MARKETING AND ECONOMICS

1. 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
2. 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. Polling
d. packaging
3. It is the key link in the food system marketing chain connecting different production points and
consuming centers.
a. Transportation
b. Storage
c. Processing
d. Buying and selling
4. It is the ration between a country’s exports and imports.
a. Balance of trade
b. Balance of payment
c. Net export
d. None of the above
5. The objective or goal of a rational producer or firm is
a. Benefit maximization
b. Sales maximization
c. Profit maximization
d. Cost maximization
6. The book which become 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
7. It is a policy which defends domestic producers from foreign competition
a. Fiscalism
b. Monetarist
c. Mercantilism
d. Protectionist
8. The fundamental problem faced by every economy is
a. Finite amount of factors of production
b. Scarcity
c. Limited supply of resource
 d. All of the above
9. 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
10. This is the utility created when raw materials are transformed into products.
a. Place
b. Time
c. Form
d. Possession
11. The process of transformation of inputs into output.
a. Processing
b. Manufacturing
c. Consumption
d. Production
12. System of compulsory contributions levied by a government on persons, corporations, and properly,
primarily as a source of revenue from government expenses
a. Conscription
b. Subsidy
c. Taxation
d. Philanthropy
13. The astronomer who encountered the quantity theory of money and prices.
a. John Locke
b. Copernicus
c. David Hume
d. John Law
14. Tariff barrier:
a. Export tax
b. Quota
c. Import tax
d. Preferential trading
16. The agreement among countries to present common trade regulations and trading front.
a. Collusion
b. Merging
c. Uniform market
d. Common market
16. Known as the Father of Modern Economics.
a. John Maynard Keynes
b. Karl Marx
c. Adam Smith
d. St. Thomas Aquinas
17. A system of buyers and sellers with facilities for trading with each other.
 a. Pure competitive market
b. Market
c. Public market
d. Supermarket
18. 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
19. These are considered as fixed costs except:
a. Labor cost
b. Depreciation
c. Interest
d. Tax
20. 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. Socialism
c. Socialism
d. Syndicalism
21. 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. Costs
b. Economics
c. Laissez Faire
d. Freedom
22. It is concerned with controlling or influencing economic behavior or its consequences.
a. Policy economics
b. Normative economics
c. Positive economics
d. Agricultural economics
23. 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 change in real output from one year to the next
d. The percentage rate per period that prices are increasing
24. 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
25. 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
26. 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
27. 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
28. 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
29. Who published the book “General Theory of Employment, Interest and Money”?
a. Adam Smith
b. David Ricardo
c. Leon Walras
d. John Maynard Keynes
30. 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
31. 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. Consumptions patterns have changed with time because of prices
32. 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
33. The performance of all business activities involved in the flow of goods and services from initial
agricultural production until they are in the ultimate consumers.
a. Marketing function
 b. Marketing
c. Exchange function
d. Marketing
34. 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
35. A payment made by a borrower to lender.
a. Interest
b. Principal
c. Debt
d. Debt service
36. 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
37. 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
38. Scarcity is a permanent economic phenomenon, shortage is:
a. Temporary
b. Limited
c. Occasional
d. Short run
39. 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
40. The addition of values to a product as it moves to the consumer is called:
a. Selling
b. Distribution
c. Marketing
d. Production
41. Study of the various agencies and business structure which perform the marketing processes.
a. Commodity approach
b. Functional approach
c. Institutional approach
 d. Structure-conduct-performance-approach
42. The export of a commodity at below cost or its sale abroad at a lower price than at home.
a. Import quota
b. Free trade area
c. Dumping
d. Economic union
43. The anticipated reduction in the value of assets over time that is brought about through physical use
or obsolescence.
a. Appreciation
b. Devaluation
c. Depreciation
d. Stagnation
44. In economics, this word is defined as the creation of goods and services to satisfy human wants.
a. Consumption
b. Marketing
c. Production
d. Transporting
45. The theory of how government spending decisions are made and how they should be made.
a. Quantity Theory
b. Satisfying Theory
c. Theory of Public Choice
d. Game Theory
46. The objective of a rational consumer is to:
a. Buy as much as his income allows of the cheapest articles
b. Avoid purchasing the most expensive commodities
c. Spread his expenditures over as many products as possible
d. Secure the highest of satisfaction from his money income
47. The Philips curve shows the relationship between inflation and:
a. The interest rate
b. The wage rate
c. The budget deficit
d. Unemployment
48. The utilization of products.
a. Consumption
b. Marketing
c. Selling
d. Production
49. The set of all actual and potential buyers of goods and services (products).
a. Middlemen
b. Producers
c. Market
d. Trading center
50. The form of economic integration that removes all barriers on trade among members but each
nation retains its own tariff rates against non-members.
 a. Custom union
b. Economic market
c. Economic union
d. Free Trade area
51. A study of a proposed project to indicate whether the proposal is attractive enough to justify more
derailed preparation.
a. Feasibility study
b. Market study
c. Technical study
d. Financial study
52. In production, this is the input considered as the organizer and coordinator of labor, and capital.
a. Cooperative
b. Corporation
c. Firm
d. Management
53. The exchange of goods and services across international boundaries.
a. Regional trade
b. Domestic trade
c. Local trade
d. International trade
54. The market equilibrium point for a commodity is determined by:
a. The balancing forces of demand and supply
b. The market demand
c. The market supply
d. All of the above
55. Capitalism is an economic system that:
a. Presence of Essential Freedoms
b. Absence of a central economic plan
c. Promotes private ownership of resources
d. All of the above
56. Individuals or business concerns that specialize in performing the various marketing functions
involve in the purchase and sold of goods as they moved from producers to consumers.
a. Merchant middlemen
b. Middlemen
c. Processors and manufacturers
d. Assemblers-wholesalers
57. Period which a borrower need not repay principal and sometimes, interest.
a. Guarantee period
b. Free period
c. Grace period
d. Non-payment period
58. The President responsible for the implementation of the Comprehensive Agrarian Reform Program
in the Philippines.
a. Joseph E. Estrada
 b. Corazon C. Aquino
c. Ferdinand E. Marcos
d. Fidel V. Ramos
59. Source of gain from trade:
a. Forex
b. Resource endowment
c. Remittance
d. Foreign investors
60. Which of the following is also known as RA 7394 which protects consumers against hazard to health
and safely, unfair sales and the like?
a. Toxic Substance and Nuclear Waste Control Act
b. Retail Trade Liberalization Act
c. Consume Act of the Philippines
d. None of the Above
61. Inflationary pressure may be reduced by:
a. Increasing money supply
b. Raising income taxes
c. Raising government spending
d. All of the above
62. The problems of what to produce, how to produce, and for whom to produce are automatically
solved by:
a. The economist of the country
b. The president of the country
c. The use of computers
d. The price mechanism
63. The behavior pattern of a firm in the industry:
a. Market structure
b. Market performance
c. Market conduct
d. Pure competitive market
64. Point of consumption is the point of ___ sale.
a. First
b. Second
c. Last
d. Infinite
65. A financial report that summarize the revenue and expenses of an enterprise during an
accounting period.
a. Balance sheet
b. Funds flow analysis
c. Financial statement
d. Income statement
66. The 1991 Consumer Act of the Philippines is also known as:

a. Consumer Quality and Safety Law

 b. Consumer Product Quality and Safety Law
c. Product Quality and Safety Law
d. Product Safety and Quality Law
67. The exclusive right of an inventor for the control of his invention for a period of some say, 20 years is
called?
a. Royalty
b. Patent
c. Monopoly
d. Franchise
68. A fee received by individuals for endorsing a product is called?
a. Franchise
b. Patent fee
c. Royalty
d. Intellectual property rights fee
69. The real wage is equivalent to the nominal wage adjusted for:

