country

Answer:
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The correct answer is: Gross Domestic Products

A field that applies of economic theories and principles to real-world situations with the
desired aim of predicting potential outcomes.
Select one:

a. Applied Economics

b. Economics

c. Economic Theory

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The correct answer is: Applied Economics

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A field that applies of economic theories and principles to real-world situations with the
desired aim of predicting potential outcomes.
Select one:

a. Social Science

b. Macroeconomics

c. Applied Economics

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The correct answer is: Social Science

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__________________ are the producing units in the economy.

Select one:

a. Consumer

b. Household

c. Producer

d. Firm

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The correct answer is: Household

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What can happen in a planned economy that does not happen in a market economy?

Select one:

a. There can be full employment of factors of production.

b. There can be international trade.

c. The allocation of resources can take account of the total effects on society.

d. There can be inflation.

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The correct answer is: The allocation of resources can take account of the total effects on
society.

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Which of the following is a factor of production?

Select one:

a. The taxes paid to the government

b. The profit declared by a company in its annual report

c. The payment of interest on a bank loan

d. The skill of the managers of a business

Feedback

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The correct answer is: The skill of the managers of a business

When graphing supply and demand, price is always on which axis

Select one:
a. Vertical
b. Horizontal
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The correct answer is: Vertical

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Which of the following is not a component of Demand?

Select one:
a. Desire
b. Surplus
c. Ability
d. Willingness
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The correct answer is: Surplus

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The supply curve always slopes in what direction?

Select one:
a. Up
b. Down
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The correct answer is: Up

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Which of the following is not a component of demand?

Select one:
a. Surplus
b. Willingness
c. Ability
d. Desire
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The correct answer is: Surplus

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The Law of Supply states:

Select one:
a. as price increases, quantity demanded decreases
b. as price decreases, quantity demanded decreases
c. as prices decrease, supply increases
d. as price increases, supply increases
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Your answer is incorrect.
The correct answer is: as price increases, supply increases

The state of balance when demand is equal to supply.

Answer:

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Which one of the following is the best explanation of market equilibrium?

Select one:
a. Where markets for goods equal markets for services
b. Where price equals demand
c. Where market supply equals market demand
d. Where price equals supply
Clear my choice

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A table showing how much of a good or service consumers will want to buy at different
prices

Answer:
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shortages occur when the quantity demanded exceeds the quantity supplied. When the
market price is held below the equilibrium price.

Select one:
a. Demand Schedule
b. Normal Goods
c. Substitute
d. Shortage
Clear my choice

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The actual amount of a good or service people are willing to sell at some specific price.

Select one:
a. Positive Economics
b. Quantity Supplied
c. Supply Schedule
d. Demand Schedule
Clear my choice

It is the measure of how much buyers and sellers respond to changes in market conditions.
Answer:
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The correct answer is: Elasticity

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If you slow down buying because of a price increase, your demand is

Select one:
a. Elastic
b. Strong
c. Normal
d. Inelastic
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The correct answer is: Elastic

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If you spend a very small proportion of your income on a product, then

Select one:
a. The demand for that product will tend to be price inelastic.
 b. The demand for that product will tend to be price elastic.
c. You will wait for a sale before you buy the item.
d. You will stop buying it if the prices rises even a little.
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The correct answer is: The demand for that product will tend to be price inelastic.

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When the percentage change in the price exceeds the percentage change in quantity
demanded, then demand is

Select one:
a. Elastic.
b.
Irrelevant
Irrelevant.

Irrelevant.
c. Unitary elastic.
d.
Inelastic.
Feedback

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The correct answer is:
Inelastic.

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Which of the following is an example of a good with inelastic demand?

Select one:
a. Fresh Lobster
b. Life-Saving Medicine
c. Laptop Computers
d. HD Flat Panel TV Sets
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The correct answer is: Life-Saving Medicine

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If a good has a lot of substitutes, then its demand will tend to be

Select one:
a. Elastic
b. Inelastic
c. None of this
d. Unitary
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The correct answer is: Elastic

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Mercedes makes a luxury car called the Maybach which sells for approximately
$490,000. base price. One would expect the demand for this product to be...

