Defined as the market value of final products produced within the country The correct answer is: Gross Domestic Products 11:30 The study of how society manages its scarce resources. The correct answer is: Economics 11:30 What is the study of economic behavior and decision making of small units, such as individuals, families, and businesses called? The correct answer is: Microeconomics 11:31 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 The correct answer is: Command Economy 11:31 A condition where there are insufficient resources to satisfy needs and wants of a population. The correct answer is: Scarcity 11:37 A field that applies of economic theories and principles to real-world situations with the desired aim of predicting potential outcomes. Select one: a. Economic Theory b. Applied Economics c. Economics Feedback Your answer is correct. The correct answer is: Applied Economics Question 2 Incorrect Mark 0.00 out of 1.00 Not flaggedFlag question Question text A field that applies of economic theories and principles to real-world situations with the desired aim of predicting potential outcomes. Select one: a. Macroeconomics b. Applied Economics c. Social Science Feedback Your answer is incorrect. The correct answer is: Social Science Question 3 Incorrect Mark 0.00 out of 1.00 Not flaggedFlag question Question text __________________ are the producing units in the economy. Select one: a. Consumer b. Producer c. Firm d. Household Feedback Your answer is incorrect. The correct answer is: Household Question 4 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text What can happen in a planned economy that does not happen in a market economy? Select one: a. There can be international trade. b. There can be full employment of factors of production. c. There can be inflation. d. The allocation of resources can take account of the total effects on society. Feedback Your answer is correct. The correct answer is: The allocation of resources can take account of the total effects on society. Question 5 Incorrect Mark 0.00 out of 1.00 Not flaggedFlag question Question text Which of the following is a factor of production? Select one: a. The profit declared by a company in its annual report b. The taxes paid to the government c. The payment of interest on a bank loan d. The skill of the managers of a business Feedback Your answer is incorrect. The correct answer is: The skill of the managers of a business BILLY JAMES FELISILDA 11:40 When graphing supply and demand, price is always on which axis Select one: a. Horizontal b. Vertical Feedback Your answer is correct. The correct answer is: Vertical Question 2 Incorrect Mark 0.00 out of 1.00 Not flaggedFlag question Question text The Law of Supply states: Select one: a. as prices decrease, supply increases b. as price decreases, quantity demanded decreases c. as price increases, supply increases d. as price increases, quantity demanded decreases Feedback Your answer is incorrect. The correct answer is: as price increases, supply increases Question 3 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text The supply curve always slopes in what direction? Select one: a. Up b. Down Feedback Your answer is correct. The correct answer is: Up Question 4 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text Which of the following is not a component of demand? Select one: a. Desire b. Surplus c. Ability d. Willingness Feedback Your answer is correct. The correct answer is: Surplus Question 5 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text Which of the following is not a component of Demand? Select one: a. Ability b. Desire c. Surplus d. Willingness Feedback Your answer is correct. The correct answer is: Surplus BILLY JAMES FELISILDA 11:45 The state of balance when demand is equal to supply. Answer: Equilibrium Feedback The correct answer is: Equilibrium Question 2 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text Which one of the following is the best explanation of market equilibrium? Select one: a. Where price equals supply b. Where markets for goods equal markets for services c. Where market supply equals market demand d. Where price equals demand Feedback Your answer is correct. The correct answer is: Where market supply equals market demand Question 3 Incorrect Mark 0.00 out of 1.00 Not flaggedFlag question Question text A table showing how much of a good or service consumers will want to buy at different prices Answer: SUPPLY Feedback The correct answer is: Demand Schedule Question 4 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text shortages occur when the quantity demanded exceeds the quantity supplied. When the market price is held below the equilibrium price. Select one: a. Substitute b. Shortage c. Demand Schedule d. Normal Goods Feedback Your answer is correct. The correct answer is: Shortage Question 5 Incorrect Mark 0.00 out of 1.00 Not flaggedFlag question Question text The actual amount of a good or service people are willing to sell at some specific price. Select one: a. Quantity Supplied b. Positive Economics c. Supply Schedule d. Demand Schedule Feedback Your answer is incorrect. The correct answer is: Quantity Supplied 11:58 It is the measure of how much buyers and sellers respond to changes in market conditions. Answer: