Finals - Attempt Review

1/9/2020 Finals: Attempt review
Dashboard / My courses / BL-ECON-101-LEC-1923T / Week 20: Final Examination / Finals
Started on Thursday, 9 January 2020, 8:14 PM

State Finished
Completed on Thursday, 9 January 2020, 8:58 PM
Time taken 44 mins 8 secs
Marks 38.00/50.00
Grade 76.00 out of 100.00
Question 1 True or False. If the statement is true, write the word True. If False, write False and replace the underlined
Correct word with the correct term. Note that the system accepts an exact answer. Wrong spelling is considered
Mark 1.00 out of wrong.
1.00
For example:
Q: Whales are reptiles. A: False - mammals
Wants and desires are goods and services for men to survive.
Answer: false-needs 
Incorrect word with the correct term. Note that the system accepts an exact answer. Wrong spelling is considered
1.00
For example:
A country is a net importer when the value of its export is higher than the value of its imports.
Answer: true 
Question 3 The base period is a month.

Correct
Mark 1.00 out of Select one:

1.00
False 
True
Question 4 The marginal product of the 5th worker is zero. This means that:
Incorrect

1.00
a. The firm must hire a 6th worker to increase production 
b. The total volume of production is at its low
c. All of the choices
d. The total production of the first 4 workers is equivalent to the output of 5 workers
https://blended.amaesonline.com/abl-trimestral/mod/quiz/review.php?attempt=694887&cmid=12210 1/10
1.00
For example:
Opportunity cost is the value of the next best alternative that must be given up when a decision is made.
Answer: true 
1.00
For example:
Any mechanism by which seller sand buyers negotiate an exchange is called a market.
Answer: true 
1.00
For example:
Isoquants are downward sloping to the right and are convex in shape.
Answer: true 
Question 8 A kinked curve for sellers and producers exist in the following market structure
Correct

1.00
a. Monopolistic Competition
b. Oligopoly 
c. Perfect Competition
d. Monopoly
Question 9 Refers to the general increase in the level of prices of goods and services over a period of time:
Correct

1.00
a. Prosperity
b. Economic Growth
c. Inflation 
d. Investment
1.00
For example:
The price of commodity is a common determinant for both demand and supply.
Answer: true 
1.00
For example:
Product X is unitary elastic, since its price demand elasticity is computed at –1.
Answer: true 
1.00
For example:
Fiscal policy is concerned with managing the amount of money in circulation.
Answer: false-seasonal 
Question 13 When the quantity demanded remained unchanged as its price changes, the position of the curve is:
Correct

1.00
a. Steep
b. Horizontal
c. Vertical 
d. Slanting
Question 14 Identification: This refers to the Producer’s budget line.

Incorrect
Mark 0.00 out of

1.00 Answer: isoquant 
1.00
For example:

The consumer equilibrium is that point of intersection between the price line and the indifference curves.
Answer: false-turning  
Question 16 The supply elasticity of agricultural products:

Correct

1.00
a. Inelastic 
b. Perfectly Inelastic
c. Elastic
d. Perfectly Elastic
Question 17 Defined economics as a study of people in the ordinary business of life.

Correct

1.00
a. Alfred Toefler
b. Adam Smith
c. Lionel Richie
d. Alfred Marshall 
Question 18 The following are characteristics of a monopoly except:

Correct

1.00
a. Extremely difficult to enter the market
b. Considerable control in the price and output
c. Large number of sellers 
d. Sales advertisement and promotions are not necessary
1.00
For example:
The business cycle has three phases characterized by changing economic activities like investments and
employment levels.
Answer: false-four 
Question 20 There is only one way of computing the GDP.

Correct

1.00
False 
True
Question 21 The graphical representation of elasticity showing a horizontal curve indicates:

Correct

1.00
a. cross price elasticity
b. Perfectly inelastic price Supply elasticity
c. Perfectly elastic price demand elasticity 
d. Perfectly inelastic price demand elasticity
1.00
For example:
Household and individual consumption is the driving force in any economy.
Answer: true 
1.00
For example:
The capital account component of national accounting covers foreign and domestic investments.
Answer: true 
1.00
For example:
Production leads to consumption but consumption also leads to production.
Answer: true 
1.00
For example:
It is believed that agrarian reform is the foundation of industrial progress.
Answer: true 
Question 26 Hermann Heinrich Gossen is the proponent of ordinal utility theory.

Correct

1.00
True
False 
1.00
For example:
The minimum volume of production is reached when the marginal production is equal to zero.
Answer: false-maximum 
1.00
For example:
Economics is a social science which deals with the equitable allocation and optimum utilization of resources.
Answer: true 
1.00
For example:
The firm’s selling price is an important determinant of its revenue.
Answer: true 
1.00
For example:
GNP measures the value of all final goods and services produced by a country and its nationals regardless of
whether they are produced within or outside the country’s territory.
Answer: true 
Question 31 Identification: Government agency in-charge of implementing the CARP.