a. Allowances and other benefits

b. Inflation
c. Income taxes
d. Income and business taxes
70. The maximum amount of food and clothing that a nation can produce using all its stock resources is
depicted by the nation’s:
a. Market supply curve
b. Indifference curve
c. Production possibility curve
d. Isoquant curve
71. Acts as the grease in the marketing machinery.
a. Facilitating function
b. Transportation
c. Market intelligence
d. Market behavior
72. It is an arrangement whereby the manufacturers or sole distributor of a trade-marked product or
service gives exclusive rights of local distribution to independent retailers in return for their payment of
royal ties and conformance to standardized operating procedures.
a. Licensing
b. Patenting
c. Guaranteeing
d. Franchising
73. The time from the beginning of project until the net value of the investment production stream
totals the amount of the investment of capital.
a. Pay-back period
b. Recovery period
c. Operating period
d. All of the above
74. The social science concerned with the production, distribution, consumption and exchange of goods
and services to satisfy human wants.
a. Economics
b. Anthropology
c. Semantics
d. Sociology
75. Protection against imitators or copycats is also known as?
a. Intellectual property rights
b. Copyright
c. Patent
d. SEC registration
76. Which of the following cannot be used as synonym for another?
a. Price system
b. Free enterprise
c. Command economy
d. Capitalism
77. An economy that is producing above its production possibility curve is?
a. Maximizing profit
b. Minimizing loss
c. Maximizing satisfaction
d. Non existent
78. When a firm sells its locally produced goods in a foreign country through an intermediary is called?
a. Importing
b. Indirect exporting
c. Indirect importing
d. Exporting
79. A form of organization by a few firm in an oligopolistic industry which the objective of regulating the
output, prices, and behavior of members in the industry.
a. Sales
b. Purchasing
c. Cartel
d. Profit
80. In economics, the term used to describe the persistent increase in the general price level.
a. Flux
b. Inflation
c. Interest
d. Coordinate
81. It is the selling of government-owned or controlled corporations and non-performing assets to the
private sector.
a. Corporativism
b. Privatization
c. Cooperativism
d. Regulation
82. The ____ is the unemployment rate that exists in normal times when there is neither a recession nor
a boom.
a. Cyclical unemployment
b. Natural unemployment
c. Frictional unemployment
d. Structural unemployment
83. A type of middlemen or market intermediaries that takes the title to and therefore own, the
products they handle in the marketing process.
a. Merchant middlemen
b. Retailers
c. Wholesalers
d. Middlemen
84. It refers to organization that require goods and services which are used in the production that they
later sell at a profit.
a. Reseller market
b. Government market
c. Industrial market
d. Consumer market
85. The amount of goods and services that can be bought with a given income and prices of commodity.
a. Total revenue
b. Sales
c. Purchasing power
d. Profit
86. Any medium of exchange that is widely accepted in payment for goods and services and in
settlement of debts.
a. Bond
b. Foreign exchange
c. Stock exchange
d. Money
87. Underground economy is conducted:
a. Within legal boundaries
b. Outside legal boundaries
c. On parts of entry
d. Outside parts of entry
88. The locus of points each of which represents a bundle of goods that can be purchased if the entire
money is spent is called?
a. Indifference curve
b. Budget line
c. Isoquant
d. Supply curve
89. An extreme high inflation is known as:
a. Stagflation
b. Hyperinflation
c. Super inflation
 d. Mega inflation
90. Marketing function that represents the point at which the price determination is influenced in the
marketing process.
a. Exchange function
b. Buying
c. Pricing
d. Selling
91. The business activity of selling goods and services to the final consumer.
a. Wholesaling
b. Selling
c. Distribution
d. Retailing
92. The income that households are free to spend or save.
a. Gross domestic product
b. Savings
c. Personal disposable
d. Gross national product
93. Represents the fraction of the labor force that cannot find jobs.
a. Employment rate
b. Birth rate
c. Unemployment rate
d. Labor Force Participation Rate
94. Which of the following best describe the “Production Function”?
a. It indicates the best output to produce
b. It relates peso inputs to peso output
c. It relates physical inputs to physical outputs
d. It indicates the best way to combine factors to produce any given product
95. A negative inflation rate or declining prices is known as:
a. Deflation
b. Disinflation
c. Reinflation
d. Price shock
96. An approach used in analyzing economic situation using value judgment is called?
a. Positive economics
b. Normative economics
c. Microeconomics
d. Macroeconomics
97. It is a management orientation that assumes that the consumer will normally buy enough of the
company’s product unless they are approached with a substantial selling and promotion effort.
a. Product concept
b. Marketing concept
c. Societal marketing concept
d. Selling concept
98. It refers to the corporate concern for social welfare.
 a. Consumerism
b. Social responsibility
c. Environmentalism
d. Social issue
99. The measure of responsiveness of quality demanded or supplied to changes in price, income or price
of other related goods.
a. Price elasticity
b. Elasticity
c. Cross price
d. Income elasticity
100. The monetary authority in the Philippines that governs the level of money supply through policies
set by the Monetary Board.
a. Business Trust Corporation
b. Central Bank of the Philippines
c. Philippines Trust Company
d. Allied Bank of the Philippines
101. The concepts which determines the combination of inputs that will produce a given output at the
least possible cost, refers to?
a. Inverse price ratio
b. Isoquant
c. Least cost combination
d. Substitution principle
102. Scarcity of capital relative to labor will induce producers too use:
a. More capital intensive techniques
b. More labor intensive techniques
c. Capital and labor in the same amount
d. All of the above
103. When the government controls the price of basic goods:
a. Interferes with free market
b. Motivates producers of these goods to produce more
c. Discourages consumers to buy more of these goods
d. All of the above
104. These are individuals, institutions, or organizations that facilitate the flow of goods and services
between the producers and its final markets.
a. assemblers-wholesalers
b. Processors/manufacturers
c. Market intermediaries
d. Retailers
105. It refers to the classification of buyers according to social class, life style or personality
characteristics.
a. Psychographic segmentation
b. Geographic segmentation
c. Demographic segmentation
d. Behavior segmentation
106. A constantly increasing output or income per person per year of development.
a. Economic profit
b. Economic growth
c. Economics
d. Rural development
107. Refers to the exchange of goods and services between one country and other countries.
e. a. Expo-Filipino Trade
f. b. Domestic Trade
g. c. International Trade
h. d. Barter Trade
108. The most important characteristics of monopolistic competition:
a. Many sellers
b. Product differentiation
c. Existence of non-price competition
d. Easy entry
109. The labor force is:
a. The working age population
b. Country’s population
c. Country’s population less the physically handicapped
d. Sum of the employed plus unemployed
110. Which of the following is not a concern of macroeconomics?
a. Study of factors affecting changes in the price of oil
b. Study of aggregate supply and demand
c. Study of unemployment
d. Study of inflation
111. These are various resources of labor, capital and management that a producer or firm used in the
marketing process?
a. Inputs of marketing
b. Transportation cost
c. Packaging materials
d. Labor cost
112. A time when a company emphasized selling because of increased competition.
a. Marketing company era
b. Production era
c. Sale era
d. Marketing department era
113. ______ cost refers to any resource used in the direct production.
a. Opportunity
b. Exploit
c. Implicit
d. Marginal
114. The financial arm of the Agrarian Reform Program.
a. Metrobank
b. Land Bank of the Philippines
 c. Development Bank of the Philippines
d. Bank of the Philippine Islands
115. The cost that a firm incurs in purchasing or hiring any factor of production is referred to as:
a. Implicit cost
b. Explicit cost
c. Variable cost
d. Fixed cost
116. The building o skills of a farm’s employees while they work for the firm is known as?
a. Practicum
b. Investment in human capital
c. On the job training
d. Skills formation
117. Payment to international transactions can be carried out through the use of the following
instruments except one:
a. Persona check
b. Cable or telegraphic transfer
c. Bank drafts
d. Letter to credit
118. What utility is created when a carpenter constructs a piece of furniture and displays it in his store
along the highway?
a. Place utility
b. Time utility
c. Form utility
d. All of the above
119. A type of middlemen that undertake some action of production to change or alter the form of
product.
a. Processors and manufacturers
b. Jobbers
c. Financier-wholesaler
d. Grain millers
120. The father of economics is:
a. Maynard Keynes
b. Adam Smith
c. David Ricardo
d. Peter Ducker
121. A good that is not purchased for the purpose of producing other goods:
a. Durable good
b. Final good
c. Intermediate good
d. Non-durable
122. Organized the Rochdale Society of Equitable Pioneers and which gain him the title as Father of
Cooperatives.
a. Robert Owen
b. Robert Roosevelt
 c. Robert Cruz
d. Robert Lee
123. At a lower price, one can afford more of the good without giving up any alternative good is true for:
a. Substitution effect
b. Income effect
c. Neither a nor b
d. All of the above
124. A deflationary gap can be eliminated by:
a. Decreasing investment
b. Decreasing government spending
c. Decreasing taxes
d. Decreasing autonomous consumption
125. It is a trade barrier by which foreign firms “voluntarily” limit the amount of their exports to a
particular country.
a. Import quota
b. Tariff
c. Voluntary Export Restriction
d. Non-tariff barriers
126. Which of the following do not belong to the group?
a. Donation
b. Barter
c. Buying by means of money
d. Buying by means of credit
127. Activities that involve handling, movement, and physical change of the actual commodity itself.
a. Physical function
b. Processing function
c. Transportation function
d. Storage function
128. Variation in price which is repetitive in nature:
a. Annual
b. Random
c. Cyclical
d. Seasonal
129. It is the year from which the quantities of a basket of goods that is used for calculating the price
index.
a. Current
b. Production
c. Base year
d. Fiscal year
130. The use by the taxpayer of illegal or fraudulent means to defeat or reduce the payment of tax.
a. Tax exemption
b. Tax evasion
c. Tax avoidance
d. Tax transformation
131. Which form of monopoly regulation is most advantageous for the consumer?
a. Per-unit tax
b. Price control
c. Lump-sum tax
d. All of the above
132. Fiscal policy refers to government policies related to:
a. Wages and prices
b. Money supply, credit and interest rate
c. Government expenditures and taxation
d. Investment
133. A law that sets a fixed amount of imports. It specifies the maximum amount of commodity that
may be imported in any period.
a. Import quota
b. Tariff
c. Voluntary Export Restriction
d. Non-tariff barriers
134. Using a good or services which results to satisfaction of human wants.
a. Utilization
b. Distribution
c. Consumption
d. Utility
135. Marketing function that involves the seeking out of the sources of supply, assembling of products,
and the activities associated with purchase.
a. Selling function
b. Exchange function
c. Wholesaling
d. Buying function
136. The forces influencing price determination.
a. Demand and supply
b. Demand
c. Supply
d. Neither supply nor demand
137. The analysis of how the individual consumer or producer responds to changes in economic
environment is:
a. Macroeconomics
b. Microeconomics
c. Economic policy

d. Economic theory

138. Form of business organization created by operation of law with not less than 5 and not more than
15 members.

a. Cooperative

b. Partnership
 c. Sole proprietorship

d. Corporation

139. All productive activities are based on:

a. Distribution

b. Exchange

c. Consumption

d. Marketing

140. Which of the following is in line with a tight fiscal policy?

a. Lower income taxes

b. Lower government spending

c. Low money supply growth

d. Limits on imports

141. The difference between all revenues or receipts of the firm and all the value of all inputs used by
the firm, whether paid or not. For those productive services for which a cash payment is not made, the
economist estimates their value using the concept of opportunity cost.

