HotelInfantesAgres - Bawat tanong, may sagot. Logo

Questions in economics

[Sagot para sa’yo] What defines a command economy? A. Individual decisions drive the economy B. Government makes most economic decisions C. Prices are set freely in the market D. Everyone trades with everyone else

[Sagot para sa’yo] What is an embargo? A. A discount on imports B. A trade agreement C. A complete ban on trade with a country D. A farming subsidy

[Sagot para sa’yo] Which is an example of voluntary trade creating wealth? A. A student exchanging sandwiches with a friend B. A farmer eating his own crops C. Saving money in a bank D. Burning unsold products

[Sagot para sa’yo] What is a quota in trade? A. A tax on imports B. A ban on local production C. A limit on the quantity of goods imported D. A sales incentive

[Sagot para sa’yo] Which example best shows absolute advantage? A. A country that produces 100 bags of rice per day while another produces 80 B. A farmer switching from rice to corn C. A consumer buying imported bananas D. A country importing oil

[Sagot para sa’yo] What is the meaning of opportunity cost? A. The cheapest product available B. The most expensive item you can buy C. The value of the next best alternative given up D. The total amount spent in a day

[Sagot para sa’yo] What kind of cost is most difficult to calculate? A. Explicit cost B. Implicit cost C. Market cost D. Selling price

[Sagot para sa’yo] Explain the concept of ""diminishing marginal utility"" in a simple way.

[Sagot para sa’yo] According to Karl Marx, what is the ideal goal of socialism? A. Rich people get richer B. Markets stay free C. Complete equality and end to scarcity D. Strong military power

[Sagot para sa’yo] Describe a trade-off that a Filipino family might face when managing their household budget.