It is an effect on a third party that caused by production or consumption of a good or
service.
a.
middleman effect
b.
cost effect
c.
externality
d.
none of the above
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Question 2
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Pandemic affects our social behavior.
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True
False
Question 3
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Prices in an unregulated market economy that has achieved productive efficiency are likely
to be ________.
a.
below-average cost
b.
above-average cost
c.
equal to the minimum average cost
d.
none of the above
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Question 4
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In managing your team, you should consider their individual skills and talents.
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True
False
Question 5
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A business that deals with farming, processing and manufacturing, packaging and
distributing agricultural products.
a.
Manufacturing
b.
Retail and Services
c.
Agribusiness
d.
International Trade
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Question 6
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The process of selling goods and services through sales channel to reach its consumers.
a.
Trade
b.
Barter
c.
Discounts
d.
Retail
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Question 7
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Demand will increase in this time of pandemic that leads to scarcity.
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True
False
Question 8
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It is the maximum amount for a consumer who is willing to pay for an additional good or
service.
a.
total benefit
b.
average benefit
c.
marginal benefit
d.
none of the above
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Question 9
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It is an economic situation defined by an inefficient distribution of goods and services in
the free market.
a.
Business Failure
b.
Economic Failure
c.
Price Failure
d.
Market Failure
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Question 10
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This involves raising of chickens, ducks, and other domesticated birds for meat and egg for
human consumption.
a.
Vegetable Farming
b.
Poultry Raising
c.
Goat Raising
d.
Cattle Raising
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Question 11
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In starting up a business, you should primary consider how ill it helps and supply the ends
of your markets.
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True
False
Question 12
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This is an agribusiness which involves growing fish in an enclosed area.
a.
Rice Farming
b.
Vegetable Farming
c.
Fish Pens
d.
Goat Raising
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Question 13
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Internet provider, janitorial services and health care are part of this industry.
a.
Primary Industry
b.
Secondary Industry
c.
Tertiary Industry
d.
Quaternary Industry
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Question 14
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Below are the reasons for the market failure, EXCEPT:
a.
lack of public goods
b.
taxation
c.
abuse of monopoly power
d.
environmental concerns
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Question 15
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You should stop your business when you have no returned funds or profits in the first
semesters of your business.
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True
False
Question 16
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This industry that take raw materials from earth and sell it for use or undergo
manufacturing process.
a.
Primary Industry
b.
Secondary Industry
c.
Tertiary Industry
d.
Quaternary Industry
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Question 17
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A tax placed on a good to take into account these external costs and move output closer to
the level of social efficiency.
a.
Pigouvian tax
b.
Excise tax
c.
Ad Valorem tax
d.
Progressive tax
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Question 18
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Business and Industry are affected by social behavior.
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True
False
Question 19
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A growing business is a profitable business.
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True
False
Question 20
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Businesses and industry will continue growing even without understanding the socio-
economic factors.
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True
False
Question 21
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The study of social economics predicts what kind of result to expect when the society has
been changed.
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True
False
Question 22
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Which of the following statements is NOT TRUE?
a.
Allocative efficiency means when the mix of goods being produced represents the mix that
society most desires.
b.
Productive efficiency means given the available inputs and technology, it’s impossible to
produce more of one good without decreasing the quantity of another good that’s
produced.
c.
A marginal benefit is an additional satisfaction that consumer receives when the additional
good or service is purchased.
d.
None of the above
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Question 23
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These are type of retail products that is intended to be consumed in a quick manner.
a.
Soft Goods
b.
Hard Goods
c.
Substitutes
d.
Arts
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Question 24
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This industry provides a wide range of personal and professional services to consumers.
a.
Primary Industry
b.
Secondary Industry
c.
Tertiary Industry
d.
Quaternary Industry
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Question 25
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Different socioeconomic classes will have different priorities and this will affect how they
spend their money.
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True
False
Question 26
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Which of the following statements is NOT TRUE?
a.
The market efficiency results from the optimization of resource-use to best serve an
economy.
b.
The marginal benefit for a consumer tends to increase as consumption of the good or
service increases.
c.
A marginal benefit is an additional satisfaction that consumer receives when the additional
good or service is purchased.
d.
None of the above
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Question 27
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Socio-economic is a branch of economics that concerns with the relationship of economics
and social behavior.
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True
False
Question 28
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Deals with selling of one of the basic consumption of man which is water.
a.
Soap Manufacturing
b.
Bakery
c.
Drinking Water Business
d.
Furniture Making
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Question 29
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It deals with raising of pig or swine for livestock and human consumption.
a.
Goat Raising
b.
Duck Raising
c.
Cattle Raising
d.
Hog Raising
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Question 30
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It is a negative spillover effect on third parties.
a.
negative externality
b.
bad spillover effect
c.
negative spillover
d.
none of the above
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Question 31
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It is a benefit that is enjoyed by a third-party as a result of an economic transaction.
a.
Externality
b.
Business Externality
c.
Positive externality
d.
Negative externality
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Question 32
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In evaluating the business viability, place is not a big deal in putting up a business.
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True
False
Question 33
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Good managerial skills are not necessary as long as you have the capital.
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True
False
Question 34
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It refers to the change in the total production cost that comes from making or producing
one additional unit.
a.
total cost
b.
average cost
c.
marginal cost
d.
none of the above
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Question 35
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PEST analysis are the main economic factors that affect a business.
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True
False
Question 36
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Which of the following statements is NOT TRUE about positive externality?
a.
When consuming a product leads to benefits for other people.
b.
The social benefit of consuming education is greater than your personal benefit.
c.
If the person smokes in a crowded room, other people have to breathe the smoke.
d.
None of the above
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Question 37
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Tax and revenues are stable in this pandemic times.
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True
False
Question 38
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A successful business has a good business plan.
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True
False
Question 39
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Business should be feasible and practical.
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True
False
Question 40
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Production of products using labor, machines, methods, and tools for use or sale.
a.
Retail and Services
b.
Manufacturing
c.
International Trade
d.
Agribusiness
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Question 41
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In evaluating the impact of your business, you must consider customers feedbacks.
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True
False
Question 42
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The managerial skills of the owner or team is a must.
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True
False
Question 43
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This occurs when producing or consuming a good cause an impact on third parties not
directly related to the transaction.
a.
Consumption Failure
b.
Externality
c.
Business Externality
d.
Production Failure
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Question 44
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This business deals with creation or production of goods like tables, chairs, and cabinets.
a.
Corn farming
b.
Hog raising
c.
Poultry Farming
d.
Furniture Making
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Question 45
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This industry is involved in information technology business.
a.
Primary Industry
b.
Secondary Industry
c.
Tertiary Industry
d.
Quaternary Industry
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Question 46
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If recession happened to a specific company the prices of their product will increase.
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True
False
Question 47
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This problem means someone benefiting from resources or goods and services without
paying for the cost of the benefit.
a.
free rider
b.
good spillover effect
c.
negative externality
d.
none of the above
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Question 48
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Agribusiness is a business that deals with production and distribution of ___________________.
a.
Basket Making
b.
Car making
c.
Retail Products
d.
Agricultural products
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Question 49
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These are list of business that involves agriculture except _______________.
a.
Poultry farming
b.
Hog raising
c.
Corn farming
d.
Furniture making
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Question 50
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Which of the following is an example of a negative externality?
a.
Building a café that employs previously homeless people.
b.
Buying an electric car which reduces pollution.
c.
Buying a bicycle which reduces pollution and congestion.
d.
Farmers use fertilizers and pesticides which harm insects.
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