a. Accounting profit

b. Gross profit

c. Economic profit

d. Net profit

142. When two individuals enter into and agreement and bind themselves to this agreement, they are
enjoying:

a. Freedom of fulfillment

b. Freedom of expression

c. Freedom of unity

d. Freedom of contract

143. The price of a product is placed at P995.95. This is an example of:

a. Price bundling

b. Odd-centavo pricing

c. Price lining

d. Multiple unit pricing

144. It is an economic system in which all major decisions concerning the level of resource use, the
composition and distribution of output and the organization of production are determined by the price
system.

a. Capitalism

b. Communism

c. Socialism

d. Fascism

145. There are taxes imposed on goods exported from or imported into a country.

a. Energy taxes

b. Value added taxes

c. Income taxes

d. Customs duties

146. Disposal income is comprised of:

a. Consumption + Government Expenditures

b. Savings + Consumption

c. Savings + Taxes

d. Consumption + Investment

147. The difference between the receipts of a firm and its expenses. The costs that are considered are
those for which a payment is actually made. It can be misleading because it may omit some very
important costs of production.

a. Economic profit

b. Accounting profit

c. Gross profit

d. Net profit

148. Which statement is different from the other statements?

a. Production decisions are done by central planning board

b. There is economic freedom

c. There is private ownership of property

d. Goods and services are distributed through the market system

149. The job of collecting, interpreting and disseminating information that is necessary to the smooth
operating of the marketing process.

a. Market research

b. Marketing intelligence function

c. Demand creation

d. Risk-bearing function

e. Facilitating function

150. Pricing three apples at P50.00 or 2 T-shirts for P180.00 is an example of?

a. Multiple unit pricing

b. Odd-centavo pricing

c. Price bundling

d. Price lining

151. The tax on the net income of the entire income realized in one taxable year.

a. Donors tax

b. Income tax

c. Value-added tax

d. Revenue tax

152. Gross private investment includes:

a. Changes in inventories

b. All final purchases of machineries, equipment and tools

c. All construction

d. All of the above

153. It refers to how much of the good or service a buyer is willing to purchase at a single specified price,
in a given market, at a given time, ceteris paribus.

a. Quantity supplied

b. Supply

c. Quantity Demand

d. Demand

154. Description of the number and nature of participants in the market.

 a. Market association

b. Market structure

c. Competitive market

d. Trading center

e. Market monopoly

155. Tupperware c156. They are the resource users who receive receipts or revenues as payment for the
production and sales of goods and services.

a. Government

b. Household

c. Rest of the world

d. Business Firm

156. They are the resource users who receive receipts or revenues as payment for the production and
sales of goods and services.

a. Government

b. Household

c. Rest of the world

d. Business Firm

157. This act shall be known as the “High Values Crops Development Act of 1995”.

a. RA 8900

b. RA 7900

c. RA 9700

d. RA 9800

158. A schedule which shows the various amounts household plan to consume at various levels of
income is a:

a. Demand schedule

b. Consumption level

c. Savings schedule

d. Supply schedule

159. It refers to how much of the good or service a seller is willing to offer at a single specified price, in a
given market, at a given time, ceteris paribus.
 a. Supply

b. Quantity Supplied

c. Quantity Demand

d. Demand

160. The surplus value is eliminated under what economic system?

a. Socialism

b. Communism

c. Capitalism

d. Both a and b

161. All activities that relate to the container or wrapper of the product.

a. Augmented product

b. Product mix

c. Brand

d. Packaging

162.The initial price of a product is called the:

a. Fixed price

b. List price

c. Total price

d. Marginal price

163. An economic resource that is considered as a “free gift of nature”.

a. Labor

b. Land ability

c. Capital

d. Entrepreneurial

164. RA 6938 is otherwise known as the:

a. Agriculture Code of the Philippines

b. Forestry Code of the Philippines

c. Cooperative Code of the Philippines

d. Taxation Code of the Philippines

165. Debtors and profit earners benefit from inflation. This statement is:

a. False

b. True

c. Ambiguous

d. None of the above

166. An attribute that signal quality which involve the physical composition of the product such as flavor,
color and sweetness in an orange drink.

a. Internal cues

b. Quality assurance

c. External cues

d. Standards

167. Business cycle is inherent under:

a. Socialism

b. Market system

c. Command economy

d. Barter economy

168. Appraisal of how much the economic resources of the industry’s market behavior from the best
possible contribution it can make to achieve relevant socio-economic goals.

a. Market performance

b. Market conduct

c. Facilitative organization

d. Marketing system

169. The price of the camera is P 1,000.00 while a roll of 36 shots film is P 105.00. This is a form of?

a. Price lining

b. Skimming price

c. Captive pricing

d. F. O. B. origin pricing

170. It describes how the capitalistic economy works given the interaction between the households,
who are the owners of resources and the firms, who are the users of resources.
 a. Transformation curve

b. Production possibility frontier

c. Circular flow model

d. None of the above

171. A Latin phrase which means in Economics “ all other things held constant”.

a. Ager cultura

b. Ceteris paribus

c. Laissez faire

d. None of the above

172. Inflation brought about by considerable market power is referred to as:

a. Demand pull inflation

b. Structural inflation

c. Cost push inflation

d. None of the above

173. An attribute that signal quality which are product-related but not part of the physical product itself
such as brand name, price, warranty, product form, and level of advertising.
a. Internal cues
b. Quality assurance
c. External cues
d. Standards
174. Monopolistic competition might also be referred to as:
a. Pure competition
b. Perfect competition
c. Market competition
d. Imperfect competition
175. The cost incurred in selling the products.
a. Marketing cost
b. Advertising cost
c. Distribution/transportation cost
d. Packaging cost
176. The price of the product with different sizes is: small = P3.50, Medium = P4.00 and Large = P4.50.
This is form of?
a. Captive pricing
b. Price lining
c. Skimming price
d. F. O. B. origin price
177. Movement along a given demand curve are caused by changes in:
 a. Income
b. Price
c. Related goods
d. Taste and preferences
178. Also known as the law of diminishing marginal productivity.
a. Law of Diminishing Utility
b. Law of Diminishing Returns
c. Law of Diminishing Supply
d. Law of Diminishing Demand
179. Because of scarcity, a choice must be made which in turn involves:
a. Trade off
b. Exchange
c. Decisions
d. Priorities
180. Pricing a less desirable product with a more desirable product.
a. Extinction pricing
b. Tie-in pricing
c. Pre-emptive pricing
d. Competitive pricing
181. Monopsony is a term used in economics to describe a situation in which the following condition
applies:
a. One buyer
b. Many seller
c. Few seller
d. One seller
182. The difference of marketing revenue and marketing cost:
a. Marketing margins
b. Total sales
c. Product cost
d. Selling cost
183. before, a compact disc was valued at P200.00, now it is P100.00. This is an example of:

