Economics Quiz

What is the definition of Money Supply?

• The measure of the amount of money earned per person in a nation or geographic region

• The movement of people to a new area to find work or better living conditions

• The price at which one currency can be exchanged for another

• The total amount of money in circulation that can be used to make payments or to hold as short-term investments

What is the main role of the Bangko Sentral ng Pilipinas (Central Bank of the Philippines)?

• Deals with the selling of goods and services to the people

• Engages in producing operations of a farm

• Provides monetary policy, supervises the operation of banks, and regulates and controls the use of currency

• Is a company engaged in the business of dealing with financial and monetary transactions

What is the primary function of the Industry sector?

• Large-scale business activity or a type of productive manufacture or trade

• An industry that involves the production of goods and extraction of natural resources

• An industry that processes and manufactures products from raw materials obtained by the primary industry into finished goods

• An industry made up of professions that deliver services or intangible goods to consumers

What is the purpose of a Quota in international trade?

• A direct or indirect payment to individuals or firms

• An involuntary fee levied on individuals or corporations

• A measure of the amount of money earned per person in a nation

• A government-imposed limit on the quantity of goods

What is the impact of Social Status on consumer behavior?

• Consumers make purchasing decisions influenced by their education level

• Consumers make buying decisions based on their role in society

• Consumers compare themselves with reference groups to determine their buying tendencies

• Individuals from different income groups make purchasing decisions based on their social status

What is the main role of Wholesalers in the retail supply chain?

• Specialize in a specific category of products

• Sell goods to consumers for personal use, not for resale

• Sell a wide variety of products considered surplus, overruns, or phased-out models

• Purchase finished goods from the manufacturers and sell those goods to retailers in large bulk quantities

What is the definition of Social Responsibility in business?

• The process of extracting raw materials directly from the earth and seas

• The act of comparing oneself with others to determine buying tendencies

• The industry that involves the production of goods and extraction of natural resources

• The idea that businesses should balance profit-making activities with activities that benefit society

What is the purpose of a Subsidy given to individuals or firms?

• A direct or indirect payment to individuals or firms, usually in the form of a cash payment

• An involuntary fee levied on individuals or corporations

• A government-imposed limit on the quantity of goods

• A measure of the amount of money earned per person in a nation

What is the impact of Consumer Confidence on the economy?

• Inflation causes increases in business expenses such as rent, utilities, and the cost of materials used in production

• Higher interest rates result in higher total business expenses for companies with debts

• An economic indicator that measures overall consumer optimism about the state of the economy

• During economic boom periods in the business cycle, jobs tend to be plentiful

What is the main classification of the Primary Industry sector?

• Industries that process and manufacture products from raw materials obtained by the primary industry into finished goods

• Industries that provide services such as banking, health services, and education

• Industries that deal with the selling of goods and services to the people

• Industries that extract raw materials directly from the earth and seas