Select one:
a. Elastic
b. Inelastic
c. None of this
d. Unitary
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The correct answer is: Elastic

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If billionaire Bill Gates decides he has to have a Maybach, for him it has demand that
 Select one:
a. Unitary
b. None of This
c. Elastic
d. Inelastic
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The correct answer is: Inelastic

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Total revenue is defined as

Select one:
a. The amount of money affected by price elasticity.
b.
The amount of profit a company makes after paying taxes.
The amount of profit a company makes after paying taxes.
The amount of profit a company makes after paying taxes.
The amount of profit a company makes after paying taxes.

The amount of profit a company makes after paying taxes.

The amount of profit a company makes after paying taxes.

The amount of profit a company makes after paying taxes.
c. The total amount of money a company takes in for selling its goods
d. The amount of profit a company makes.
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The correct answer is: The total amount of money a company takes in for selling its goods

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A graph that shows a product with elastic demand will tend to be...

Select one:
a. Finding equilibrium faster.
b. Flatter
Flatter.
c. Backward bending.
d. More straight up and down.
Feedback

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The correct answer is: Flatter
Flatter.

In a Market structure called 'Monopoly' there will:

Select one:
a. One firm
b.
Two Firm
Two firms
c. Few Firms
d. Many Firms
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The correct answer is: One firm

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Monopoly and Monopolistic Competition mean the same:

Select one:
a. True
b. False
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The correct answer is: False

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Tick the boxes that belong to Imperfect competition:

Select one:
a. Perfect
b. Monopoly
c. Monopsony
d. Monopolistic
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The correct answers are: Monopoly, Monopolistic, Monopsony

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The main difference between Oligopoly and duopoly is

Select one:
a. No. of Firms
b. Strong Bariers
c. Similar Products
Similar Products
d. Imperfect Knowledge
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The correct answer is: No. of Firms

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Given the type of business or industry below, identify what kind of market structure it
belongs to.
Ice Cream in the Philippines.

Select one:
a. Monopoly
b. Perfect Competition
c. Oligopoly
d. Monopolistic Competition
Feedback

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The correct answer is: Oligopoly

What type of business structure is owned by many people?

Select one:
a. Partnership
b. Sole Proprietorship
c. Corporation
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The correct answer is: Corporation

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What type of business consists of two or more people?

Select one:
a. Partnership
b. Sole Proprietorship
c. Corporation
d. Franchise
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The correct answer is: Partnership

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What kind of business is BEST described by these statements?

I am the only owner of my business.

I take all the risks of doing business.
I keep all the profits.

Select one:
a. Partnership
b. Sole Propreitorship
c. Cooperative
d. Corporation
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The correct answer is: Sole Propreitorship

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A form of business organization that is authorized to act as a legal entity regardless of the
number of owners.

Select one:
a. Partnership
b. Corporation
c. Distributor
d. Proprietorship
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The correct answer is: Corporation

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A person who takes a risk to produce goods and services in search of profit

Select one:
a. Profiteer
b. Magistrate
c. Entrepreneur
d. Baliff
Feedback

Your answer is incorrect.

The correct answer is: Entrepreneur

List the four market structures in order from least competitive to most competitive.

Select one:
a. Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition
b. Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition
c. Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
d. Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly
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The correct answer is: Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

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What are the three basic economic questions?

Select one:
a. What?, How?, Whom?
b. What?, Why?. Whom?
c. What?, Where?, Whom?
d. How?, Whom?, When?
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The correct answer is: What?, How?, Whom?

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The branch of economics that studies decision making for the economy as a
whole → Microeconomics

Select one:
True
False
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The correct answer is 'False'.

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Listing showing the quantity demanded at all possible prices that might prevail in the
market at any given time.