a. Price lining
b. Captive pricing
c. F. O. B. origin pricing
d. Skimming price
184. It formalizes the relationship between price and quantity consumers are willing to buy at those
prices.
a. Law of supply
b. Demand
c. Supply
d. Law of demand
185. A collective term referring to the use of taxation and government spending to influence the level of
income.
 a. Monetary policy
b. Trade policy
c. Fiscal policy
d. Credit policy
186. Consumer behavior can be understood if the following are considered except:
a. Producer’s preferences
b. Budget constraints
c. Consumer’s preferences
d. Consumer’s choices
187. Type of pricing usually used by wholesalers. A pricing agreement is negotiated with the buyer.
a. Extinction pricing
b. Penetration pricing
c. Pre-emptive pricing
d. Formula pricing
188. Which of the following issues is a normative economics?
a. The benefits from an increase in government spending on education
b. The size of the increase in sales of recyclable materials if the government puts up collection
c. The increase in a firm’s profit from its introduction of a better mosquito killer
d. All the above
189. Subdividing markets into distinct subsets of costumers/buyers, where any subset may conceivably
be selected as a target market.
a. Market segmentation
b. Geographical segmentation
c. Demographic segmentation
d. Psychological segmentation
190. A pencil case packed for sale with a scissor, ball pen, pencil, eraser, and foot ruler valued at just
P50.00. The pricing strategy applied is:
a. Captive pricing
b. Skimming price
c. Package pricing
d. Price lining
191. It is an economic system characterized by the public ownership of property resources and collective
determination of economic decisions through central economic planning.
a. Socialism
b. Communism
c. Fascism
d. Capitalism
192. A grant of immunity to particular persons or corporations from a tax which they are obliged to pay:
a. Tax exemption
b. Tax avoidance
c. Tax amnesty
d. Tax evasion
193. The theory of consumer sovereignty says that in a free market economy will determine which
goods and services to produce.
 a. Consumer
b. Producer
c. Buyer
d. Seller
194. Pricing a product on the basis of their variable costs in order to force firms in weak financial
positions to discontinue their production.
a. Extinction pricing
b. Penetration pricing
c. Pre-emptive pricing
d. Formula pricing
195. The wild mushrooms that your father brought home for your consumption is considered:
a. A free good since he did not buy them
b. An economic good because the mushroom has an opportunity cost
c. An economic good because it is not abundant in nature
d. Both b and c are true
196. A type of middlemen who buy, take title to and resell the products they handle.
a. Wholesaler
b. Retailer
c. Merchant middlemen
d. Financier-wholesaler
197. The fastest-growing advertising medium is:
a. Television
b. Direct mall
c. Magazine
d. Radio
198. It is said to exist when the prevailing price of commodity is above the equilibrium price.
a. Shortage
b. Consumer surplus
c. Producer surplus
d. Surplus
199. The extra product or output added for every one extra unit of the factor added, while other factors
are held constant.
a. Average product
b. Total product
c. Constant product
d. Marginal product
200. The best way to avoid buying on installment is by:
a. Withholding consumption
b. Borrowing
c. Credit buying
d. Savings
201. Setting the price of a product so low that the market is unattractive to competitors.
a. Extinction pricing
b. Penetration pricing
 c. Pre-emptive pricing
d. Formula pricing
202. A downward movement along a given demand curve is a result of:
a. An increase in the price of the good
b. All increase in the income of the consumers
c. A decrease in the income of consumers
d. A decrease in the price of the good
203. The sequence of firms and individuals comprise of all the intermediates involved in the
products/goods and the title to them from the producer to the ultimate consumer.
a. Merchant middlemen
b. Professors and manufacturers
c. Marketing channel
d. Facilitative organizations
204. Sales promotion is conducted mainly by producers and:
a. Wholesalers
b. Distributors
c. Retailers
d. Advertising agents
205. A marketing service that the influences the buyers and/or consumers to buy. The objective is to
inform consumers what is available for purchase, especially if the product is new in the market.
a. Market intelligence
b. Branching
c. Advertising
d. Market research
206. Refers to the know-how and the physical means of transforming resources into want satisfying
form.
a. Depreciation
b. Techniques of production
c. Production
d. Resources
207. Capital is usually accumulated frozen:
a. Savings
b. Interest
c. Profit
d. Rent
208. Which of the following is not one of the five ways of which prices for farm products are
“discovered”.
a. Individual negotiations
b. Organized markets
c. Retailing
d. Collective bargaining
209. In drawing a farmer’s supply curve for cabbage, the following factors are kept constant except for:
a. Technology
b. Price of cabbage
 c. The supplies of inputs
d. Environment factors
210. It is to test and decide the classes of products and labeling them as to quality:
a. Sorting
b. Standardization
c. Grading
d. Processing
211. The sales promotion technique most likely to hold customers over a period of time would be:
a. Trading stamps
b. Coupons
c. Bonus packs
d. Pull premium
212. If the price of good X is negatively related with the demand for good Y, then:
a. Goods X and Y are independent
b. Goods X and Y are complements
c. Goods X and Y are substitutes
d. None of the above
213. The difference between total revenue and total costs:
a. Profit
b. Breakeven price
c. Marginal cost
d. Variable cost
214. It is the process by which buyers and sellers arrive at a specific at a specific price for a given lot of
produce in a given location.
a. Price determination
b. Price discovery
c. Price exploration
d. Marketing
215. A decrease in demand with supply constant will lead to:
a. A decrease in both price of the product and the equilibrium quantity
b. An increase in the price of the product and a decrease in the equilibrium quantity
c. A decrease in the price of the product and an increase in the equilibrium quantity
d. An equilibrium in both price of the product and the equilibrium quantity
216. Means buying a quantity of a product and breaking or dividing the bulk items into amounts desired
by customers.
a. Grading
b. Standardization
c. Sorting
d. Processing
217. The primary goal of promotion is:
a. Inform
b. Remind
c. Persuade
d. Create awareness
218. A vertical supply curve can be associated with:
a. Long run supply curve
b. Short run supply curve
c. Perfectly elastic supply
d. Perfectly inelastic supply
219. Point where profit is zero.
a. MC is constant
b. Break even
c. MR>MC
d. MR=P
220. The amount of goods and services that your wages can buy is called:
a. Real wage
b. Free wage
c. Money wage
d. Salary
221. Refers to the process by which the broad forces of supply and demand establish a general market
clearing or equilibrium price.
a. Price determination
b. Price discovery
c. Price exploration
d. Marketing
222. A government-established price floor will result in excess supply if:
a. The quantity demanded is greater that the quantity supplied
b. The floor price is above the equilibrium price
c. The floor price is below the equilibrium price
d. The floor price is equal to the equilibrium price
223. It is a method of pricing the product by adding certain percentage to the cost in producing the
product.
a. cost-oriented pricing
b. Target pricing
c. Price elasticity
d. Mark-up pricing
224. Which form of monopoly regulation is most advantageous for the consumer?
a. Price control
b. Specific tax
c. Lump sum tax
d. All of the above are equally advantages
225. Cost of the self-owned, self-employed resources used by a firm in the production process.
a. Implicit cost
b. Cash cost
c. Explicit cost
d. Fixed cost
226. The most common cause of depreciation of land value is:
a. Depletion of fertility
 b. Erosion
c. Acid rain
d. Pollution
227. A market of commodities which are difficult to standardize. It is most widely used where actual
inspection of the product is desirable to determine its quality.
a. Black market
b. Auction market
c. Supermarket
d. Shopping malls
228. Which is not true of market equilibrium?
a. Surplus equals shortage
b. Quantity demanded is equal to quantity supplied
c. The price that consumers are willing to pay is equal to the price that sellers are willing to accept
d. All of the above
229. Cost-plus pricing, where the costs of producing product or completing a project are totaled and a
profit amount or percentage is added on. It describe the pricing of job or products that are non-routine
and difficult to value or cost in advance.
a. mark-up pricing
b. Target pricing or rate of return pricing
c. Production cost
d. Cost-oriented pricing
230. A form of communication management that seeks to influence the image of an organization and its
product and service.
a. Advertisement
b. Personal selling
c. Sales promotion
d. Public relation
231. Which of the following industries most closely approximates the perfectly competitive model.
a. Oil
b. Rice farming
c. Postal service
d. Movie
232. It refers to the unintended effect (beneficial or harmful) of production or consumption on other
individuals not involved in production or consumption.
a. Pollution
b. Externality
c. Side effects
d. Social effects
233. It refers to the share of the land used in the production of goods and services.
a. Interest
b. Profit
c. Dividend
d. Wage
234. A type of trading which specify the minimum grade or particular grades of a commodity which must
be delivered in fulfilment of the contract at some future date.
a. “Spot” or cash market
b. Future contracts
c. Reservations
d. Product sampling