cross-price elasticity Feedback The correct answer is: Elasticity Question 2 Incorrect Mark 0.00 out of 1.00 Not flaggedFlag question Question text If you slow down buying because of a price increase, your demand is Select one: a. Normal b. Elastic c. Strong d. Inelastic Feedback Your answer is incorrect. The correct answer is: Elastic Question 3 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text 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. Feedback Your answer is correct. The correct answer is: The demand for that product will tend to be price inelastic. Question 4 Incorrect Mark 0.00 out of 1.00 Not flaggedFlag question Question text When the percentage change in the price exceeds the percentage change in quantity demanded, then demand is Select one: a. Irrelevant Irrelevant. Irrelevant. b. Elastic. c. Inelastic. d. Unitary elastic. Feedback Your answer is incorrect. The correct answer is: Inelastic. Question 5 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text Which of the following is an example of a good with inelastic demand? Select one: a. Laptop Computers b. HD Flat Panel TV Sets c. Life-Saving Medicine d. Fresh Lobster Feedback Your answer is correct. The correct answer is: Life-Saving Medicine Question 6 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text If a good has a lot of substitutes, then its demand will tend to be Select one: a. None of this b. Inelastic c. Elastic d. Unitary Feedback Your answer is correct. The correct answer is: Elastic Question 7 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text 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 Feedback Your answer is correct. The correct answer is: Elastic Question 8 Incorrect Mark 0.00 out of 1.00 Not flaggedFlag question Question text If billionaire Bill Gates decides he has to have a Maybach, for him it has demand that Select one: a. Inelastic b. None of This c. Elastic d. Unitary Feedback Your answer is incorrect. The correct answer is: Inelastic Question 9 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text Total revenue is defined as Select one: a. 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. b. The amount of money affected by price elasticity. c. The amount of profit a company makes. d. The total amount of money a company takes in for selling its goods Feedback Your answer is correct. The correct answer is: The total amount of money a company takes in for selling its goods Question 10 Incorrect Mark 0.00 out of 1.00 Not flaggedFlag question Question text A graph that shows a product with elastic demand will tend to be... Select one: a. Backward bending. b. More straight up and down. c. Finding equilibrium faster. d. Flatter Flatter. Feedback Your answer is incorrect. The correct answer is: Flatter Flatter. 12:35 In a Market structure called 'Monopoly' there will: Select one: a. One firm b. Many Firms c. Two Firm Two firms d. Few Firms Feedback Your answer is incorrect. The correct answer is: One firm Question 2 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text Monopoly and Monopolistic Competition mean the same: Select one: a. False b. True Feedback Your answer is correct. The correct answer is: False Question 3 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text Tick the boxes that belong to Imperfect competition: Select one: a. Perfect b. Monopoly c. Monopolistic d. Monopsony Feedback Your answer is correct. The correct answers are: Monopoly, Monopolistic, Monopsony Question 4 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text 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 Feedback Your answer is correct. The correct answer is: No. of Firms Question 5 Incorrect Mark 0.00 out of 1.00 Not flaggedFlag question Question text 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. Oligopoly c. Perfect Competition d. Monopolistic Competition Feedback Your answer is incorrect. The correct answer is: Oligopoly 12:39 What type of business structure is owned by many people? Select one: a. Sole Proprietorship b. Partnership c. Corporation Feedback Your answer is correct. The correct answer is: Corporation Question 2 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text What type of business consists of two or more people? Select one: a. Sole Proprietorship b. Corporation c. Franchise d. Partnership Feedback Your answer is correct. The correct answer is: Partnership Question 3 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text 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. Cooperative b. Sole Propreitorship c. Corporation d. Partnership Feedback Your answer is correct. The correct answer is: Sole Propreitorship Question 4 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text A form of business organization that is authorized to act as a legal entity regardless of the number of owners. Select one: a. Corporation b. Proprietorship c. Partnership d. Distributor Feedback Your answer is correct. The correct answer is: Corporation Question 5 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text A person who takes a risk to produce goods and services in search of profit Select one: a. Entrepreneur b. Profiteer c. Baliff d. Magistrate Feedback Your answer is correct. The correct answer is: Entrepreneur 12:41 Question 1 