Answer:
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The correct answer is: Demand Schedule

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What is the measure of how consumers react to a change in price?

Select one:
a. Elasticity
b. Scarcity
c. Marginal
d. Equilibrium Price
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The correct answer is: Elasticity

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What is a payment made by an employer to an employee?

Select one:
a. Wage
b. Profit
c. Interest
d. Marginal
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The correct answer is: Wage

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Changes in price cause a SMALL change in quantity demanded. -INELASTIC DEMAND

Select one:
True
False
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The correct answer is 'True'.

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In a Market structure called 'Monopoly' there will:

Select one:
a. Many Firms
b. One Firm
c. Two Firms
d. Few Firms
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The correct answer is: One Firm

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The creative ability of individuals to seek profits by taking risk and combining resources to
produce innovative products.

Answer:
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The correct answer is: Entrepreneurship

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Demand: shift left=______ in demand.

Select one:
a. Inverse Relationship
b. Demand
c. Shortagae
d. Decrease
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The correct answer is: Decrease

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Provides a means to clearly show economic relationships in two-dimensional space.
Economic analysis is often concerned with two variables confined to the upper-right
(northeast) quadrant of the coordinate number system.

Answer:
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The correct answer is: Graphs

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The mental and physical capacity of workers to produce goods and services

Answer:
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The correct answer is: Labor

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What is the study of economic behavior and decision makings of small units, such as
individuals, families, and businesses called?

Select one:
a. Economic Statistics
b. Microeconomics
c. Economics
d. Macroeconomics
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The correct answer is: Microeconomics

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Measure of the way in which the quantity supplied responds to a change in

price. → Elasticity of Demand

Select one:
True
False
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The correct answer is 'False'.

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Corporations are in business for what?

Select one:
a. Stockholders
b. Profit
c. Non Profit
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The correct answer is: Profit

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What kind of business is BEST described by these statements?

I am the only owner of my business.
I take all the risks of doing business.
I keep all the profits.

Select one:
a. Sole Proprietorship
b. Corporation
c. Partnership
d. Cooperative
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The correct answer is: Sole Proprietorship

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Amount of money, resources, raw materials, labor, and production it takes to make a good,
item, or service.

Select one:
a. Cost of Production
b. Inelastic
c. Quantity Demanded
d. Elastic
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The correct answer is: Cost of Production

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What are the four factors of production?

Select one:
a. Labor, capital, supply, demand
b. Capital, money, supply, demand
c. Land, capital, money, entrepreneurs
d. Land, capital, labor, entrepreneurs
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The correct answer is: Land, capital, labor, entrepreneurs

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Occurs when two variables are unrelated → Independent relationship

Select one:
True
False
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The correct answer is 'True'.

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Monopoly and Monopolistic Competition mean the same:

Select one:
True
False
Feedback

The correct answer is 'False'.

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Lowest legal price that can be paid for a good or service.

Select one:
a. Market Economy
b. Price Floor
c. Fixed Costs
d. Total Costs
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The correct answer is: Price Floor

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Amount that producers bring to the market at at any given price.

Answer:
Feedback

The correct answer is: Quantity Supplied

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What type of business structure is owned by many people?

Select one:
a. Sole Proprietorship
b. Partnership
c. Corporation
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Your answer is incorrect.

The correct answer is: Corporation

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Amount demanded at any given price.

Answer:
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The correct answer is: Quantity Demanded

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The condition in which human wants are forever greater than the available supply of time,
goods, and resources.

Answer:
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The correct answer is: Scarcity

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Combination of desire, ability, and willingness to buy a product. → Demand

Select one:
True
False
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The correct answer is 'True'.

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Question text

Economic policies for determining the amount of money supply, rates of interest &
exchange rates → Monetary Policy

Select one:
True
False
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The correct answer is 'True'.