235. Demand for the product is elastic.to increase the total revenue, the seller should:
a. Increase the price of the product
b. Not change the price of the product
c. Decrease the price of the product
d. Increase quantity supplied
236. Price is determined by adding a desired rate of return on investment to total costs.
a. Target pricing or rate of returning pricing
b. Return on Investment (ROI)
c. Mark-up pricing
d. Cost-oriented pricing
237. This is unpaid media exposure about a firm or its product and service:
a. Public relation
b. Publicity
c. Sale promotion
d. Advertisement
238. Pollution is an example of:
a. Economies of scale
b. Pecuniary externality
c. Negative externality
d. Positive externality
239. In long-rung equilibrium, the pure monopolist can make pure profits because of?
a. Advertising
b. High selling price
c. Blocked entry
d. Low production cost
240. It is defined as the price paid for personal service in production.
a. Wage
b. Interest
c. Profit
d. Dividend
241. A type of trading which involves trading in actual commodities, normally on the basis of samples.
a. “Spot” or cash market
b. Future contracts
c. Meet-up
d. Product sampling
242. Which of the following would be true if demand for the good is perfectly inelastic?
 a. A decrease in price will increase total revenue because consumers will double the quantity they
will buy
b. An increase in price will increase total revenue because consumers will not react to the change
in price
c. An increase in price will not change the total revenue because consumers will not react to the
change in price
d. All of the above
243. The tool of public relation used to announce important scientific breakthrough or to explain the
details of corporate expansion.
a. Press releases
b. Sponsored events
c. Company newsletter
d. Interview and press conferences
244. The price that is equal to a firm’s average variable costs, wherein in the firm will no longer produce
any output.
a. Shut down price
b. Break-even price
c. Marginal price
d. Marginal price
e. Market price
245. A basic cause of inflation is excessive.
a. Supply
b. Demand
c. Consumption
d. None of the above
246. A simple bargaining between individual buyers and sellers for each transaction.
a. Individual negotiation
b. Commodity exchanges
c. Barter
d. Auction house
247. Which of the following is the same for all points on an indifference curve?
a. The prices faced by the consumer
b. The level of satisfaction obtained from consumption
c. The consumers income
d. All of the above
248. It is an oral presentation in a conversation with one or more prospective purchase/buyers for the
purpose of making sales.
a. Advertising
b. Sales promotion
c. Publicity
d. Personal selling
249. The sales promotion can be effective if the buyer is price:
a. Unaffected
b. Insensitive
 c. Sensitive
d. Unconscious
250. If the firm stops operating, the loss is equal to:
a. Marginal cost
b. Opportunity cost
c. Total variable cost
d. Total fixed cost
251. The main source of government revenues are:
a. Taxes
b. Fees
c. Fines
d. License
252. It is the quantitative expression of the power a product has to attract other products in exchange.
a. Price
b. Utility
c. Opportunity cost
d. Value
253. When a price of a commodity changes, the resulting income effect:
a. Always supports the law of demand
b. Always supports the law of demand only for inferior goods
c. Always supports the law of demand only for normal goods
d. Supports the law of demand for normal and inferior goods but not for Giffen goods.
254. Means of identifiable effort on the part of the seller to persuade buyers to accept the seller’s
information and store it in retrieval form. Or it is the company’s attempt to stimulate sales by persuasive
communication to the buyers.
a. Personal selling
b. Advertising
c. Publicity
d. All of the above
255. The free samples of shampoo or soap are examples of:
a. Coupons
b. Premiums
c. Sampling
d. Rebate
256. Which is a characteristic of an oligopolistic industry?
a. Market situation with only one seller
b. Market situation with only a few competing sellers
c. Market situation with one buyer
d. Open market
257. A term created to describe a situation of simultaneous economic stagnation, high unemployment
and inflation is:
a. Deflation
b. Inflation
c. Stagnation
 d. Depression
258. A legally imposed price above the equilibrium price.
a. Price control
b. Support price
c. Price ceiling
d. Subsidy
259. If the income elasticity of the good is negative, we may conclude that:
a. The good is a normal good
b. The demand curve for this good must be downward sloping
c. The good is an inferior good
d. The good is a substitute good
260. non-personal stimulation of demand for a product, service, or business unit by panting,
commercially significant news about it in published medium or obtaining favorable presentation of it in
radio, television, or stage that is not paid for by the sponsor.
a. Publicity
b. Advertising
c. Promotion
d. Selling
261. This is a price reduction mechanism designed to induce immediate purchase:
a. Rebate
b. Coupons
c. Sampling
d. Premiums
262. Non-price competition often takes the form of:
a. Product differentiation
b. Collusion
c. Homogenous products
d. Price wars
263. Among the effects and widespread unemployment is:
a. Supply effect
b. Income effect
c. Substitution effect
d. None of the above
264. A legally set price below the equilibrium price.
a. Price control
b. Price floor
c. Price ceiling
d. Subsidy
265. The main difference between the long run and short run is that:
a. In the long run, all input are fixed while in the short run all inputs are variable
b. In the long run, some inputs are fixed while in the short run, one or two inputs are fixed
c. All inputs in the long run are variable while in the short run, one or more inputs are fixed.
d. All inputs in the long run are variable while in the short run, one or more inputs are fixed.
266. It is a marketing activities, other personal selling, advertising, publicity to stimulate consumer
purchasing and dealer effectiveness such displays, shows, and exhibition, demonstration and various
non-recurrent selling efforts not in the ordinary routine.
a. Sales promotion
b. Consumer promotion
c. Sales-force promotion
d. Trade promotion
267. Giving a gift certificate or travel abroad to your retailer is an example of:
a. Contest
b. Trade shows
c. Incentives
d. Allowance
268. A tax imposed upon the monopolist regardless of the output level:
a. Ad valorem tax
b. Profit tax
c. Lump sum tax
d. Specific tax
269. Changes in the real wages are calculated by comparing changes in money wages with changes is
the:
a. Rate of profits work
b. Effort of work
c. Cost of living
d. Tax rate
270. The marginal product of a variable input is the:
a. Change in the total output divided by the change in total variable input
b. Added output produced by an added unit of variable input
c. Output per unit of variable input
d. Total output divided by total variable input
271. It is the set of significant institutions, individuals and flows that connect the organization or
individuals to its markets.
a. Marketing facilities
b. Marketing system
c. Middlemen
d. Producers
272. Economic is a _____ science.
a. Social
b. Biological
c. Physical
d. All of the above
273. A formal organization of firms in an oligopolistic industry where decisions regarding output, price,
sales are made.
a. Cooperative
b. Cartel
c. Corporation
 d. Partnership
274. Which of the following is not a source of aggregate demand?
a. Exports less imports
b. Government expenditures
c. Savings
d. Consumption expenditures
275. It is a function performed on a product that alters its form, time, place or possession
characteristics. It involved costs and add value to the product (value added) and somebody has to pay
for it.
a. Services
b. Production
c. Marketing
d. Utility
276. With labor as the variable input, when the marginal product of labor is zero.
a. Total product is minimum
b. Total product is maximum
c. Total product is increasing
d. Total product is decreasing
277. A management orientation that holds that the key task of the organization or producers is to
determine the needs, wants, and values of a target market and to adapt the organization to deliver the
desired satisfaction more effectively and efficiently than its competitors.
a. Marketing management
b. Marketing concept
c. Product concept
d. Societal marketing concept
278. Economic principles can be presented in:
a. Graphs
b. Mathematical equation
c. Tabular form
d. All of the above
279. The banner program for agricultural development. It is a transitional blueprint or putting AFMA to
work.
a. Emergency Employment Program
b. Comprehensive Agrarian Reform Program
c. Urban Development Housing Program
d. Ginintuang Masaganang Ani Program
280. An important difference between personal income and personal disposable income consists of:
a. Personal wages
b. Dividends
c. Investment income
d. Personal taxes
281. It involves contracting with sellers of inputs, maintaining an adequate supply for production and
scheduling deliveries to the local plant.
a. Inventory
 b. Procurement
c. Marketing
d. Product delivery
282. It refers to the relationship between the maximum amount of output that can be produced and the
amount of input required to make that output.
a. Total physical product
b. Marginal product
c. Production function
d. Input productivity
283. A management orientation aimed at generating customer’s satisfaction and long run consumer ad
public welfare as the key to satisfying organizational goals and responsibilities.
a. Product concept
b. Marketing concept
c. Societal marketing concept
d. Marketing management
284. The essential characteristics of capitalism are:
a. Profit motive
b. Economic freedom
c. No private property
d. A and B
285. The using up of commodities to satisfy human wants:
a. Consumption
b. Distribution
c. Rationing
d. Production
286. The phase of the cycle wherein output and employment expand to full employment is:
a. Recovery
b. Peak
c. Recession
d. Trough
e. 287. The word market comes from the Latin word ___ which means merchandise or trade or a
place where business is conducted.
f. a. Marcatus
g. b. Marcitus
h. c. Marces
i. d. Marca
288. The cost incurred by firm that varies with output produced.
a. Implicit cost
b. Explicit cost
c. Opportunity cost
d. Variable cost
289. An organization/association who aids the various middlemen in performing their tasks, but do not
directly participate in the marketing processes.
a. Market associations
 b. Broker
c. Facilitative organizations
d. Agent middlemen
290. Goods that are produced to satisfy consumption needs directly.
a. Competitive goods
b. Market goods
c. Consumption goods
d. Productive goods
291. Reserve held by the bank over the legal reserve is called?
a. Required reserve
b. Excess reserved
c. Interest rate
d. Neither a nor b
292. The opposite of solvency and describes how much of the total capital of the cooperative consists of
debt payable to creditors and banks.
a. Indebtedness
b. Loans
c. Assets
d. Net worth
293. Stage III of the production function always begin where the
a. Average product is zero
b. Average product starts to decline