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text Economic policies for determining the amount of money supply, rates of interest & exchange rates → Monetary Policy Select one: True False Feedback The correct answer is 'True'. Question 2 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text A Latin phrase that means while certain variables change, "all other things remain unchanged." Select one: a. Entrepreneurship b. Ceteris Paribus c. Microeconomics d. Microeconomics Feedback Your answer is correct. The correct answer is: Ceteris Paribus Question 3 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text 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 Feedback The correct answer is 'False'. Question 4 Incorrect Mark 0.00 out of 1.00 Not flaggedFlag question Question text Amount demanded at any given price. Answer: Adsdf Feedback The correct answer is: Quantity Demanded Question 5 Incorrect Mark 0.00 out of 1.00 Not flaggedFlag question Question text Law of supply: suppliers will offer more for sale at _____ prices and less for sale at _____ prices. Select one: a. Demand Curve b. Supply Curve c. high, low d. down, up Feedback Your answer is incorrect. The correct answer is: high, low Question 6 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text Measure of the way in which the quantity supplied responds to a change in price. → Elasticity of Demand Select one: True False Feedback The correct answer is 'False'. Question 7 Incorrect Mark 0.00 out of 1.00 Not flaggedFlag question Question text The mental and physical capacity of workers to produce goods and services Answer: sfrg Feedback The correct answer is: Labor Question 8 Not answered Marked out of 1.00 Not flaggedFlag question Question text 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'. Question 9 Not answered Marked out of 1.00 Not flaggedFlag question Question text What is the measure of how consumers react to a change in price? Select one: a. Scarcity b. Elasticity c. Marginal d. Equilibrium Price Feedback Your answer is incorrect. The correct answer is: Elasticity Question 10 Not answered Marked out of 1.00 Not flaggedFlag question Question text The branch of economics that studies decision making for the economy as a whole → Microeconomics Select one: True False Feedback The correct answer is 'False'. Question 11 Not answered Marked out of 1.00 Not flaggedFlag question Question text 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. Cooperative b. Partnership c. Sole Proprietorship d. Corporation Feedback Your answer is incorrect. The correct answer is: Sole Proprietorship Question 12 Not answered Marked out of 1.00 Not flaggedFlag question Question text An analysis limited to statements that are verifiable Select one: a. Inverse Relationship b. Positive Economics c. Normative Economics d. Direct Relationship Feedback Your answer is incorrect. The correct answer is: Positive Economics Question 13 Not answered Marked out of 1.00 Not flaggedFlag question Question text Occurs when two variables are unrelated → Independent relationship Select one: True False Feedback The correct answer is 'True'. Question 14 Not answered Marked out of 1.00 Not flaggedFlag question Question text What are the three basic economic questions? Select one: a. What?, Where?, Whom? b. What?, Why?. Whom? c. What?, How?, Whom? d. How?, Whom?, When? Feedback Your answer is incorrect. The correct answer is: What?, How?, Whom? Question 15 Not answered Marked out of 1.00 Not flaggedFlag question Question text Amount that producers bring to the market at at any given price. Answer: Feedback The correct answer is: Quantity Supplied Question 16 Not answered Marked out of 1.00 Not flaggedFlag question Question text 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'. Question 17 Not answered Marked out of 1.00 Not flaggedFlag question Question text The main difference between Oligopoly and duopoly is Select one: a. No. of Firms b. Similar Products c. Strong Bariers d. Imperfect Knowledge Feedback Your answer is incorrect. The correct answer is: No. of Firms Question 18 Not answered Marked out of 1.00 Not flaggedFlag question Question text The condition in which human wants are forever greater than the available supply of time, goods, and resources. Answer: Feedback The correct answer is: Scarcity Question 19 Not answered Marked out of 1.00 Not flaggedFlag question Question text What type of business structure is owned by many people? Select one: a. Sole Proprietorship b. Partnership c. Corporation Feedback Your answer is incorrect. The correct answer is: Corporation Question 20 Not answered Marked out of 1.00 Not flaggedFlag question Question text A person who takes a risk to produce goods and services in search of profit Select one: a. Profiteer b. Baliff c. Entrepreneur d. Magistrate Feedback Your answer is incorrect. The correct answer is: Entrepreneur Question 21 Not answered Marked out of 1.00 Not flaggedFlag question Question text Human-made goods that are used to produce other goods and services Answer: Feedback The correct answer is: Capital Question 22 Not answered Marked out of 1.00 Not flaggedFlag question Question text In a Market structure called 'Monopoly' there will: Select one: a. Many Firms b. Two Firms c. One Firm d. Few Firms Feedback Your answer is incorrect. The correct answer is: One Firm Question 23 Not answered Marked out of 1.00 Not flaggedFlag question Question text List the four market structures in order from least competitive to most competitive. Select one: a. Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition b. Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly c. Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition d. Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition Feedback Your answer is incorrect. The correct answer is: Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition Question 24 Not answered Marked out of 1.00 Not flaggedFlag question Question text 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'. Question 25 Not answered Marked out of 1.00 Not flaggedFlag question Question text 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: Feedback The correct answer is: Graphs Question 26 Not answered Marked out of 1.00 Not flaggedFlag question Question text Decision making based on extra benefit/cost of an action. Answer: Feedback The correct answer is: Marginal Analysis Question 27 Not answered Marked out of 1.00 Not flaggedFlag question Question text Changes in price cause a LARGE change in quantity demanded. Answer: Feedback The correct answer is: Elastic Demand Question 28 Not answered Marked out of 1.00 Not flaggedFlag question Question text Amount of money, resources, raw materials, labor, and production it takes to make a good, item, or service. Select one: a. Quantity Demanded b. Inelastic c. Cost of Production d. Elastic Feedback Your answer is incorrect. The correct answer is: Cost of Production Question 29 Not answered Marked out of 1.00 Not flaggedFlag question Question text What is the study of economic behavior and decision makings of small units, such as individuals, families, and businesses called? Select one: a. Macroeconomics b. Economic Statistics c. Microeconomics d. Economics Feedback Your answer is incorrect. The correct answer is: Microeconomics Question 30 Not answered Marked out of 1.00 Not flaggedFlag question Question text 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 Feedback Your answer is incorrect. The correct answer is: Corporation Question 31 Not answered Marked out of 1.00 Not flaggedFlag question Question text What are the four factors of production? Select one: a. Land, capital, money, entrepreneurs b. Capital, money, supply, demand c. Labor, capital, supply, demand d. Land, capital, labor, entrepreneurs Feedback Your answer is incorrect. The correct answer is: Land, capital, labor, entrepreneurs Question 32 Not answered Marked out of 1.00 Not flaggedFlag question Question text The creative ability of individuals to seek profits by taking risk and combining resources to produce innovative products. Answer: Feedback The correct answer is: Entrepreneurship Question 33 Not answered Marked out of 1.00 Not flaggedFlag question Question text Corporations are in business for what? Select one: a. Non Profit b. Stockholders c. Profit Feedback Your answer is incorrect. The correct answer is: Profit Question 34 Not answered Marked out of 1.00 Not flaggedFlag question Question text 3 Factors Affecting Elasticity of Demand → Necessity, substituitability, income Select one: True False Feedback The correct answer is 'True'. Question 35 Not answered Marked out of 1.00 Not flaggedFlag question Question text Extra revenue from the production of one additional unit. Answer: Feedback The correct answer is: Marginal Revenue Question 36 Not answered Marked out of 1.00 Not flaggedFlag question Question text Any natural resource provided by nature that is used to produce goods and services Answer: Feedback The correct answer is: Land Question 37 Not answered Marked out of 1.00 Not flaggedFlag question Question text Satisfaction or usefulness obtained from acquiring one more unit of a product. Select one: a. Marginal Analysis b. Quantity Supplied c. Marginal Utility d. Variable Cost Feedback Your answer is incorrect. The correct answer is: Marginal Utility Question 38 Not answered Marked out of 1.00 Not flaggedFlag question Question text Monopoly and Monopolistic Competition mean the same: Select one: True False Feedback The correct answer is 'False'. Question 39 Not answered Marked out of 1.00 Not flaggedFlag question Question text The basic categories of inputs used to produce goods and services. Answer: Feedback The correct answer is: Resources Question 40 Not answered Marked out of 1.00 Not flaggedFlag question Question text An analysis based on value judgments or opinions and use words such as good, bad, ought to, and should. Select one: a. Normative Economics b. Direct Relationship c. Positive Economics d. Entrepreneurship Feedback Your answer is incorrect. The correct answer is: Normative Economics Question 41 Not answered Marked out of 1.00 Not flaggedFlag question Question text What is a payment made by an employer to an employee? Select one: a. Interest b. Profit c. Marginal d. Wage Feedback Your answer is incorrect. The correct answer is: Wage Question 42 Not answered Marked out of 1.00 Not flaggedFlag question Question text Graph showing the quantities supplied at each and every possible price in the marker. Select one: a. Variabale Costs