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18. A formal agreement among oligopolists to set-up monopoly price, allocate output, and
share profit among members
a. Cartel
b. Collusion
c. Oligopsony
19. A formal or informal agreement among the oligopolist to adopt policies that will restrict or
reduce the level of competition among themselves
a. Oligopsony
b. Cartel
c. Collusion
20. Value characteristics or a quality of goods varies; a classic example of this type is the
automobile industry because of the numerous characteristics of cars
a. Pure Oligopoly
b. Differentiated Oligopoly
c. Regulated Oligopoly
21. Few sellers that produce identical products; common in a market situation where the
products are sold are fairly homogenous; examples of the products they sell include
cement, sugar, and other raw materials
a. Natural Oligopoly b. Pure Oligopoly
c. Differentiated Oligopoly
22. When the conditions important for perfect competitions are not satisfied; individual firm
can control the pricing system
a. Pure Market
b. Imperfect Market c. Perfect market
23. When market situation has a very large number of buyers and sellers identical or
homogenous product; no particular firm can influence the market price
a. Perfect Market
b. Pure Competition c. Imperfect Market
24. A type of market where there is large number of sellers that produce similar products,
but the products are perceived by buyers as different
a. Pure Competition b. Monopoly
c. Monopolistic Competition
25. Exists where a firm has a monopoly in a specific geographic location
a. Local Monopoly b. Natural Monopoly c. Coercive Monopoly
26. A market situation where a single firm can supply the entire market due to the
fundamental cost structure of the industry; only big economies or producers will be able
to stay in the business when the quantity increases as cost decline
a. Natural Monopoly b. Differentiated Monopoly c. Local Monopoly
27. Where pricing and production are controlled by the government
a. Coercive Monopoly
b. Natural Monopoly c. Regulated Monopoly
28. Do not require actual money and should not be included in measuring GDP
a. Multiple Counting b. Non-Production Transactions
c. Financial Transactions
29. Gift cheques are examples of what financial transactions?
a. Public Transfer Paymentsb. Private Transfer Payments c. Security Transactions
30. Stock market activities are examples of what financial transactions?
a. Security Transactions
b. Public Transfer Payments c. Private Transfer Payments
31. Tax on value, added by every seller to his purchases of goods and services
a. Income Tax
b. Community Tax
c. Value -Added Tax
32. What was the original VAT when it was introduced on January 1, 1988?
a. 12%
b. 11%
c. 10%
33. How much is the Personal Exemption of the Head of the Family?
a. Php 25,000.00
b. Php 35,000.00
c. Php 50,000.00
34. How much is the Additional Exemption of every one child dependent 2I years old below?
a. Php 15,000.00
b. Php 25,000.00
c. Php 35,000.00
35. How much is the basic community tax / Class A?
a. Php 5.00
b. Php 50.00
c. Php 15.00
II. Classify the following advantages of the different business organizations: Write the
LETTERS only
a. Sole Proprietorship b. Partnership
c. Corporation
d. Multinationals
2009
20I0
20II*
20I2
20I3
Quantity
250
200
I80
I50
I20
*Base Year
GDP
Deflator
(Price
Index)
58.82
1
2
3
I47.06
Price
Nominal
GDP
Real GDP
50
75
85
II0
I25
4
I5,000
5
I5,300
6
7
8
I5,300
9
10
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
IV. Essay: Answer at the back.
1. Is the power of taxation a power to destroy? (5pts)
2. What do you mean by a limited partner in a partnership? (5pts)