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Economics > Pre-Finals Set A > Flashcards

Pre-Finals Set A Flashcards

1
Q

the competitive environment in which buyers and sellers operate.

A

Market Structure

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2
Q

What are the Varying Degrees of Competition?

A
  • Number and size of buyers and sellers
  • Similarity or type of product bought and sold
  • Degree of mobility of resources
  • Entry and exit of firms and input owners
  • Degree of knowledge of economic agents regarding prices, costs, demand
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3
Q

2 Types of Market Structure

A
  • Perfect Competition
  • Imperfect Competition
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4
Q

There are so many buyers and sellers that each has a negligible impact on market price.

A

Perfect Competition

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5
Q

No single buyer can influence the price.

A

Perfect Competition

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6
Q

A homogenous (similar) product is sold by sellers, which means the products are highly similar in such a way that consumers will have no preference in buying from one seller to another.

A

Perfect Competition

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7
Q

What happens when a homogenous (similar) product is sold by sellers?

A

products are highly similar in such a way that consumers will have no preference in buying from one seller to another.

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8
Q

There is perfect knowledge of economic agents of a market condition, such as present and future prices, costs, and economic opportunities.

A

Perfect Competition

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9
Q

What are economic agents of a market condition?

A
  • present and future prices
  • costs
  • economic opportunities.
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10
Q

Market price and quantity of output are determined exclusively by forces of demand and supply.

A

Perfect Competition

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11
Q

How are Market price and quantity of output determined?

A

by forces of demand and supply.

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12
Q

The sellers and buyers are well-informed about prices

A

Perfect Competition

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13
Q

Seller must follow the price

A

Perfect Competition

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14
Q

Standardized product

A

Perfect Competition

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15
Q

4 Types of Imperfect Competition

A
  • Monopoly
  • Monopsony
  • Monopolistic Competition
  • Oligopoly
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16
Q

Exists when a single firm that sells in that market has no substitute

A

Monopoly

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17
Q

Consumers tend to have a bad image of this market structure

A

Monopoly

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18
Q

The quantity of output will be lower to enable him to set the price higher.

A

Monopoly

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19
Q

The firm is free to determine its output level and price.

A

Monopoly

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20
Q

a firm is the sole purchaser of a good or service

A

Monopsony

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21
Q

A blend of competition and monopoly

A

Monopolistic Competition

22
Q

Firms sell differentiated products

A

Monopolistic Competition

23
Q

Many sellers offer heterogeneous (varying) products.

A

Monopolistic Competition

24
Q

Entry and exit of firms is easy

A

Monopolistic Competition

25
Q

The firm tends to engage in non-price competition

A

Monopolistic Competition

26
Q

Similar to a monopoly, they can control the price and the quantity

A

Monopolistic Competition

27
Q

a market dominated by a small number of strategically interacting firms.

A

Oligopoly

28
Q

Action of each firm affects other firms.

A

Oligopoly

29
Q

Interdependence among firms.

A

Oligopoly

30
Q

Also known as labor force.

A

The Philippine Labor Market

31
Q

How are the people of a country very important as a resource?

A

they are a resource used in the production of goods and services.

32
Q

is the source of labor supply

A

Population

33
Q

Who are excluded from the labor force?

A
  • Prisoners
  • Persons with disability
  • Housewives
  • Students
  • Retirees
34
Q

what determines the country’s GDP?

A

Labor supply

35
Q

When and what is the lowest recorded Labor Force Participation Rate in the history of the Philippine Labor Market?

A

In April 2020, with 55.6%

36
Q

What were the five regions in July 2020 that still reported double-digit unemployment rates?

A
  1. National Capital Region (NCR) – 15.8%
  2. Region IV-A (CALABARZON) – 12.4 %
  3. Region VII (Central Visayas) – 11.7%
  4. Region I (Ilocos Region) – 11.1%
  5. Region III (Central Luzon) – 10.9%.
37
Q

What were the two affected sectors in the labor market of July 2020 and April 2020 during the pandemic?

A

July 2020:
- Arts
- entertainment
- recreation

April 2020:
- Accommodation
- food services

38
Q

What is the current daily minimum wage of the non-agriculture sector in Region 8?

A

Php 375.00

39
Q

What is the current daily minimum wage of the retail and service industry employing 11 workers and above in Region 8?

A

Php 375.00

40
Q

What is the current daily minimum wage of the retail and service industry employing 10 workers and below in Region 8?

A

Php 345.00

41
Q

What is the current daily minimum wage of the cottage or handicraft industry in Region 8?

A

Php 345.00

42
Q

What is the current daily minimum wage of the agriculture sector in Region 8?

A

Php 345.00

43
Q

Coverage of the Daily Minimum wage rate of Eastern Visayas

A

Provinces of Leyte
Southern Leyte
Biliran
Samar
Eastern Samar
Northern Samar
the Cities of Tacloban, Ormoc, Maasin, Catbalogan, Borongan, Baybay and Calbayog.

44
Q

What is the current monthly minimum wage for domestic workers of Chartered Cities and First- Class Municipalities in Region 8?

A

Php 5,000.00

45
Q

What is the current daily minimum wage for domestic workers of other Municipalities in Region 8?

A

Php 4,500.00

46
Q

Another distinct feature of Philippine labor

A

the growth of laborers whom we call the OFWs or the Overseas Filipino Workers.

47
Q

Meaning of OFW

A

Overseas Filipino Workers

48
Q

Cause of Migration

A

wage gaps among countries.

49
Q

Why are Overseas Filipino workers hailed as modern-day heroes?

A

For contributing to the growth of the economy and sending millions of dollars to their families back home in the Philippines.

50
Q

Brain drain

A

White-collar professionals are leaving the country

50
Q

Blue-collar professionals are leaving the country

A

Brawn Drain

Economics (5 decks)

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