LO2 ECON 101

Inputs are including of _____.-----all

Leakages from the circular flow are ____, _____ and _____.---------savings,taxe
s
Injections into the circular flow are _____, ______ and ______.-------investmen
t,government
It means that we are using all available resources, and they are being used to
their potential.
-------full employment
Inputs are known as the ______ owned by the ______ who in return consume all th
e goods and services produce by the firm.
------factors of production-household
In the product market, households are ____ and firms are ____.------buyers-sell
ers
It is the study of methods, especially the scientific method, in relation to ec
onomics, including principles underlying economic reasoning.
-----economic methodology
It involves building models of behavior.-----economic theory
Which one is not include of goods for the future?---------food
Which factors can make an economy grows?---------All of the given options
LO3 ECON 101
The market demand curve shows----quantity of agood
Which one are complementary goods?------tea-sugar
Which one is Neutral good?----salt
If the price of a good increases while the quantity of the good exchanged on ma
rkets increases, then the most likely explanation is that there has been---an increase in demand
Which one is not normal good?------cheap frozen dinner
____ is discovered in the interactions of buyers and sellers-----price
Which of the following will cause a change in quantity supplied?--------all of
the given option
If the price of a good decreases while the quantity of the good exchanged on ma
rkets increases, then the most likely explanation is that there has been---increase in supply
Market equilibrium refers to a situation in which market price-----at a level
If automobile manufacturers are producing cars faster than people want to buy t
hem-----excees supply and price decrease
The market supply curve shows-----offer for sale
If input prices increase, all else equal,------supply will decrease

If the price of a good increases while the quantity of the good exchanged on ma
rkets decreases, then the most likely explanation is that there has been----decrease in suuply
Demand curve indicates lower quantity at a ___ price, and a higher quantity at
a ___ price.------higher-lower
During a recession, economies experience increased unemployment and a reduced l
evel of activity.
How would a recession be likely to affect the market demand for new cars?-----s
hift to the left
LO4 ECON 101
If the price elasticity of demand is unit then a fall in price:----leaves reven
ue
If the cross elasticity of demand between two goods is negative, then the two g
oods are:---complements
Measures responsiveness of buyers to changes in income.------income elasticity
in demand
Tennis racquets and tennis balls are likely to have a positive cross-elasticity
of demand.-----false
Different types of washing-up liquid are likely to have a positive cross-elasti
city of demand.-----true
A government seeking to raise revenue should increase taxes on products with re
latively elastic demands.-----false
Price elasticity of demand refers to shifts in the demand curve for a product.---false
A university decides to raise tuition fees to increase the total revenue it rec
eives from students.
This strategy will work if the demand for education at that university is:----in
elastic
The bus fare charged by the local bus company is Php2.00 during the morning rus
h hour, but only Php1.50 during the early afternoon.
This can be explained by the fact that the demand for bus rides during the morni
ng rush hour is _____;
but during the early afternoon the demand for bus rides is _____:-----less
_____ measures the relative responsiveness in quantity demanded to a change in
price.---price of demand
______ measures elasticity over a distance.----arc
At a price of Php11.00, quantity demanded is 90; and at a price of Php9.00, qua
ntity demanded is 110.
The price elasticity of demand is:------negative 1
_____ is primary determinant of elasticity of supply.----time