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Supply curve that shows the quantities offered at various prices BY ALL FIRMS that sell
product in a given market. → Cost of Production

Select one:
True
False
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The correct answer is 'False'.

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Extra revenue from the production of one additional unit.

Answer:
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The correct answer is: Marginal Revenue

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Human-made goods that are used to produce other goods and services

Answer:
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The correct answer is: Capital

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A form of business organization that is authorized to act as a legal entity regardless of the
number of owners.

Select one:
a. Distributor
b. Corporation
c. Partnership
d. Proprietorship
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The correct answer is: Corporation

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The study of how society chooses to allocate its scarce resources to the production of
goods and services in order ot satisfy unlimited wants → Microeconomics

Select one:
True
False
Feedback

The correct answer is 'False'.

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Decision making based on extra benefit/cost of an action.

Answer:
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The correct answer is: Marginal Analysis

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Law of supply: suppliers will offer more for sale at _____ prices and less for sale at _____
prices.

Select one:
a. Demand Curve
b. down, up
c. high, low
d. Supply Curve
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The correct answer is: high, low

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Principle that more will be offered for sale at higher and prices and less at lower
prices. → Law of Supply

Select one:
True
False
Feedback

The correct answer is 'True'.

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What type of business consists of two or more people?

Select one:
a. Corporation
b. Partnership
c. Sole Proprietorship
d. Franchise
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Your answer is incorrect.

The correct answer is: Partnership

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Changes in price cause a LARGE change in quantity demanded.

Answer:
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The correct answer is: Elastic Demand

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An analysis limited to statements that are verifiable

Select one:
a. Normative Economics
b. Positive Economics
c. Direct Relationship
d. Inverse Relationship
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The correct answer is: Positive Economics

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The main difference between Oligopoly and duopoly is

Select one:
a. Similar Products
b. Imperfect Knowledge
c. No. of Firms
d. Strong Bariers
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The correct answer is: No. of Firms

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Graph showing the quantities supplied at each and every possible price in the marker.

Select one:
a. Demand Schedule
b. Supply Schedule
c. Supply Curve
d. Variabale Costs
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The correct answer is: Supply Curve

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3 Factors Affecting Elasticity of Demand → Necessity, substituitability, income

Select one:
 True
False
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The correct answer is 'True'.

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An analysis based on value judgments or opinions and use words such as good, bad, ought
to, and should.

Select one:
a. Direct Relationship
b. Normative Economics
c. Positive Economics
d. Entrepreneurship
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The correct answer is: Normative Economics

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Satisfaction or usefulness obtained from acquiring one more unit of a product.

Select one:
a. Variable Cost
b. Quantity Supplied
c. Marginal Utility
d. Marginal Analysis
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The correct answer is: Marginal Utility

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Any natural resource provided by nature that is used to produce goods and services

Answer:
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The correct answer is: Land

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A Latin phrase that means while certain variables change, "all other things remain
unchanged."

Select one:
a. Ceteris Paribus
b. Microeconomics
c. Entrepreneurship
d. Microeconomics
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The correct answer is: Ceteris Paribus

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A person who takes a risk to produce goods and services in search of profit

Select one:
a. Baliff
b. Profiteer
c. Magistrate
d. Entrepreneur
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The correct answer is: Entrepreneur

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Variable plus fixed costs, all costs associated with production.

Answer:
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The correct answer is: Total Costs

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The basic categories of inputs used to produce goods and services.

Answer:
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The correct answer is: Resources

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What is it called when you have limited quantities of resources used to meet unlimited
wants?

Select one:
a. Specialization
b. Scarcity
c. Profit
d. Cartel
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The correct answer is: Scarcity

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The branch of economics that studies, decision making by a single individual, household,
firm, industry, or level of government → Macroeconomics

Select one:
True
False
Feedback

The correct answer is 'False'.

In a SWOT analysis, which two elements are part of the internal environment?

