General Education Quiz

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Ano ang kabisera ng probinsya ng Masbate?

A. Masbate CityB. LegazpiC. NagaD. Sorsogon

What is the fundamental economic problem that all societies face?

A. Unlimited resources with limited wantsB. Limited resources with unlimited wantsC. Equal distribution of resourcesD. Government control of all resources

Which of the following is NOT a factor of production?

A. LandB. LaborC. MoneyD. Capital

According to the law of demand, what happens to quantity demanded when price increases?

A. Quantity demanded increasesB. Quantity demanded decreasesC. Quantity demanded stays the sameD. Quantity demanded becomes zero

What is the term for the point where supply and demand curves intersect?

A. Surplus pointB. Shortage pointC. EquilibriumD. Break-even point

Which economic system is characterized by private ownership of resources and free market forces?

A. Command economyB. Traditional economyC. Market economyD. Mixed economy

What does GDP stand for?

A. Gross Domestic ProductB. General Domestic ProductC. Gross Development ProductD. General Development Production

Which of the following best describes inflation?

A. Decrease in general price levelB. Increase in general price levelC. Stable prices over timeD. Decrease in money supply

What is opportunity cost?

A. The financial cost of producing goodsB. The value of the next best alternative foregoneC. The cost of labor and materialsD. The total cost of all resources used

In the Philippine economy, which sector employs the largest percentage of the workforce?

A. Industrial sectorB. Agricultural sectorC. Services sectorD. Technology sector

What happens to the supply curve when production costs decrease?

A. Supply curve shifts leftB. Supply curve shifts rightC. Supply curve becomes verticalD. No change in supply curve

What is the difference between GDP and GNP?

A. GDP includes only goods, GNP includes servicesB. GDP measures production within borders, GNP measures production by citizensC. GDP is quarterly, GNP is annualD. GDP is for developed countries, GNP is for developing countries

Which of the following is a characteristic of a monopoly?

A. Many sellersB. Single sellerC. Free entry and exitD. Homogeneous products

What is the law of supply?

A. As price increases, quantity supplied decreasesB. As price increases, quantity supplied increasesC. Price and supply are unrelatedD. Supply is constant regardless of price

What type of unemployment occurs when workers lose jobs due to economic downturns?

A. Frictional unemploymentB. Structural unemploymentC. Cyclical unemploymentD. Seasonal unemployment

What is consumer surplus?

A. Extra goods consumers receiveB. Difference between what consumers are willing to pay and what they actually payC. Government subsidy for consumersD. Discount given to consumers

Which government agency in the Philippines is responsible for managing the money supply?

A. Department of FinanceB. Bangko Sentral ng PilipinasC. Securities and Exchange CommissionD. Department of Trade and Industry

What is a budget deficit?

A. When revenue exceeds spendingB. When spending exceeds revenueC. When revenue equals spendingD. When there is no spending

Which of the following is a normal good?

A. A good for which demand decreases as income increasesB. A good for which demand increases as income increasesC. A good with constant demand regardless of incomeD. A good that is no longer produced

What is the primary purpose of the Philippine Stock Exchange?

A. To print moneyB. To provide a marketplace for buying and selling securitiesC. To set interest ratesD. To collect taxes

What is elasticity of demand?

A. The speed at which demand changesB. The responsiveness of quantity demanded to price changesC. The total demand in a marketD. The minimum demand for a product

In a command economy, who makes the basic economic decisions?

A. Individual consumersB. Private businessesC. The governmentD. International organizations

What is the marginal propensity to consume?

A. Total consumption divided by total incomeB. The fraction of additional income that is spent on consumptionC. The minimum level of consumptionD. The maximum amount a consumer can spend

Which of the following is NOT included in the calculation of GDP?

A. Value of new houses builtB. Government spending on roadsC. Intermediate goods used in productionD. Consumer spending on cars

What is deflation?

A. A general increase in pricesB. A general decrease in pricesC. Stable pricesD. Rapid economic growth

What is the circular flow of income model?

A. A model showing the flow of money between households and firmsB. A model showing international trade flowsC. A model showing government spending onlyD. A model showing bank lending only

Which type of market structure has many sellers offering differentiated products?

A. Perfect competitionB. MonopolyC. Monopolistic competitionD. Oligopoly

What is the Lorenz curve used to measure?

A. Economic growthB. Income inequalityC. Inflation rateD. Unemployment rate

What is comparative advantage?

A. Being the best at producing everythingB. Producing a good at a lower opportunity cost than othersC. Having the lowest production costsD. Producing the highest quality goods

What is the role of the World Trade Organization?

A. To provide loans to developing countriesB. To regulate international trade and resolve disputesC. To print international currencyD. To set minimum wages globally

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