8/11/2020 Basic Economics (ECO1) Final Exams - Google Forms

Basic Economics (ECO1) Final Exams

Section 1 of 6

Basic Economics (ECO1) Final Exams

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Short answer text

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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

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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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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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