Social GA 2.2

Question 1

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

Answer 1

CPG (Consumer Protection Group)

Question 2

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

Answer 2

Advertising Board of the Philippines or AdBoard

Question 3

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

Answer 3

Collusion

Question 4

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

Answer 4

Price Fixing

Question 5

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

Answer 5

Formal Collusions

Question 6

Demand stays the same while the price changes

Answer 6

Inelastic Demand

Question 7

Demand changes when the price increases or decreases

Answer 7

Elastic Demand

Question 8

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

Answer 8

Cartel

Question 9

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

Answer 9

OPEC (Organization of the Petroleum Exporting Countries)

Question 10

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

Answer 10

Overt Collusion

Question 11

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

Answer 11

Covert Collusion

Question 12

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

Answer 12

Tacit Collusion

Question 13

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

Answer 13

Price Leadership

Question 14

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

Answer 14

Price War

Question 15

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

Answer 15

Bertrand Competition

Question 16

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

Answer 16

Price Ceiling

Question 17

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

Answer 17

Price Discrimination

Question 18

Refers to splitting one product into two or more separate components

Answer 18

Product Unbundling

Question 19

Means taking over a private institution and publicly operating it

Answer 19

Nationalization

Question 20

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

Answer 20

PNR (The Philippine National Railway)

Question 21

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

Answer 21

RA 10667

Question 22

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

Answer 22

Circular Flow Diagram

Question 23

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

Answer 23

Economic Agent

Question 24

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

Answer 24

Simple Economy

Question 25

Are mandatory contributions by individuals and companies to the government

Answer 25

Taxes

Question 26

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

Answer 26

Transfer Payments

Question 27

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

Answer 27

Closed Economy

Question 28

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

Answer 28

Open Economy

Question 29

Refers to the GDP that has been adjusted for inflation

Answer 29

REAL GDP

Question 30

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

Answer 30

Nominal GDP

Question 31

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

Answer 31

Cost of Production

Question 32

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

Answer 32

Cost of Other Inputs

Question 33

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

Answer 33

Use of Technology

Question 34

Rise in income enables and encourages consumers to buy more goods

Answer 34

Changes in Income

Question 35

Refers to the upward and downward trend of the economy

Answer 35

Business Cycle

Question 36

There is a long-term downward trend of the economy

Answer 36

Depression

Question 37

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

Answer 37

Black Thursday

Question 38

An economic indicator that follows the same direction as the economy

Answer 38

Procyclical

Question 39

An economic indicator that moves in opposite direction as the economy

Answer 39

Countercyclical

Question 40

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

Answer 40

Acyclical

Question 41

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

Answer 41

Data Frequency

Question 42

Are indicators that change before the economy does

Answer 42

Leading Indicators

Question 43

Indicators that have delayed reactions to change in the economy

Answer 43

Lagging Indicators

Question 44

Change almost simultaneously with the economy

Answer 44

Coincident Indicators

Question 45

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

Answer 45

Income Approach

Question 46

Entails summing up the expenses spends by the same groups

Answer 46

Expenditure Approach

Question 47

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

Answer 47

Bathtub Theoreom

Question 48

Pertain to money that goes out of the circular flow

Answer 48

Leakages

Question 49

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

Answer 49

Injections

Question 50

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

Answer 50

Double Counting

Question 51

An alternative measure of the size of the economy

Answer 51

GNI (Gross National Income)

Question 52

Losing of value over the years

Answer 52

Depreciation

Question 53

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

Answer 53

Inflation

Question 54

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

Answer 54

CPI (Consumer Price Index)

Question 55

Is the equivalent of the CPI on the supplier side

Answer 55

PPI (Producer Price Index)

Question 56

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

Answer 56

Demand-Pull Inflation

Question 57

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

Answer 57

Cost-Push Inflation

Question 58

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

Answer 58

Hyperinflation

Question 59

Responsibility to keep inflation in check

Answer 59

Central Bank

Question 60

The cost of borrowing money or the rewards of saving

Answer 60

Interest Rates

Question 61

What is not included in the counting of GDP

Answer 61

Exclusions