Incorrect
Mark 0.00 out of

1.00 Answer: true 
Question 32 Type of product differentiation using sizes, colors, design and shapes:
Correct

1.00
a. Human capital differentiation
b. Physical differentiation 
c. Marketing differentiation
d. Distribution Differentiation
1.00
For example:
Indifference curves are downward sloping to the right and are concave in shape.
Answer: false-convex 
1.00
For example:
Economic territory does not necessarily equate with geographic territory.
Answer: true 
Question 35 The law of diminishing marginal returns indicates that marginal returns:
Correct

1.00
a. Eventually diminish 
b. Never diminish
c. Never diminish before increasing
d. Always diminish before increasing
1.00
For example:
Surplus refers to the negative difference between quantity supplied and quantity demanded.
Answer: false-positive 
Question 37 Identification: It indicates various combinations of two factors of production which give the same level of output
Correct per unit of time.
Mark 1.00 out of
1.00
Answer: isoquant 
1.00
For example:
Macroeconomic models aim to find and explain the behavior and the accomplishments of the economy and use
the results in planning.
Answer: true 
Question 39 Supply elasticity is affected not only by price but by any of the following:
Correct

1.00
a. Inventory
b. Availability of materials
c. All of the choices 
d. The Product type
1.00
For example:
The positive value of marginal utility means that there is satisfaction from the consumption of that good.
Answer: true 
Question 41 All combinations of two products that consumers can purchase given a certain income and product prices is the:
Correct

1.00
a. Indifference curve
b. Demand Curve
c. Total Utility Curve
d. Budget Line 
1.00
For example:
Economic profit takes into account the opportunity costs.
Answer: true 
Question 43 Diminishing marginal returns for the first four units of variable input is exhibited by the following total product
Incorrect sequence:
Mark 0.00 out of
1.00 Select one:
a. 50, 50, 50, 50
b. 50, 40, 30, 20
c. 50, 100, 150, 200 
d. 50 , 90, 120, 140
Question 44 Total product per unit of variable input.

Incorrect
Mark 0.00 out of

1.00 Answer: short run 
Question 45 Indifference curves intersect.

Correct

1.00
a. False 
b. True
Question 46 Which of the following statements is not true:

Correct

1.00
a. None of the choices 
b. Price expectation affects supply
c. Consumers and producers react to changes in price
d. The demand for commodities differs
1.00
For example:

Economics was derived from the Greek word ‘Oikonomus’.
Answer: false-greek 
1.00
For example:

The classical theory of employment states that employment is triggered by the aggregate demand for goods and
services.
Answer: true 
Question 49 Economists who are concerned about the behavior of individual households, firms, and industries are studying:
Correct

1.00
a. Macroeconomics
b. Consumer behavior
c. Microeconomics 
d. Economic systems
1.00
For example:
The kinked demand curve is a feature of an oligopsony.
Answer: true 
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1/9/2020 Finals: Attempt review

Dashboard / My courses / BL-ECON-101-LEC-1923T / Week 20: Final Examination / Finals

Started on Thursday, 9 January 2020, 8:14 PM

Question 3 The base period is a month.

Mark 1.00 out of Select one:

Mark 0.00 out of Select one:

b. The total volume of production is at its low

c. All of the choices

Mark 1.00 out of Select one:

Mark 1.00 out of Select one:

Fiscal policy is concerned with managing the amount of money in circulation.

Mark 1.00 out of Select one:

Question 14 Identification: This refers to the Producer’s budget line.

Mark 0.00 out of

Q: Whales are reptiles. A: False - mammals

Question 16 The supply elasticity of agricultural products:

Mark 1.00 out of Select one:

Question 17 Defined economics as a study of people in the ordinary business of life.

Mark 1.00 out of Select one:

Question 18 The following are characteristics of a monopoly except:

Mark 1.00 out of Select one:

b. Considerable control in the price and output

c. Large number of sellers 

d. Sales advertisement and promotions are not necessary

Question 20 There is only one way of computing the GDP.

Mark 1.00 out of Select one:

Question 21 The graphical representation of elasticity showing a horizontal curve indicates:

Mark 1.00 out of Select one:

b. Perfectly inelastic price Supply elasticity

c. Perfectly elastic price demand elasticity 

d. Perfectly inelastic price demand elasticity

Household and individual consumption is the driving force in any economy.

Production leads to consumption but consumption also leads to production.

It is believed that agrarian reform is the foundation of industrial progress.

Question 26 Hermann Heinrich Gossen is the proponent of ordinal utility theory.

Mark 1.00 out of Select one:

The firm’s selling price is an important determinant of its revenue.

Question 31 Identification: Government agency in-charge of implementing the CARP.

Mark 0.00 out of

Mark 1.00 out of Select one:

Economic territory does not necessarily equate with geographic territory.

Mark 1.00 out of Select one:

c. Never diminish before increasing

d. Always diminish before increasing

Mark 1.00 out of Select one:

c. All of the choices 

d. The Product type

Mark 1.00 out of Select one:

c. Total Utility Curve

Economic profit takes into account the opportunity costs.

b. 50, 40, 30, 20

c. 50, 100, 150, 200 

d. 50 , 90, 120, 140

Question 44 Total product per unit of variable input.

Mark 0.00 out of

Question 45 Indifference curves intersect.

Mark 1.00 out of Select one:

Question 46 Which of the following statements is not true:

Mark 1.00 out of Select one:

b. Price expectation affects supply

c. Consumers and producers react to changes in price

d. The demand for commodities differs

Q: Whales are reptiles. A: False - mammals