b. Supply Curve c. Demand Schedule d. Supply Schedule Feedback Your answer is incorrect. The correct answer is: Supply Curve Question 43 Not answered Marked out of 1.00 Not flaggedFlag question Question text Combination of desire, ability, and willingness to buy a product. → Demand Select one: True False Feedback The correct answer is 'True'. Question 44 Not answered Marked out of 1.00 Not flaggedFlag question Question text Variable plus fixed costs, all costs associated with production. Answer: Feedback The correct answer is: Total Costs Question 45 Not answered Marked out of 1.00 Not flaggedFlag question Question text Demand: shift left=______ in demand. Select one: a. Demand b. Shortagae c. Inverse Relationship d. Decrease Feedback Your answer is incorrect. The correct answer is: Decrease Question 46 Not answered Marked out of 1.00 Not flaggedFlag question Question text 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 Feedback Your answer is incorrect. The correct answer is: Scarcity Question 47 Not answered Marked out of 1.00 Not flaggedFlag question Question text Listing showing the quantity demanded at all possible prices that might prevail in the market at any given time. Answer: Feedback The correct answer is: Demand Schedule Question 48 Not answered Marked out of 1.00 Not flaggedFlag question Question text Lowest legal price that can be paid for a good or service. Select one: a. Fixed Costs b. Market Economy c. Price Floor d. Total Costs Feedback Your answer is incorrect. The correct answer is: Price Floor Question 49 Not answered Marked out of 1.00 Not flaggedFlag question Question text Changes in price cause a SMALL change in quantity demanded. -INELASTIC DEMAND Select one: True False Feedback The correct answer is 'True'. Question 50 Not answered Marked out of 1.00 Not flaggedFlag question Question text What type of business consists of two or more people? Select one: a. Franchise b. Sole Proprietorship c. Corporation d. Partnership Feedback Your answer is incorrect. The correct answer is: Partnership 12:56 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. Barriers to Entry b. Threat of Substitutes c. Bargaining Power of Consumers d. Threats of Competitors Feedback Your answer is incorrect. The correct answer is: Threat of Substitutes Question 2 Not answered Marked out of 1.00 Not flaggedFlag question Question text A SWOT analysis is used to analyse an organisation’s current Answer Feedback The correct answer is: Situation Question 3 Not answered Marked out of 1.00 Not flaggedFlag question Question text In a SWOT analysis, Answer are external environmental trends that may be advantageous for the organisation in question. Feedback The correct answer is: Opportunities Question 4 Not answered Marked out of 1.00 Not flaggedFlag question Question text In a SWOT analysis, strengths and weaknesses are external factors. Select one: True False Feedback The correct answer is 'False'. Question 5 Not answered Marked out of 1.00 Not flaggedFlag question Question text In a SWOT analysis, which two elements are part of the internal environment? Select one: a. Strengths and Opportunities b. Weaknesses and Strengths c. Strengths and Threats d. Opportunities and Threats Feedback Your answer is incorrect. The correct answer is: Weaknesses and Strengths 12:59 These are goods that can be used in place of another. Answer: Feedback The correct answer is: Substitutes Question 2 Not answered Marked out of 1.00 Not flaggedFlag question Question text The one who will distribute the products. Select one: a. Customers b. Suppliers c. Competition d. Substitutes Feedback Your answer is incorrect. The correct answer is: Suppliers Question 3 Not answered Marked out of 1.00 Not flaggedFlag question Question text An evaluation of the possible or probable effects of external forces and conditions on the survival and growth of the business. Answer: Feedback The correct answer is: Environmental Analysis Question 4 Not answered Marked out of 1.00 Not flaggedFlag question Question text Who will you sell your product to? Select one: a. Customers b. Competition c. Substitutes d. Suppliers Feedback Your answer is incorrect. The correct answer is: Customers Question 5 Not answered Marked out of 1.00 Not flaggedFlag question Question text A business function completed by business owners and other individuals to assess the current business environment. Answer: Feedback The correct answer is: Industry Analysis Question 6 Not answered Marked out of 1.00 Not flaggedFlag question Question text 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. Economic Forces b. Culture and Lifestyles c. Political Factors d. Physical Environment Feedback Your answer is incorrect. The correct answer is: Political Factors Question 7 Not answered Marked out of 1.00 Not flaggedFlag question Question text The study of cultural practices to identify the goods and services that will fit into celebrations and spending behavior. Select one: a. Cultures and Lifestyles b. Physical Environment c. Political Factors d. Economic Forces Feedback Your answer is incorrect. The correct answer is: Cultures and Lifestyles Question 8 Not answered Marked out of 1.00 Not flaggedFlag question Question text Who are the major businesses in the industry? Select one: a. Suppliers