c. Total product starts to decline
d. Marginal product starts to be negative
294. This is a pricing strategy to gain more customers while maintaining/holding the present ones (e.g.
Odd-centavo pricing, price of P0.99, etc.)
a. Psychological pricing
b. Unit pricing
c. Price lining
d. Special pricing
295. Utilization of goods and services for the satisfaction of wants and needs.
a. Production
b. Distribution
c. Utilization
d. Consumption
296. Goods which do not satisfy consumption needs directly but are used to meet the requirements of
other industries.
a. Productive goods
b. Competitive goods
c. Consumption goods
d. Market goods
297. Money balances held to meet unforeseen contingencies is referred to as:
a. Speculative demand for money
b. Transaction demand for money
 c. Real demand for money
d. Precautionary demand for money
298. Refers to both unsold products and unprocessed raw materials or other inputs.
a. Inventory
b. Stocks
c. Inputs
d. None of the above
299. When AC is at minimum:
a. TVC is maximum
b. AVC = MC
c. MC = AC
d. AFC is minimum
300. It is also termed as the arena for exchange between the buyer and the seller:
a. Assembly centers
b. Stock exchange
c. Market
d. Public auction
301. Which item does not belong to the group?
a. Descriptive economics
b. Production economics
c. Policy economics
d. Economic theory
302. The law which states that buyers are likely to buy more goods and services as price decreases and
buy less goods and services as prices rises.
a. Law of supply
b. Law of diminishing returns
c. Law of demand
d. Law of increasing cost
303. Nominal money supply is:
a. Flow of receipts per unit of time
b. The peso value of the nation’s money supply
c. Checking accounts at commercial banks
d. Peso value of the money supply over the price level
304. It is essentially a set of guidelines for the group enterprise.
a. Business plan
b. Vision
c. Mission
d. Rules and regulations
305. When MP is maximum:
a. TP starts to increase at a decreasing rate
b. It is the point of inflexion of the TP curve
c. AP is increasing and less than MP
d. All of the above
306. Organizations that deals with business enterprise, which is owned, patronized and managed by
members, is called:
a. Corporation
b. Sole proprietorship
c. Cooperative
d. General partnership
307. Which is not a variable input?
a. Level of fertilizer
b. Number of laborers
c. Interest
d. Bags of animal feeds
308. A market condition which causes price to increase decreasing, decreasing the amount that each
consumer is willing to buy.
a. Demand
b. Peak
c. Trough
d. Recovery phase
309. Phase in the business cycle when economic prosperity is experienced is the:
a. Recession
b. Peak
c. Trough
d. Recovery phase
310. The introduction of new products or activities to the cooperative.
a. Product development
b. Diversification
c. Product sampling
d. Intensification
311. The term economies of scale is most closely related to:
a. Increasing cost
b. Constant cost
c. Decreasing cost
d. Minimum cost
312. The simplest forms of business organization is:
a. Corporation
b. Cooperative
c. General partnership
d. Sole proprietorship
313. Its shows the physical relationship between the level of inputs and the resulting output of goods
and services.
a. Production possibility
b. Production function
c. Indifference curve
d. Demand curve
314. The demand for “necessities” tend to be:
 a. Elastic
b. Perfectly elastic
c. Inelastic
d. Unitary elastic
315. Commodities that have been processed but require further processing before they are made
available to the final consumer are called:
a. Crude materials
b. Finished goods
c. Durable goods
d. Intermediate goods
316. A method of cost covering with a fixed percentage of the sale’s price deducted from the total sales
proceeds.
a. Kick-back
b. Tax
c. Commission
d. Share
317. Total product divided by total cost is:
a. Average product
b. Marginal cost
c. Average cost
d. None of the above
318. The process of organizing resources to put an enterprise into existence, to run and manage it on a
long term.
a. Entrepreneurship
b. Business planning
c. Farm-management
d. Enterprise management
319. Which item does not belong to group?
a. Pure profit
b. Rent
c. Wage
d. Interest
320. Meeting the needs of the present generations without comprising the ability of future generations
to meet their own needs.
a. Sustainable development
b. Economic growth
c. Economic freedom
d. Economic development
321. Keynes’ fundamental law states that:
a. The change in consumption is greater that the change in income
b. The change in income is greater than the change in consumption
c. People stop consuming when they become affluent
d. None of the above
322. A union of two or more organizations which creates a new association and terminates the original
organizations involved.
a. Merger
b. Subsidiary
c. Consolidation
d. Bankruptcy
323. The cost incurred by a firm in buying inputs is called:
a. Implicit cost
b. Explicit cost
c. Variable cost
d. Opportunity cost
324. A firm based in one country but carries on production research or sales in other countries is
referred to as
a. International company
b. National company
c. Multi-national company
d. Local company
325. This is a cost production.
a. Normal profit
b. Pure profit
c. Economic profit
d. Maximum profit
326. Enterprise that utilizes a high ratio of labor or capital relative to a particular land resource.
a. Extensive
b. Subsistent
c. Intensive
d. Sustainable
327. Which of the following statement is not correct?
a. A household’s average holding of money for transactions in unrelated to its pattern of
expenditures
b. A household’s average holding of money for transactions increases as the level of disposable
income increases
c. A household’s average holding of money for transactions increases as the number of days in a
pay period increases
d. None of the above
328. The absorption of one association by another with only the acquiring cooperative retaining its
corporate identity.
a. Merger
b. Subsidiary
c. Consolidation
d. Bankruptcy
329. In the short period, all cost are:
a. Changing as output varies
b. Variable
 c. Fixed
d. None of the above
330. Industries that are concerned with manufacturing of industrial services engaged in production with
total assets of more than 5M but not exceeding 5M and an employment size of 5-99 workers is a:
a. Barangay-based microenterprise
b. Large scale industry
c. Small-scale industry
d. Medium-scale industry
331. Maximum profit is the same as maximum total output. This statement is:
a. True
b. False
c. Neither true or false
d. May be true and may be false
332. The economic principle that seek or helps to explain specialization of production or specialization or
doing a particular activity.
a. Principle of Diminishing Marginal Utility
b. Principle of Comparative Advantage
c. Principle of Diminishing Returns
d. Principle of Increasing Cost
333. Disposable income can either be spent on which two terms?
a. Consumption and savings
b. Savings and investment
c. Consumption and investments
d. None of the above
334. A measure of the ability to repay long-term debt. One measure is the ratio net worth divided by
total assets.
a. Viability
b. Liquidity
c. Durability
d. Solvency
335. Which of the following cost declines as output increases.
a. Average variable cost
b. Average total cost
c. Average fixed cost
d. Total fixed cost
336. A frequently used provisions of labor contracts that grants wage increases based on changes in the
consumer price is:
a. Amelioration
b. Cost of living allowance (COLA)
c. 13th month pay
d. Cash gifts
337. Profit is ____ when the marginal revenue is equal to marginal cost.
a. Positive
b. Maximum
 c. Minimum
d. Zero
338. The principal determinant of supply elasticity is:
a. Time
b. Demand
c. Price
d. Supply
339. The ability to repay short-term debt (current liabilities). One measure is the current ratio:
a. Viability
b. Liquidity
c. Durability
d. Solvency
340. Which of the following criteria is used classifying markets based on structures?
a. Types of sellers or buyers
b. Location of market
c. Homogeneity of products
d. Taste and preferences of consumers
341. The law which promotes high value crops is:
a. RA 3438
b. RA 7900
c. RA 6455
d. RA 6436
342. One rule in the product particularly in the short run period, if total revenue is greater than variable
cost, the business must:
a. Shutdown
b. Operate
c. Indifferent
d. A and B
343. A development strategy which is designed to promote domestic industry to replace imports.
a. Outward-looking development
b. Inward-looking development
c. Balanced development
d. “Basic needs” Strategy
344. A cooperative’s proceeds, usually called net savings, are returned to members in proportion to
their use of the cooperative – that is, according to the amount they bought or sold to the cooperative.
a. Patronage refund
b. Shares
c. Dividend
d. Stocks
345. Homogenous product means that:
a. The product of one seller is a perfect complement for another seller’s product
b. The product of one seller is a perfect substitute for another seller’s product
c. The product of each seller is different
d. The product of each seller is unique
346. A measure of determining which resource a country to use abundantly in order to be competitive in
the export market is:
a. Record Company of America
b. Rice and Corn Administration
c. Revealed Comparative Advantage
d. Resonance Competitive Advantage
347. In the long-run period of production process, all costs are:
a. Fixed
b. Constant
c. Variable
d. None of the above
348. A development strategy which is designed to promote industry to replace imports.
a. Inward-looking development
b. Balanced development
c. Outward-looking development
d. “Basic Needs” Strategy
349. Macroeconomics maybe divided into four sectors except:
a. GNP sector
b. Public sector
c. Money sector
d. Unemployment and inflation sector
350. An association of local cooperatives in which the local associations elect a board of directors to
govern the central association, with the locals retaining their autonomous character.
a. Credit union
b. Corporation
c. Cartel
d. Federation
351. Any price lower ATC but higher than AVC is:
a. Loss minimization
b. Shut down condition
c. Profit maximization
d. None of the above
352. The main recipients of redistributed lands by virtue of CARP are:
a. Agricultural Resource Committee
b. Association of Reformed Communities
c. Agricultural Rehabilitation Centers
d. Agrarian Reform Communities
353. A price index of 125% means that the current price is ___ higher that the price in the base year.
a. 125%
b. 100%
c. 25%
d. 1.25%
354. Which among the following is NOT a source of monopoly power?
a. Ownership patent
 b. Control over supply of raw materials
c. Free entry to the industry
d. Product being produced has no close substitute
355. Specialization and division will likely to result in:
a. Diseconomies of scale
b. Economies of scale
c. Law of diminishing marginal returns
d. Any of the above
356. Which of the following will be determined in the product market?
a. The price of a new pair of leather shoes
b. Manager’s salary
c. The price of equipment used in a manufacturing firm
d. The price of a 30-hectare farmland
