ICCT Colleges - Cainta ECON 101 3 Convert 12 compounded semi annually to x compounded quarterly 4 Which of these

ENGSCI05
POST TEST CHAPTER 1
1. Oligopoly exists when there is/are:
a. Few sellers and few buyers
b. Few sellers and many buyers
c. Many sellers and few buyers
d. One seller and few buyers
2. Perfect monopoly exists only if:
a. the single vendor can prevent the entry of all
other vendors in the market
b. the single vendor gets the absolute franchise of
the product
c. the single vendor is the only one who has the
permit to sell
d. the single vendor is the only one who has the
knowledge of the product
3. The law of demand states that, other things
remaining the same, the higher the price of a good, the
____
a. smaller is the demand for the good
b. smaller is the quantity of the good demanded
c. larger is the quantity of the good demanded
d. larger is the demand for the good
4. The law of demand implies that, other things
remaining the same,
a. as the demand for cheeseburger increases, the
price of a cheeseburger will fall
b. as the price of a cheeseburger rises, the
quantity of cheeseburger demanded will
decrease
c. as income increases, the quantity of
cheeseburgers demanded will increase
d. as the price of a cheeseburger rises, the
quantity of cheeseburgers demand will increase
5. When supply decreases and demand does not
change, the equilibrium quantity
a. decrease and the price rises
b. increase and the price falls
c. decrease and the price falls
d. increases and the price rises
6. What is defined as any tangible economic activity that
contributes directly or indirectly to the satisfaction of
human want.
a. Services
b. Goods
c. Commodities
d. Goods and commodities
7. What refer to the goods and services that are desired
by human and will be acquired only after all the needs
have been satisfied?
a. Producer product
b. Consumer product
c. Luxury
d. Necessity
8. What market situation exists where there are few
sellers and few buyers?
a. Oligopoly
b. Oligopsony
c. Bilateral oligopoly
d. Bilateral oligopsony
9. What is defined as an entity which makes product,
good or services available to buyer or consumer in
exchange of monetary consideration?