b. Customers c. Substitutes d. Competition Feedback Your answer is incorrect. The correct answer is: Competition Question 9 Not answered Marked out of 1.00 Not flaggedFlag question Question text 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. Political Factors b. Cultures and Lifestyles c. Competitions d. Economic Forces e. Physical Environment Feedback Your answer is incorrect. The correct answer is: Economic Forces Question 10 Not answered Marked out of 1.00 Not flaggedFlag question Question text 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. Cultures and Lifestyles b. Economic Forces c. Political Factors d. Physical Environment e. Competition Feedback Your answer is incorrect. The correct answer is: Physical Environment 12:59 Which of the following is part of the circular flow diagram? Select one: a. Family b. Education c. Cooperations Cooperations d. Resources Feedback Your answer is incorrect. The correct answer is: Resources Question 2 Not answered Marked out of 1.00 Not flaggedFlag question Question text What are the firms responsible putting out into the market? Select one: a. Resources b. Goods and Services c. Household Spending d. Agriculture Feedback Your answer is incorrect. The correct answer is: Goods and Services Question 3 Not answered Marked out of 1.00 Not flaggedFlag question Question text Which of the following is attached to households on the circular flow diagram? Select one: a. Cooperations b. Goods and Services c. Farming d. Stock Market Feedback Your answer is incorrect. The correct answer is: Goods and Services Question 4 Not answered Marked out of 1.00 Not flaggedFlag question Question text Circular flow only moves in one direction, with little to no leakages in the market. Select one: True False Feedback The correct answer is 'False'. Question 5 Not answered Marked out of 1.00 Not flaggedFlag question Question text 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. Investing b. Managing c. Borrowing d. Saving Feedback Your answer is incorrect. The correct answer is: Saving 13:00 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 Feedback The correct answer is 'True'. Question 2 Not answered Marked out of 1.00 Not flaggedFlag question Question text 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 Feedback The correct answer is 'True'. Question 3 Not answered Marked out of 1.00 Not flaggedFlag question Question text 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 Feedback The correct answer is 'True'. Question 4 Not answered Marked out of 1.00 Not flaggedFlag question Question text 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 Feedback The correct answer is 'False'. Question 5 Not answered Marked out of 1.00 Not flaggedFlag question Question text 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 Feedback The correct answer is 'True'. 13:08 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. Price are equal b. Price are the greatest c. Price are equal to one d. Total utility are the greatest e. Total utility are the same Feedback Your answer is incorrect. The correct answer is: Price are equal Question 2 Not answered Marked out of 1.00 Not flaggedFlag question Question text Describes how consumers make decisions on what to buy Consumption refers to the use of goods and services to satisfy human wants directly. Answer: Feedback The correct answer is: Consumer Behavior Question 3 Not answered Marked out of 1.00 Not flaggedFlag question Question text It refers to the additional utility derived from consuming an additional unit of the good Answer: Feedback The correct answer is: Marginal Utility Question 4 Not answered Marked out of 1.00 Not flaggedFlag question Question text 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: Feedback The correct answer is: Total Utility Question 5 Not answered Marked out of 1.00 Not flaggedFlag question Question text When total utility is at its maximum, marginal utility is... Select one: a. At a maximum marginal utility b. Increasing c. Negative d. At a minimum marginal utility e. Equal to zero Feedback Your answer is incorrect. The correct answer is: Equal to zero 13:09 Which cost increases continuously with the increase in production? Select one: a. Fixed cost. b. Variable cost. c. Marginal Cost Marginal cost. d. Average cost. Feedback Your answer is incorrect. The correct answer is: Variable cost. Question 2 Not answered Marked out of 1.00 Not flaggedFlag question Question text Output refers to the product created as a result of the combination of input in the production process. Select one: True False Feedback The correct answer is 'True'. Question 3 Not answered Marked out of 1.00 Not flaggedFlag question Question text Input refers to the resources used to produce goods and services. Select one: True False Feedback The correct answer is 'True'. Question 4 Not answered Marked out of 1.00 Not flaggedFlag question Question text The use of economic resources to create goods and services that will be used to satisfy human wants. Answer: Feedback The correct answer is: Production Question 5 Not answered Marked out of 1.00 Not flaggedFlag question Question text External economies go with size and internal economies with location. Select one: True False Feedback The correct answer is 'True'.
