8/11/2020 Basic Economics (ECO1) Final Exams - Google Forms
Basic Economics (ECO1) Final Exams
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Section 1 of 6
Basic Economics (ECO1) Final Exams
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After section 1 Continue to next section
Section 2 of 6
I. TRUE or FALSE
Choose TRUE if the statement is correct and FALSE if the statement is incorrect.
There are four (4) economic resources. *
True
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8/11/2020 Basic Economics (ECO1) Final Exams - Google Forms
False
Under traditional economy, the central planner determines the answers to the economic *
True
False
Microeconomics deals with production *
True
False
Microeconomics deals with how the economy operates as a whole *
True
False
The Production Possibilities Frontier assumes that resources are unlimited. *
True
False
The household supplies the factors of production to the business sector. *
True
False
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8/11/2020 Basic Economics (ECO1) Final Exams - Google Forms
Elasticity measures the responsiveness of quantity demanded to changes in price. *
True
False
The law of demand assumes that all other things are constant. *
True
False
Hypothesis is a possible explanation of cause and effect. *
True
False
Opportunity cost is the next best alternative. *
True
False
A price ceiling should be placed above the equilibrium price. *
True
False
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8/11/2020 Basic Economics (ECO1) Final Exams - Google Forms
Changes in price will lead to changes in quantity demanded and quantity supplied. *
True
False
18. There is will be no surplus if the price is equal to the equilibrium price. *
True
False
19. Expectation for future prices affects both demand and supply. *
True
False
20. If there are more quantity supplied than quantity demanded, sellers will be willing to *
True
False
If the price of ice cream in summer goes up, and total sales of ice cream also increases, it *
True
False
Basic commodities have inelastic demand. *
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8/11/2020 Basic Economics (ECO1) Final Exams - Google Forms
True
False
Normative economic analysis states a cause and effect relationship. *
True
False
After section 2 Continue to next section
Section 3 of 6
Market Structure
Description (optional)
Determine What kind of Market Structure *
Perfect Competition Monopoly Monopolistic Com… Oligopoly
Freedom of entry i…
Consumers enjoy v…
The seller is a pric…
The seller can set …
Extraordinary profit…
Product differentia…
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8/11/2020 Basic Economics (ECO1) Final Exams - Google Forms
Uniform pricing of …
Sellers enjoy a cert…
Perfect knowledge …
Free entry into and …
Consumers enjoy v…
The elasticity of de…
Sellers advertise th…
Branding,labeling,p…
Profit is maximize…
Interdependence o…
Products sold may …
Non-price competit…
Sellers enjoy a deg…
A decrease in the p…
After section 3 Continue to next section
Section 4 of 6
Multiple Choice
Choose the right answer on the following Questions
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8/11/2020 Basic Economics (ECO1) Final Exams - Google Forms
What is the result of a change in a non-price determinant of demand? *
Change in Demand
Change in Quantity Demand
Movement along the same demand curve
No effect
Possible explanation of cause and effect in economics *
Economic Theory
Economic Principle
Economic Law
Hypothesis
Field in economics that deals with what ought to be. *
Normative Economics
Positive Economics
Macroeconomics
Microeconomics
Branch of economics that deals with the economy as a whole. *
Normative Economics
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8/11/2020 Basic Economics (ECO1) Final Exams - Google Forms
Positive Economics
Macroeconomics
Microeconomics
Factor payment for land. *
Wage
Rent
Interest
Share of Profit
Factor payment for Capital *
Wage
Rent
Interest
Share of Profit
Factor payment for Labor *
Wage
Rent
Interest
Share of Profit
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8/11/2020 Basic Economics (ECO1) Final Exams - Google Forms
What subdivision of the economy supplies the factors of production? *
Household
Business Sector
Government
All of the above
What subdivision of the economy supplies the goods and services? *
Household
Business Sector
Government
All of the above
What type of economic system allows private ownership of resources? *
Traditional Economy
Command Economy
Market Economy
None of the Above
Price is a guiding system in what type of economic system? *
Traditional Economy
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8/11/2020 Basic Economics (ECO1) Final Exams - Google Forms
Command Economy
Market Economy
None of the Above
What is the degree of elasticity if the coefficient of elasticity is <1? *
Elastic
Inelastic
Unitary
Perfectly Elastic
What is the type of good if the income elasticity coefficient is 0.20? *
Superior
Inferior
Substitute
Complementary
What is the type of good if cross-price elasticity coefficient is 0.37? *
Superior
Inferior
Substitute
Complementary
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8/11/2020 Basic Economics (ECO1) Final Exams - Google Forms
Graphically, how would an elastic demand curve look like? *
Relatively Steep
Relatively Flat
Horizontal Line
Vertical Line
47. Graphically, how would a coefficient of elasticity of 0 be represented? *
Vertical Line
Horizontal Line
Perfect Diagonal Line
None of the above
What is the coefficient of elasticity if the demand is perfectly elastic? *
>1
<1
What is the coefficient of elasticity if the demand is perfectly inelastic? *
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