Econonims and Marketing Flashcards
1
Q
- Economics is based on two fundamental facts. These are
a. Consumers would like to maximize their satisfaction while producers would like to maximize profit
b. Resources are scarce while human wants are unlimited
c. Family income is limited while goods and services to buy are limited
d. Resources are scarce
A
Resources are scarce while human wants are unlimited
2
Q
- It is the key link in the food systems marketing chain connecting different production points and consuming centers
a. Transportation
b. Storage
c. Processing
d. Buying and selling
A
Transportation
2
Q
- This marketing function addresses the problem on product seasonality. The primary aim is to help balance consumption or periods of scarcity
a. Processing
b. Storage
c. Pooling
d. Packaging
A
Storage
2
Q
- The book which became the apostle of classical economics written by Adam Smith
a. Principles of Political Economy
b. Inquiry into the Nature and Causes of the Wealth of Nations
c. Essay on the Principle of Population
d. General Theory of Employment, Interest and Money
A
Inquiry into the Nature and Causes of the Wealth of Nations
3
Q
- It is the ratio between a country’s export and imports
a. Balance of trade
b. Balance of payment
c. Net export
d. None of the above
A
Balance of trade
3
Q
- It is a policy which defends domestic producers from foreign competition
a. Fiscalism
b. Monetarist
c. Mercantilism
d. Protectionist
A
Protectionist
3
Q
- The objective or goal of a rational producer or firm is
a. Benefit maximization
b. Sales maximization
c. Profit maximization
d. Cost maximization
A
Profit maximization
3
Q
- The fundamental problem faced by every economy is
a. Finite amount of factors of production
b. Scarcity
c. Limited supply of resources
d. All of the above
A
Scarcity
3
Q
- Anything that can be offered to a market for attention, acquisition, use, or consumption to satisfy human needs and wants
a. Goods
b. Service
c. Technology
d. Products
A
Products
3
Q
- This is the utility created when raw materials are transformed into products
a. Place
b. Time
c. Form
d. Possession
A
Form
4
Q
- The process of transformation of inputs into output
a. Processing
b. Manufacturing
c. Consumption
d. Production
A
Production
4
Q
- System of compulsory contributions levied by a government on persons, corporations, and properly, primarily as a source of revenue for government expenses.
a. Conscription
b. Subsidy
c. Taxation
d. Philanthropy
A
Taxation
4
Q
- The astronomer who encountered the quantity theory of money and prices
a. John Locke
b. Copernicus
c. David Hume
d. John Law
A
Copernicus
5
Q
- Tariff barrier
a. Export tax
b. Quota
c. Import tax
d. Preferential trading
A
Import tax
5
Q
- The agreement among countries to present common trade regulations and trading front
a. Collusion
b. Merging
c. Uniform market
d. Common market
A
Common market
5
Q
- Known as the Father of Modern Economics
a. John Maynard Keynes
b. Karl Marx
c. Adam Smith
d. St. Thomas Aquinas
A
Adam Smith
5
Q
- A system of buyers and sellers with facilities for trading with each other.
a. Pure competitive market
b. Market
c. Public market
d. Supermarket
A
Market
6
Q
- It consists of market participants or intermediaries who are directly responsible for making farmers’ product available to the users at the right place, time and form
a. Producer subsystem
b. Flow subsystem
c. Channel subsystem
d. Functional subsystem
A
Channel subsystem
7
Q
- These are considered as fixed costs except
a. Labor cost
b. Depreciation
c. Interest
d. Tax
A
Labor cost
8
Q
- The economic system under which private individuals and businesses carry on the production and exchange of goods and services through a network of markets.
a. Mercantilism
b. Capitalism
c. Socialism
d. Syndicalism
A
Capitalism
8
Q
- A left-alone policy with respect to the business as a natural consequence of the principle of competition which is the underlying assumption of the invisible hands.
a. Cost
b. Economics
c. Laissez Faire
d. Freedom
A
Laissez Faire
8
Q
- It is concerned with controlling or influencing economic behavior or its consequences
a. Policy economics
b. Normative economics
c. Positive economics
d. Agricultural economics
A
Policy economics
9
Q
- The inflation rate shows
a. The average price level during a particular period of time
b. The price level in a given year expressed in terms of a base year
c. A measure of the change in real output from one year to the next
d. The percentage rate per period that prices are increasing
A
The percentage rate per period that prices are increasing
9
Q
- The first book ever published about the study of economics
a. The General Theory of Employment, interest and Money
b. The Wealth of Nations
c. Communist Manifesto
d. Das Kapital
A
The Wealth of Nations
9
Q
- Which of the following is most closely approximates our definitions of oligopoly?
a. The cigarette industry
b. The fast food chains
c. Rice farming in the region
d. Corn farming in the region
A
The cigarette industry
9
Q
- To which of the following would the mercantilists have objected
a. Stimulating exports
b. Restricting imports
c. Free trade
d. Accumulation of gold by their nation
A
Free trade
10
Q
- The process of finding the future value in some future year of a present amount growing at compound interest
a. Discounting
b. Discount rate
c. Compound rate
d. Compounding
A
Compounding
10
Q
- An applied science which is concerned with the identification, description and classification of economic problems in agriculture.
a. Applied economics
b. Agricultural economics
c. Normative economics
d. Positive economics
A
Agricultural economics
11
Q
- Who published the book “General Theory of Employment, Interest and Money”
a. Adam Smith
b. David Ricardo
c. Leon Walras
d. John Maynard Keynes
A
John Maynard Keynes
11
Q
- While macroeconomics deals with the economy as a whole, microeconomics deals with the actions of individual
a. Enterprise
b. Firms and markets
c. Expenditures
d. Employment
A
Firms and markets
11
Q
- The CPI is designed to measure the degree to which
a. Income are distributed among the poor and rich over time
b. Consumer prices have risen, relative to wages
c. The cost of purchasing a bundle of consumer goods has changed with time
d. Consumption patterns have changed with time because of prices
A
The cost of purchasing a bundle of consumer goods has changed with time
11
Q
- Laissez faire means
a. Absence of government support
b. Absence of government concern in the market
c. Absence of government intervention
d. All of the above
A
Absence of government support
11
Q
- The performance of all business activities involved in the flow of goods and services from initial agricultural production until they are in the hands of the ultimate consumers.
a. Marketing function
b. Marketing
c. Exchange function
d. Marketing
A
Marketing function
11
Q
- A tariff expressed as a fixed percentage of the value of imported product.
a. Specific tariff
b. Ad valorem tariff
c. Nominal tariff
d. Optical tariff
A
Ad valorem tariff
12
Q
- A payment made by a borrower to lender
a. Interest
b. Principal
c. Debt
d. Debt service
A
Debt service
12
Q
- These are considered scarce and to be paid for and are produced and needed by men to satisfy their wants.
a. Market goods
b. Intangible goods
c. Economic goods
d. Tangible goods
A
Economic goods
13
Q
- It is an economic system associated more with the political system of a strong one-man or junta dictatorship.
a. Marxist
b. Feudalism
c. Fascism
d. Socialism
A
Fascism
13
Q
- Scarcity is a permanent economic phenomenon, shortage is
a. Temporary
b. Limited
c. Occasional
d. Short run
A
Temporary
14
Q
- People who do not have jobs as a result of sluggish economic activity are considered as part of
a. Structural unemployment
b. The underemployed workforce
c. Cyclical unemployment
d. Frictional unemployment
A
Cyclical unemployment
14
Q
- The addition of values to a product as it moves to the consumer is called
a. Selling
b. Distribution
c. Marketing
d. Production
A
Marketing
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