357. The interest rate that Central Bank charges to commercial bank is called:
a. Reserve requirement
b. Market interest rate
c. Flat money
d. Rediscount rate
358. It refers to any activity that uses resources today allowing for greater production in the future, and
hence greater consumption.
a. Inventory
b. Saving
c. Investment
d. Deposit
359. A cooperative’s proceeds, usually called net savings, are returned to members in proportion to
their use of the cooperative-that is, according to the amount they bought or sold to the cooperative.
a. Patronage refund
b. Shares
c. Dividend
d. Stocks
360. Using marginal approach, the firm will maximize profit or minimize losses by producing at the point
where:
a. Total revenue = total cost
b. Marginal cost = marginal product
c. Marginal revenue = marginal cost
d. Marginal cost = Marginal utility
e. Marginal revenue = price of output
361. The agency which is mainly responsible to promote the welfare of fishery sector is:
a. Bureau of Freshwater and Aquaculture Resources
b. Bureau of Freshwater and Agricultural Resources
c. Bureau of Fisheries and Aquatic Resources
d. All of the above
362. Which item does not belong to the group.
a. Adjusted GNP
 b. Nominal GNP
c. GNP at current price
d. Unadjusted GNP
363. The strawberries of Benguet can be bought in the supermarkets of Manila. What utility was created
in this situation?
a. Form utility
b. Time utility
c. Possession utility
d. Place utility
364. This marketing function involves the establishment and maintenance of uniform measurement.
This function also simplifies buying and selling, since it makes possible the sale by sample and
description.
a. Financing function
b. Risk – bearing
c. Market intelligence function
d. Standardization function
365. interest, the payment for the use of capital is commonly expressed:
a. In absolute amount
b. As a combination of percentage and absolute amount
c. In percent
d. None of the above
366. An association of local cooperatives in which the local associations elect a board of directors to
govern the central association, with the locals retaining their autonomous character.
a. Credit union
b. Corporation
c. Cartel
d. Federation
367. Marginal revenue = average product = price output is true for:
a. Monopolistic competition
b. Imperfect competition
c. Oligopoly
d. Perfect competition
368. The program which is only focused to redistribute lands to eligible farmers is known as:
a. Comprehensive Reform Program
b. Land Reform Program
c. Cooperative Development Administration
d. Cooperative and Development Agency
369. Which item does not belong to the group:
a. Real GNP
b. GNP at constant price
c. Adjusted GNP
d. Unadjusted GNP
370. This marketing function addresses the problem of product seasonality. The primary aim which is to
help balance the period of plenty to the period of scarcity:
 a. Pooling
b. Processing
c. Storage
d. Packaging
371. A minimum wage rate higher than the market wage rate results in:
a. Labor
b. An equilibrium in the labor market
c. Labor surplus
d. None of the above
372. The ownership interest of a company’s members or stockholders as distinguished from that of
bond holders or lenders; total assets less total liabilities.
a. Dividend
b. Equity
c. Share
d. Interest
373. A situation in which the absolute value of the price elasticity coefficient is less that once:
a. Elastic demand
b. Inelastic demand
c. Kinked demand curve
d. Perfectly elastic demand
374. The main subject of GATT-WTO organization is the reduction of:
a. Levies
b. Tariffs
c. Quantitative restrictions
d. Subsidies imposed on agricultural products
375. It is a better indicator of a performance of an economy among different time periods.
a. Money GNP
b. Real GNP
c. Nominal GNP
d. Unadjusted GNP
376. It is one type of middlemen in agricultural marketing whose function, in modern times, have
increased from challenging product forms to buying raw materials to wholesaling the finished product to
retailers
a. Assembler-wholesaler
b. Processors and manufacturers
c. Wholesalers
d. Facilitative organization
377. The change in equilibrium income as a result of a one-peso change in the autonomous component
of aggregate expenditure is called:
a. Multiplier
b. Marginal propensity to consume
c. Marginal propensity to save
d. None of the above
378. Which of the following groups is not penalized by inflation
 a. Savers
b. Creditors
c. Debtors
d. Fixed money income groups
379. A sum of money taken out of a corporation’s net profits and paid to shareholders based on their
equity investment
a. Dividend
b. Equity
c. Share
d. Interest
380. The satisfaction obtained from the goods and services that consumers consumes:
a. Utility
b. Consumption
c. Demand
d. Superior goods
381. It measures the degree given to value added of agricultural sector.
a. Effective Prevention Ration
b. Effective protection Reconnaissance
c. Effective Protection Rate
d. None of the above
382. The variation (up and down) in national income is affected by:
a. Savings
b. Population
c. Investment
d. All of the above
383. The change in consumption spending that arises from a one-peso change in disposable income is
called:
a. Marginal propensity to save
b. Marginal propensity to consume
c. Multiplier
d. None of the above
384. A point outside the production possibility frontier indicates that given the technology and
resources available, this combination is:
a. Unattainable
b. Attainable but inefficient
c. Unattainable but best for society
d. Attainable and is best for society
385. A cooperative organized to create a source of loanable funds for useful purposes and to educate
its member in financial matters.
a. Exclusive cooperative
b. Bargaining cooperative
c. Consumer cooperative
d. Credit union
386. Savings is an increasing function of:
 a. Income
b. Investment
c. Interest
d. Consumption
387. The ______reflects the current and capital accounts of a country vis-à-vis other countries:
a. Balance of trades
b. Balance of payments
c. Balance of tariffs
d. Balance sheet
388. Using the income approach in calculating the national income, which one is not included:
a. Wage
b. Profits
c. Interest
d. Depreciation
389. It is a marketing activity which involves the sorting of products into lots or units according to one
or more of their quality attributes:
a. Standardization
b. Packaging
c. Grading
d. Branding
390. Asset demand for money is also known as:
a. Speculative demand
b. Transaction demand
c. Precautionary demand
d. None of the above
391. Marginal utility:
a. Is the extra satisfaction from the consumption of one or more of the some good and service
b. Is tile extra output a firm obtains when it adds another units of labor
c. Explains why product supply curves are upsloping
d. Typically rise as successive units of a good are consumed
392. A statement showing the assets, liabilities and net worth (or owner equity) of a business on a
specified date, usually the end of the year.
a. Ledger
b. Balance sheet
c. Record notebook
d. Record keeping
393. A schedule which shows the various amounts households plan to save at various levels of income
is referred to as:
a. Consumption function
b. Investment function
c. Savings function
d. Demand function
394. It provides climate for enhancing competitiveness and food security of the country.
a. High Valued Commodity Crops Act
 b. High Valued Commercial Crops Act
c. High Valued Corn and Crops
d. All of the above
395. Using the product or expenditure approach in calculating the GNP, which one is not included?
a. Household consumption expenditures
b. Net exports
c. Government purchase of goods and services
d. Indirect business taxes
396. A marketing function, which does not only encourage consumers to buy, but also to encourage
them to buy more than what they need?
a. Advertising
b. Packaging
c. Selling
d. Promotion
397. This represents the liabilities of the Central Bank to the public sector in the form of currency in
circulation and to the banking sector in the form of cash reserves.
a. Interest rate
b. Rediscount rate
c. Reserve money
d. Time deposit
398. Every time the government in our a deficit, it must borrow from the following except from the:
a. Religious sector
b. Private sector
c. Public sector
d. Foreign sector
399. A cooperative whose sole or principal function is to bargain form terms of sale. It does not handle
the actual products as an operating cooperative does.
a. Bargaining cooperative
b. Consumer cooperative
c. Farm supply cooperative
d. Exclusive cooperative
400. Strengthened the implementation of CARP:
a. RA 7905
b. RA 7906
c. RA 7907
d. RA 7908
401. Most pricing policies adopted by the government are:
a. Favoring urban consumers
b. Distortionary
c. Support farmers
d. All of the above
402. Consumption is influenced by several factors except the:
a. Technology
b. Rate of interest
 c. Price level
d. Taxes
403. They are those individuals or business concerns that specialize in performing the various
marketing functions involved in the purchased and sale of goods as they are moved from producers to
consumes.
a. Processors
b. Middlemen
c. Farmers
d. Consumers
404. The proportion by which the public hold money in the form of cash or deposits is called:
a. Reserve-deposit ratio
b. High-powered money
c. Rediscount rate
d. Currency-deposit ratio
405. The legal method to reduce taxes owed to the government is called a tax:
a. Loophole
b. Rebate
c. Evasion
d. Incentive
406. Is similar to a function: flow describes the movement created by the performance of function in
the channel of distribution.
a. Market flow
b. Market distribution
c. Market link
d. Market line
407. The most common indicator of changes in the general price level is:
a. Inflation rate
b. Interest rate
c. Consumer price index
d. Deflation rate
408. Land reform is intended to place the ownership of land in the hands of the:
a. Landlord
b. Tiller
c. Tenants
d. Lease
409. Investment is determined by the following factors:
a. Interest rate
b. Marginal efficiency of investment (MEI)
c. Price level
d. Both a and b
410. The simplest product flow is:
a. F-WR-C
b. F-CB-R-C
c. F-AW-WR-C
 d. F-WR-R-C
411. The monetary base of an economy is called:
a. Reserve-deposit ratio
b. Currency-deposit ratio
c. High-powered money
d. Rediscount rate
412. Evident where there are variations in prices in different parts of the world. For example, rarity
value, or where shipping costs increases price.
a. Promotional pricing
b. Geographical pricing
c. Product bundle pricing
d. Value pricing
413. GDP represents the:
a. Market value of all goods and services produced by the economy at a given year
b. Market value of intermediate goods and services produced by the economy at a given year
c. Market value of all final goods and services produced by the economy at a given year
d. Market value of all consumer goods and services produced by the economy at a given year
414. All these agencies are involved in improving agricultural production except the:
a. Court of Agrarian Relation
b. Department of Environment and Natural Resources
c. Department of Agrarian Reform
d. Department of Trade and Industry
415. Real income includes:
a. Legal services
b. Television
c. Foods
d. All of the above
