Overall Review

Question 1

Rights of Consumers

Answer 1

1. Right to Safety
2. Right to Accurate Information
3. Right to Choose
4. Right to be Heard
5. Right to Compensation for damage

Question 2

Responsibilities of Consumers

Answer 2

1. To be vigilant
2. To take action
3. To be concerned about the environment
4. To be concerned about community welfare
5. To foster unity

Question 3

The agency with the primary task to safeguard the rights of consumers

Answer 3

Department of Trade and Industry

Question 4

Factors of Production

Answer 4

1. Land (Lupa)
2. Labour (Paggawa)
3. Capital (Kapital)
4. Entrepreneur (Tagapamahala)

Question 5

Refers to the surface of the earth (ahem) and all its natural resources

Answer 5

Land

Question 6

Refers to the time and human effort exerted in the process of production

Answer 6

Labour

Question 7

Refers to the durable goods used to produce other goods

Answer 7

Capital

Question 8

The one who organises land, labour and capital, also makes decisions, innovates and takes risks for his decisions

Answer 8

Entrepreneur

Question 9

The period when a firm can adjust production by changing variable inputs but not fixed input

Answer 9

Short run

Question 10

The period of time wherein a firm can increase all inputs, including the fixed ones.

Answer 10

Long run

Question 11

The period of time wherein the machines are new and demand is high when it comes to the production of the goods

Answer 11

Very long run

Question 12

The process wherein inputs are combined to create and output

Answer 12

Production

Question 13

Refers to the total output produced using the available inputs

Answer 13

Total Product

Question 14

The extra output produced by an additional unit of such input

Answer 14

Marginal Product

Question 15

Refers to the amount of output per unit of input

Answer 15

Average Product

Question 16

The sum of the costs of the inputs used in production

Answer 16

Total Cost

Question 17

Does not vary even if the quantity of the output changes

Answer 17

Fixed Costs

Question 18

Does vary when the quantity of the output changes

Answer 18

Variable costs

Question 19

The payment for land

Answer 19

Rent

Question 20

The payment for the worker for his effort exerted in production

Answer 20

Wage

Question 21

R.A. 7304

Answer 21

No return, no exchange policy

Question 22

Department of Labour and Employment (Tagalog)

Answer 22

Kagawaran ng Paggawa at Empleyo

Question 23

Kinds of salaries (uri ng sahod)

Answer 23

1. Commission
2. Tip
3. Royalty
4. Fee

Question 24

Kinds of Fee

Answer 24

1. Professionals

2. Talents

Question 25

Minimum wages in Manila and the provinces

Answer 25

1. Php 448

2. Php 375

Question 26

Kinds of workers (Kalagayan ng paggawa)

Answer 26

1. Seasonal
2. Kontrakwal
3. Kaswal
4. Regular

Question 27

The increase when working on the day-off

Answer 27

30%

Question 28

The increase when working overtime (per hour)

Answer 28

25%

Question 29

The increase when working the night shift (differential pay or fee)

Answer 29

10%

Question 30

Kinds of interests

Answer 30

1. Implicit

2. Explicit

Question 31

Kinds of income

Answer 31

1. Net income (the total income lessened by the expenses)

2. Gross income (the total income lessened by the interest)

Question 32

Profit - Investments

Answer 32

Gross Income

Question 33

Profit - Investments - Expenses

Answer 33

Net Income