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Question 1 True or False. If the statement is true, write the word True. If False, write False
Not yet and replace the underlined word with the correct term. Note that the system
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accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
Economics is about managing scarcity of the limited resources.
Answer: true
d. cement mixer
Question 3 The extra satisfaction you get from successive consumption of the same product is:
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a. Quantity Demanded
b. Total Satisfaction
c. Indifference Curve
d. Marginal Utility
Question 4 True or False. If the statement is true, write the word True. If False, write False
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accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
An entrepreneur is a person who manages the factors of production and assumes the
risks of a business venture.
Answer: true
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8/9/2018 Midterm Exam
Question 5 True or False. If the statement is true, write the word True. If False, write False
Not yet and replace the underlined word with the correct term. Note that the system
answered
accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
The consumers’ decision on what goods and services to buy is affected by tastes and
preferences.
Answer: true
Question 6 True or False. If the statement is true, write the word True. If False, write False
Not yet and replace the underlined word with the correct term. Note that the system
answered
accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
When total utility is at its maximum, the marginal utility is equal to zero.
Answer: true
Question 7 The point of tangency between the indifference curve and the budget line signifies:
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a. The best possible combination of goods and services within the
consumer budget
b. All of the choices
Question 8 True or False. If the statement is true, write the word True. If False, write False
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answered
accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
Stage 3 of production is characterized by increasing product curves.
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8/9/2018 Midterm Exam
Question 9 True or False. If the statement is true, write the word True. If False, write False
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answered
accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
We can determine supply and demand elasticity through graphs.
Answer: true
Question 10 Supply elasticity is affected not only by price but by any of the following:
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a. Availability of materials
b. The Product type
c. All of the choices
d. Inventory
Question 11 True or False. If the statement is true, write the word True. If False, write False
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answered
accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
Economic profit takes into account the opportunity costs.
Answer: true
Question 12 True or False. If the statement is true, write the word True. If False, write False
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accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
An isoquant map is composed of a series of indifference curves.
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8/9/2018 Midterm Exam
Question 13 True or False. If the statement is true, write the word True. If False, write False
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accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
Production cost has an inverse relationship with demand.
Question 14 True or False. If the statement is true, write the word True. If False, write False
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accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
The fixed inputs are observed to be underutilized during Stage 1 of production.
Answer: true
Question 15 The extra unit produced per unit change in the quantity of variable input keeping all
Not yet other factors constant is:
answered
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a. Average Product
b. Diminishing product
c. Total Product
d. Marginal product
Question 16 True or False. If the statement is true, write the word True. If False, write False
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accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
The end point of Stage 1 is characterized by a zero marginal product.
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8/9/2018 Midterm Exam
Question 17 True or False. If the statement is true, write the word True. If False, write False
Not yet and replace the underlined word with the correct term. Note that the system
answered
accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
Economists who are concerned with the behavior of individual households, firms, and
industries are studying macroeconomics.
Question 18 Indifference curve (IC) M lies between IC A and IC I. Your graph indicates that:
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a. Satisfaction levels of the 3 ICs vary
b. None of the choices
c. IC M has the highest value of satisfaction
b. True
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8/9/2018 Midterm Exam
Question 21 True or False. If the statement is true, write the word True. If False, write False
Not yet and replace the underlined word with the correct term. Note that the system
answered
accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
Isocost is the producer’s indifference curve.
b. False
Question 23 True or False. If the statement is true, write the word True. If False, write False
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accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
The firm’s selling price is an important determinant of its revenue.
Answer: true
Question 24 True or False. If the statement is true, write the word True. If False, write False
Not yet and replace the underlined word with the correct term. Note that the system
answered
accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
The satisfaction obtained from the consumption of commodities are measurable.
Answer: true
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8/9/2018 Midterm Exam
Question 25 True or False. If the statement is true, write the word True. If False, write False
Not yet and replace the underlined word with the correct term. Note that the system
answered
accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
Indifference curves are downward sloping to the right and are concave in shape.
Question 26 True or False. If the statement is true, write the word True. If False, write False
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answered
accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
Entrepreneurship is one of the production outputs.
Question 27 True or False. If the statement is true, write the word True. If False, write False
Not yet and replace the underlined word with the correct term. Note that the system
answered
accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
Price demand elasticity for luxury good generally tends to be inelastic.
Answer: true
Question 28 True or False. If the statement is true, write the word True. If False, write False
Not yet and replace the underlined word with the correct term. Note that the system
answered
accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
The relationship between the volume of inputs and outputs can be expressed in an
equation called production function.
Answer: true
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8/9/2018 Midterm Exam
Question 29 Producer’s budget line.
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Answer: isocost curve
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Question 30 True or False. If the statement is true, write the word True. If False, write False
Not yet and replace the underlined word with the correct term. Note that the system
answered
accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
The costs of machineries and equipments in the manufacturing business are
considered short run variable costs.
Question 32 True or False. If the statement is true, write the word True. If False, write False
Not yet and replace the underlined word with the correct term. Note that the system
answered
accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
Isoquants are downward sloping to the right and are convex in shape.
Answer: true
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8/9/2018 Midterm Exam
Question 33 True or False. If the statement is true, write the word True. If False, write False
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accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
Ceteris paribus indicates that something would be the case other things being equal.
d. Preference Map
Question 35 All combinations of two products that consumers can purchase given a certain income
Not yet and product prices is the:
answered
d. Demand Curve
Question 36 The cross price elasticity of rice and corn is positive which means that
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a. Rice and corn are substitutes
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8/9/2018 Midterm Exam
Question 37 Refers to the process of converting inputs into outputs.
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Answer: production
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Question 38 True or False. If the statement is true, write the word True. If False, write False
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accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
Wants and desires are goods and services for men to survive.
Question 40 True or False. If the statement is true, write the word True. If False, write False
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answered
accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
If the demand and supply curves do not change their positions, the change in the
quantities is brought about by adjustment in income.
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8/9/2018 Midterm Exam
Question 41 True or False. If the statement is true, write the word True. If False, write False
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accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
Critical thinking is an important and necessary skill in the study of economics.
Answer: true
Question 43 Consumer behavior is directly affected by any of the following internal factors except:
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a. Peers
b. Season
c. Raw materials cost
d. Beliefs
Question 44 True or False. If the statement is true, write the word True. If False, write False
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accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
A 15% adjustment in price leads to a 16% change in the volume. This reaction showed
an elastic price demand for the product.
Answer: true
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8/9/2018 Midterm Exam
Question 45 It is a measure of how much the quantity demanded of one good responds to a change
Not yet in the price of another good.
answered
Question 46 True or False. If the statement is true, write the word True. If False, write False
Not yet and replace the underlined word with the correct term. Note that the system
answered
accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
The ordinal utility approach measures satisfaction in utils.
b. True
Question 48 True or False. If the statement is true, write the word True. If False, write False
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answered
accepts an exact answer. Wrong spelling is considered wrong.
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Q: Whales are reptiles. A: False - mammals
Essential goods are those that contribute to a person's comfort and well–being.
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8/9/2018 Midterm Exam
Question 49 The process of converting inputs into outputs is:
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a. Substitution
b. Supply
c. Consumption
d. Production
Question 50 The point of tangency between the isocost and the isoquant signifies:
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a. The market equilibrium point
b. The consumers’ and producers’ demand and supply, respectively
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