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Select one:
c. Judge whether what holds true for the part also holds true for the whole Incorrect
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The correct answer is: Isolate the relationship of a variable with another variable
Select one:
c. Judge whether what holds true for the part also holds true for the whole Incorrect
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The correct answer is: Isolate the relationship of a variable with another variable
3. If you cut in line at Jollibee, you can order your food faster. Therefore, everyone should cut in line at Jollibee so that
everyone can order their food faster. Which fallacy was committed in this reasoning?
Select one:
c. Fallacy of composition
d. A and B
e. A, B, and C
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4. One of the three main economic functions of the government in a market economy is to pursue macroeconomic stability.
Which of the following falls under this function?
Select one:
a. The Pantawid Pamilyang Pilipino Program, which encourages poor families to send their children to school.
d. The Comprehensive Agrarian Reform Program, which redistributes land assets to indigent farmers.
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The correct answer is: The Bangko Sentral ng Pilipinas moderating inflation
Select one:
c. Property rights, which define the ability of an individual to own, buy, sell, and use of capital goods
6. Which of the following statements is TRUE when an economy is on the production possibility frontier (PPF)?
Select one:
c. Increasing the production of any good is not possible without reducing the production of some other goods Correct
d. There are no limits in the amount of goods and services that people can consume
e. Both A and B
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The correct answer is: Increasing the production of any good is not possible without reducing the production of some other
goods
Select one:
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Select one:
a. 2/3 units of X
b. 3/2 units of X
c. 1/3 units of X
d. 1 unit of X Incorrect
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Select one:
a. 2/3 units of Y
b. 1 unit of Y Incorrect
c. 3/2 unit of Y
d. 1/2 unit of Y
e. None of the above
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10. Suppose the figure is the PPF of China in the production of grains and warships. Suppose further that
China has implemented an aggressive South China Sea policy. Which point on its PPF would best
describe where it is at?
Select one:
a. A
b. B Correct
c. C
d. D
e. E
11. Now suppose the South China Sea disputes are resolved peacefully. What might be the movement in
China's production possibility space?
Select one:
a. From B to C Correct
b. From C to B
c. From E to C
d. From D to E
e. From A to D
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The circular flow of a market economy illustrates how consumers supply factors of production in the
factor markets to be able to obtain peso votes for the product markets.
Select one:
True Correct
False
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Question 2
Correct
Question text
Tastes and technology ultimately determine the market price of goods and services
Select one:
True
False Correct
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Question 3
Incorrect
Question text
Capital goods are consumption goods stored in inventory for consumption sometime in the future.
Select one:
True Incorrect
False
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