Select one:
a. Strengths and Opportunities
b. Strengths and Threats
c. Weaknesses and Strengths
d. Opportunities and Threats
Feedback

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The correct answer is: Weaknesses and Strengths

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In a SWOT analysis, strengths and weaknesses are external factors.

Select one:
True
False
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The correct answer is 'False'.

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In a SWOT analysis,Answer are external environmental trends that may be

advantageous for the organisation in question.

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The correct answer is: Opportunities

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Porter’s five forces is an industry analysis model. The five forces are: inter rivalry of
competitors, bargaining power of customers, bargaining power of suppliers, threat of new
entrants and what?

Select one:
a. Bargaining Power of Consumers
b. Threat of Substitutes
c. Threats of Competitors
d. Barriers to Entry
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The correct answer is: Threat of Substitutes

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A SWOT analysis is used to analyse an organisation’s currentAnswer

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The correct answer is: Situation

An evaluation of the possible or probable effects of external forces and conditions on the
survival and growth of the business.
Answer:
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The correct answer is: Environmental Analysis

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The type of government, the stability and strength of the government, and good leadership
are factors that can be advantage to a business.

Select one:
a. Culture and Lifestyles
b. Political Factors
c. Physical Environment
d. Economic Forces
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The correct answer is: Political Factors

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The one who will distribute the products.

Select one:
a. Competition
b. Substitutes
c. Suppliers
d. Customers
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The correct answer is: Suppliers

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The study of cultural practices to identify the goods and services that will fit into
celebrations and spending behavior.

Select one:
a. Political Factors
b. Economic Forces
c. Cultures and Lifestyles
d. Physical Environment
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The correct answer is: Cultures and Lifestyles

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This involves a look at economic factors such as income of the people, specifically the target
market, economic conditions such as inflation, recession, prosperity, demand, and supply in
the market.

Select one:
a. Physical Environment
b. Competitions
c. Political Factors
d. Cultures and Lifestyles
e. Economic Forces
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The correct answer is: Economic Forces

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Who will you sell your product to?

Select one:
a. Customers
b. Competition
c. Substitutes
d. Suppliers
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The correct answer is: Customers
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A business function completed by business owners and other individuals to assess the
current business environment.

Answer:
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The correct answer is: Industry Analysis

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This includes a look at the population size, the geography of the place where business will
be located, land distribution, climate, and in today's global warming situation, whether or
not the area is prone to flood or earthquake.

Select one:
a. Economic Forces
b. Competition
c. Physical Environment
d. Political Factors
e. Cultures and Lifestyles
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The correct answer is: Physical Environment

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Who are the major businesses in the industry?

Select one:
a. Customers
b. Substitutes
c. Suppliers
d. Competition
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The correct answer is: Competition

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These are goods that can be used in place of another.

Answer:
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The correct answer is: Substitutes

Circular flow only moves in one direction, with little to no leakages in the market.

Select one:
True
False
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The correct answer is 'False'.

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Which of the following is part of the circular flow diagram?

Select one:
a. Family
b. Education
c. Resources
d. Cooperations
Cooperations
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The correct answer is: Resources

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Which of the following is attached to households on the circular flow diagram?

Select one:
a. Stock Market
b. Goods and Services
c. Cooperations
d. Farming
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The correct answer is: Goods and Services

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The circular flow of a market economy also assumes that consumers spend all their money
on goods, services, and consumption. This means that there is no _________ on the part of
the consumer.

Select one:
a. Saving
b. Borrowing
c. Managing
d. Investing
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The correct answer is: Saving

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What are the firms responsible putting out into the market?

Select one:
a. Agriculture
b. Resources
c. Household Spending
d. Goods and Services
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The correct answer is: Goods and Services

Service industries do not manufacture physical products but provide services to other
businesses and consumers. E.g. advertising, telecommunications, tourism, music, legal
services. → Service industries

Select one:
True
False
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The correct answer is 'True'.

