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Second Grading > Social GA 2.2 > Flashcards

Social GA 2.2 Flashcards

1
Q

A group that stops unfair, deceptive and fraudulent business practices by collecting reports from customers and conducting investigations

A

CPG (Consumer Protection Group)

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2
Q

Was the governing body of the different sectors of the advertising industry

A

Advertising Board of the Philippines or AdBoard

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3
Q

When individuals work together to influence the market for their own advantage

A

Collusion

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4
Q

An agreement among competitors to raise, lower, maintain, or stabilize prices

A

Price Fixing

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5
Q

When rival firms have a formal agreement to adhere to high pricing

A

Formal Collusions

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6
Q

Demand stays the same while the price changes

A

Inelastic Demand

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7
Q

Demand changes when the price increases or decreases

A

Elastic Demand

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8
Q

Refers to an organized group formed to influence the price of a good

A

Cartel

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9
Q

An organization that is treated as a cartel. Countries that agreed to coordinate with petroleum firms (both state-owned and private) in order to manipulate the worldwide oil supply and therefore the price of oil

A

OPEC (Organization of the Petroleum Exporting Countries)

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10
Q

Means the price fixing is done without the need to hide it

A

Overt Collusion

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11
Q

IN which firms try to evade detection or hide any evidence of price fixing

A

Covert Collusion

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12
Q

When competitors do not explicitly exchange information and achieving an agreement about coordination of conduct

A

Tacit Collusion

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13
Q

An example of tacit collusion in which firms follow the pricing of a firm with the largest market share

A

Price Leadership

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14
Q

Is a situation in which a firm tries to gain market share by cutting back prices and rival firms retaliate by reducing prices even more

A

Price War

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15
Q

Refers to a price situation in which there are two competing firms, each would stand to gain market share by cutting prices

A

Bertrand Competition

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16
Q

Is the maximum price for a good or service that sellers are compelled to adopt

A

Price Ceiling

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17
Q

A situation in which pricing is influenced by the type of consumer

A

Price Discrimination

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18
Q

Refers to splitting one product into two or more separate components

A

Product Unbundling

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19
Q

Means taking over a private institution and publicly operating it

A

Nationalization

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20
Q

An example of a state-owned monopoly in long-distance rail travel in Luzon

A

PNR (The Philippine National Railway)

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21
Q

Republic act that aims to protect consumers by upholding market competition, promoting free trade, and supporting fair competition

A

RA 10667

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22
Q

An economic model which illustrates the flow of goods and finances among economic agents

A

Circular Flow Diagram

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23
Q

A market participant or institution that influences the flow of resources in the economy

A

Economic Agent

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24
Q

In which the market is solely a result of the free interaction between households and firms

A

Simple Economy

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25
Q

Are mandatory contributions by individuals and companies to the government

A

Taxes

26
Q

Refer to government benefits and welfare payments such as pensions and welfare aids

A

Transfer Payments

27
Q

Presumed to be self-sufficient and does not trade with other economies

A

Closed Economy

28
Q

A type of economy wherein they engage in trade with other countries

A

Open Economy

29
Q

Refers to the GDP that has been adjusted for inflation

A

REAL GDP

30
Q

A kind of GDP that has not taken into consideration the level of inflation

A

Nominal GDP

31
Q

Events or actions that make the cost of manufacturing expensive will shift the AS curve to the left

A

Cost of Production

32
Q

The change in cost of other production inputs, such as labor and capital

A

Cost of Other Inputs

33
Q

Move from manual labor to technology-driven production to improve efficiency

A

Use of Technology

34
Q

Rise in income enables and encourages consumers to buy more goods

A

Changes in Income

35
Q

Refers to the upward and downward trend of the economy

A

Business Cycle

36
Q

There is a long-term downward trend of the economy

A

Depression

37
Q

Triggered the Great Depression. Close to 13 million stocks were sold in a day

A

Black Thursday

38
Q

An economic indicator that follows the same direction as the economy

A

Procyclical

39
Q

An economic indicator that moves in opposite direction as the economy

A

Countercyclical

40
Q

A term that is used to describe an indicator or event that has no impact or is unaffected by the movements in the economy

A

Acyclical

41
Q

All relevant economic indicators are made available on the website of Philippines Statistics Authority

A

Data Frequency

42
Q

Are indicators that change before the economy does

A

Leading Indicators

43
Q

Indicators that have delayed reactions to change in the economy

A

Lagging Indicators

44
Q

Change almost simultaneously with the economy

A

Coincident Indicators

45
Q

Entails adding up the earnings of the households, firms, and government

A

Income Approach

46
Q

Entails summing up the expenses spends by the same groups

A

Expenditure Approach

47
Q

An economic concept which explains the changes in the aggregate expenditure is caused by the leakages and injections into the circular flow

A

Bathtub Theoreom

48
Q

Pertain to money that goes out of the circular flow

A

Leakages

49
Q

Pertain to government expenditures, business investments, and exports that allows money to go back to the circular flow

A

Injections

50
Q

Happens when the value of goods and services are taken into account twice

A

Double Counting

51
Q

An alternative measure of the size of the economy

A

GNI (Gross National Income)

52
Q

Losing of value over the years

A

Depreciation

53
Q

Defined as the continuous rise in the general, price level of goods and services

A

Inflation

54
Q

Measure of the average change over time in the prices paid by urban consumers for a market basket of goods and services

A

CPI (Consumer Price Index)

55
Q

Is the equivalent of the CPI on the supplier side

A

PPI (Producer Price Index)

56
Q

Refers to the increase in general price level of goods primarily driven by the high demand for them

A

Demand-Pull Inflation

57
Q

A situation in which persistent increase in prices is a result of the rise in the cost of production

A

Cost-Push Inflation

58
Q

Is a situation of very high and ever-increasing inflation rates

A

Hyperinflation

59
Q

Responsibility to keep inflation in check

A

Central Bank

60
Q

The cost of borrowing money or the rewards of saving

A

Interest Rates

61
Q

What is not included in the counting of GDP

A

Exclusions

Second Grading (20 decks)

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