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Economic fluctuations: The construction industry is very sensitive to the general level of
economic activity in the economy. When the economy is doing well, construction does well
but when the economy is doing poorly, construction activity and employment can drop
dramatically.
- Employment in manufacturing is declining but output is increasing (i.e. more output is
being produced by fewer people). This is due to increasing productivity arising from the use
of new technologies such as automation, robotics and ICT.
- High labour and other costs have made Irish firms less competitive compared to many
competitors in countries with lower costs.
- Relocation of operations: Declining employment in the secondary sector is being caused
by firms relocating their manufacturing operations to lower cost countries and to be nearer
expanding foreign markets. → Trends and challenges facing the secondary sector

Select one:
True
False
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The correct answer is 'True'.

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Enterprise refers to the human creativity and initiative required to pull together the three
other factors of production and start a business to provide goods and services. It is the
combination of the other three factors of production to make a profit. → Enterprise

Select one:
True
False
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The correct answer is 'True'.

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Globalization of services: Future growth for Irish service-based industries lies in developing
more international markets for their services. This is already happening in
telecommunications, financial services, software development and advertising and is being
made possible through the use of ICT such as the internet.

- Information and communications technology (ICT) is changing what and how services are
provided. People can buy goods, take out loans and look for information or place orders
using the Internet or telephone. Many businesses have realised that it is cheaper to have
people working from the end of a telephone line in an out-of-the-way location than in
expensive, high rent offices in the centre of a town or city. → Trends and challenges facing
the secondary sector

Select one:
True
False
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The correct answer is 'False'.

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An industry is a group of businesses engaged in producing similar goods and services, such
as the tourism, computing and fashion design industries. Industries can be grouped into
three basic sectors of the economy:
- The primary sector
- The secondary sector
- The tertiary sector → Industry

Select one:
True
False
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The correct answer is 'True'.

The total satisfaction received from consuming a given total quantity of a good or service,
while marginal utility is the satisfaction gained from consuming an additional quantity of a
particular good or service.

Answer:
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The correct answer is: Total Utility

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It refers to the additional utility derived from consuming an additional unit of the good

Answer:
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The correct answer is: Marginal Utility

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To maximize utility, a consumer with a fixed budget will purchase quantities of goods so
that the ratios of the marginal utility of each good to its.

Select one:
a. Total utility are the greatest
b. Price are the greatest
c. Total utility are the same
d. Price are equal
e. Price are equal to one
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The correct answer is: Price are equal

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Describes how consumers make decisions on what to buy Consumption refers to the use of
goods and services to satisfy human wants directly.

Answer:
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The correct answer is: Consumer Behavior

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When total utility is at its maximum, marginal utility is...

Select one:
a. At a minimum marginal utility
b. Negative
c. At a maximum marginal utility
d. Equal to zero
e. Increasing
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The correct answer is: Equal to zero

External economies go with size and internal economies with location.

Select one:
True
False
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The correct answer is 'True'.

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Input refers to the resources used to produce goods and services.

Select one:
True
False
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The correct answer is 'True'.

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Output refers to the product created as a result of the combination of input in the
production process.

Select one:
True
False
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Which cost increases continuously with the increase in production?

Select one:
a. Fixed cost.
b. Marginal Cost
Marginal cost.
c. Average cost.
d. Variable cost.
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The correct answer is: Variable cost.

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The use of economic resources to create goods and services that will be used to satisfy
human wants.

Answer:
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The correct answer is: Production

A table showing how much of a good or service consumers will want to buy at different
prices

Answer:
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The correct answer is: Demand Schedule

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shortages occur when the quantity demanded exceeds the quantity supplied. When the
market price is held below the equilibrium price.

Select one:
a. Demand Schedule
b. Normal Goods
c. Substitute
d. Shortage
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The correct answer is: Shortage

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The actual amount of a good or service people are willing to sell at some specific price.

Select one:
a. Positive Economics
b. Quantity Supplied
c. Supply Schedule
d. Demand Schedule
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The correct answer is: Quantity Supplied