416. The volume handled by the farmers represents their:
a. Marketable surplus
b. Total production
c. Production + consumption
d. Production + imports
417. Money-serves as a:
a. Store of value and standard for deferred payment
b. Unit of account
c. Medium of exchange
d. All of the above
418. It is a tax based on a percentage of income that varies inversely with the level income.
a. Progressive tax
b. Proportional tax
c. Regressive tax
d. All of the above
419. Pricing to promote a product is a very common application. There are many examples of
promotional pricing approaches such as BOGOF (Buy One Get One Free).
 a. Promotional pricing
b. Geographical pricing
c. Product bundle pricing
d. Value pricing
420. The nominal GDP and the real GDP in a given year, except the base year, differs because:
a. Of the exclusion of intermediate goods
b. Of changes in the price level
c. Of improvement in technology
d. Of changes in the stock of capital
421. For the country to be industrialized, the strategy should be:
a. Export-based
b. Import-based
c. Business-based
d. Agri-based
e. All of the above
422. It refers to the exchange of goods and services between one country and other countries:
a. Selling
b. International trade
c. Exchange rate
d. Barter system
423. It is a type of middlemen who takes title to and therefore, owns the products he handles. He also
buys and sells for his gain.
a. Middleman
b. Commission agent
c. Broker
d. Merchant middlemen
424. Proportion of deposits that banks are mandated by the Central Bank (CB) to keep either as vault
cash or as a deposit with the CB for safekeeping is called:
a. Excess reserves
b. Currency-deposit ratio
c. Reserve-deposit ratio
d. Required reserve
426. Here sellers combine several products in the same package. This also serves to move old stock.
Videos and CDs are often sold using the bundle approach.
a. Promotional pricing
b. Geographical pricing
c. Product bundle pricing
d. Value pricing
427. An example of non-current production is:
a. Purely financial transaction
b. Underground economy
c. Second hand goods
d. Both a and b
428. If a country has a positive balance of trade:
 a. Its imports exceeds exports in value
b. Its exports exceeds imports in value
c. Its debts have been paid
d. It has no deficit
429. It concerns with the allocation of economic resources among countries.
a. International trade
b. International economics
c. Economic nationalism
d. Production
430. Fred is able to negotiate the purchase process, while uniting buyers and sellers. They greatly
value his expertise, and he doesn’t have to buy the products in order to resell them. Fred is a:
a. Broker
b. Commissioner merchant
c. Truck wholesaler
d. Drop shipper
431. The “Paradox of Thrift” states that:
a. Higher savings cause equilibrium income to increase
b. Higher savings cause a reduction in equilibrium income
c. Higher savings does not affect equilibrium income
d. None of the above
432. The regulatory agency responsible to register and monitor cooperative is called:
a. Cooperation and Development Authority
b. Cooperative Development Authority
c. Cooperative Development Administration
d. All of the above
433. This approach is used when the market wants the consumer to respond on an emotional, rather
than rational basis. For example, “price point perspective” 99 cents not one peso.
a. Psychological Pricing
b. Product Line Pricing
c. Optional Product Pricing
d. Captive Product Pricing
434. An example of illegal transaction:
a. Sale of illegal drugs
b. Gambling
c. Prostitution
d. All of the above
435. The performance of the foreign trade is not determined by:
a. Foreign policies
b. Demand for goods
c. Restrictions
d. Trade laws
436. It refers to the control of resources of the country by its own people to ensure its own utilization
primarily for their own interest and enjoyment.
a. Economic Liberalism
 b. International Trade
c. Patriotism
d. Economic nationalism
437. Which among the following transactions should be included in the computation of GNP?
a. Sale of second-hand automobile
b. Sale of agricultural products like vegetables and cereals
c. Sale of marketable securities like bonds and stocks
d. None of the above
438. The extent of protection of agricultural outputs is measured by:
a. National Power Corporation
b. National Performance Coefficient
c. National Protection Cofactor
d. National Protection Coefficient
439. Charge a high price because you have a substantial competitive advantage. However, the
advantage is not sustainable. The high price tends to attract new competitors into the market, and the
price inevitably falls due to increased supply.
a. Penetration pricing
b. Premium pricing
c. Economy pricing
d. Price skimming
440. The curve that plots the relationship between the quantity of a good consumed and income.
a. Income consumption curve
b. Engel curve
c. Production curve
d. Product possibility frontier
441. Which do not belong to the group?
a. Imports
b. Exports
c. Taxes
d. Savings
442. The arm of the government that oversees trade, industry, and investment activities is the:
a. Philippine Trade Training Center
b. Philippine International Trading Corporation
c. Department of Tourism
d. Department of Trade and Industry
443. The process of transferring the output of a production process to the different sectors of the
economy.
a. Marketing
b. Distribution
c. Transportation
d. Selling
444. The phase of a business cycle wherein output is at its highest and employment expands to full
employment.
a. Peak
 b. Trough
c. Recovery
d. Recession
445. A demand for wage increase can cause:
a. Demand-pull inflation
b. Both Demand-pull inflation and cost-push inflation
c. Cost-push inflation
d. None of the above
446. The trading block where the Philippines belongs is:
a. ASEAN Free Trade Area
b. ASEAN for Trade Association
c. Atlantic Free Trade Association
d. Association of Food and Trade Asia
447. This is a no frill low price. The cost of marketing and manufacture are kept at a minimum.
Supermarkets are often have economy brands for soups, spaghetti, etc.
a. Penetration pricing
b. Premium pricing
c. Price skimming
d. Economy pricing
448. When an economy undergoes basic structural changes like trends towards traditional agriculture
to modern industry, transformation of rural sectors into manufacturing units, and introduction
electricity or others.
a. Seasonal unemployment
b. Cyclical unemployment
c. Disguised unemployment
d. Structural unemployment
449. Which of the following expresses how changing prices affects households?
a. CPI
b. GDP deflator
c. PPI
d. All of the above
450. An investment is not acceptable if Benefit Cost Ratio is:
a. One
b. Greater that one
c. Positive
d. Less than one
451. It is the utilization of goods and services.
a. Consumerism
b. Satisfaction
c. Distribution
d. Consumption
452. The reserve held by the bank over and above the legal reserve.
a. Required reserve
b. Excess reserve
 c. Interest rates
d. None of the above
453. It measures the degree given to value added of agricultural sector.
a. Effective Prevention Ration
b. Effective Protection Rate
c. Effective Protection Reconnaissance
d. None of the above
454. The priced charged for products and services is set artificially low in order to gain market share.
Once this is achieved, the price is increased. This approach was used by France Telecom and Sky TV.
a. Penetration pricing
b. Premium pricing
c. Price skimming
d. Economy pricing
455. A situation where the productivity of the working force is very low because the number of
workers is more than what is optimally desirable.
a. Seasonal Unemployment
b. Cyclical Unemployment
c. Disguised Unemployment
d. Structural Unemployment
456. If changes in business inventory is negative:
a. It add to GDP
b. It had no impact on GDP
c. Net investment declines
d. It reduces GDP
457. Cooperation among APEC members based on the following except:
a. Common funding
b. Equal partnership
c. Shared responsibility
d. Mutual respect
458. The process of creating surplus:
a. Production
b. Wealth-getting
c. Utilization
d. Consumption
459. The problem of unemployment exists when people who are willing and able to work could not
find jobs. What type of unemployment is caused by a deficiency of aggregate or total demand?
a. Frictional unemployment
b. Structural unemployment
c. Cyclical unemployment
d. Underemployment
460. It is a money wage expressed in terms of the goods and services it can purchase.
a. Money wage
b. Real wage
c. Nominal wage
 d. Minimum wage
461. The ____ reflects the current and capital accounts of a country vis-à-vis other country.
a. Balance of Trade
b. Balance of Payment
c. Balance of Tariffs
d. Balance Sheet
462. Use a high price where there is uniqueness about the product or service. This approach is used
where a substantial competitive advantage exists. Such high prices are charge for luxuries such as
Executive/business flights.
a. Penetration Pricing
b. Premium Pricing
c. Price Skimming
d. Economy Pricing
463. A condition that will exist in such productive activities which can be undertaken only during a
specific season.
a. Seasonal Unemployment
b. Cyclical Unemployment
c. Disguised Unemployment
d. Structural unemployment
464. If volume of actual economic activity stays the same during the consecutive years but inflation of
10% occurs:
a. Real GDP increase
b. Nominal GDP increases
c. Nominal GDP is constant
d. Any of the above
465. The important liberalization program of the program of the Philippines is a result of the country
joining the:
a. GATT
b. APEC
c. ASEAN
d. OPEC
e. All of the above
466. The income rising from entrepreneurship is:
a. Profit
b. Rent
c. Salary
d. Wage
467. This is a group of policies where public budget, government spending and tax collections are
manipulated to achieve full employment.
a. Agricultural policy
b. Fiscal policy
c. Business policy
d. Monetary policy
468. Accelerated the acquisition and distribution of agricultural lands, pasture lands, fishponds, agro-
forestry lands and other lands of the public domain suitable for agriculture.
a. EO No. 407, June 14, 1990
b. EO No. 406, June 14, 1990
c. EO No. 405, June 14, 1990
d. EO No. 404, June 14, 1990
469. Most pricing policies adopted by the government are:
a. Favoring urban consumers
b. Distortionary
c. Support farmers
d. None of the above
470. It is the provision of resources by one party to another party where that second party does not
reimburse the first party immediately, thereby generating a debt and instead arranges either to repay
or return those resources (or material(s) of equal value) at a later date. It is any form of deferred
payment.
a. Credit
b. Market output
c. Market chain
d. Raw resources
471. Adding indirect business taxes to national income equals:
a. Domestic income
b. Net national product (NNP)
c. Personal disposable income (PDI)
d. Personal income
472. It seek to modernize the Philippine Agriculture for the country to compete in the global market.
a. GATT
b. Geneva round
c. AFMA
d. APEC
473. The basic foundation economics is:
a. Scarcity of resources
b. Unlimited wants
c. Society
d. Both a and b
474. It measures the change in the level of income due to a change in the aggregate expenditures.
a. Balance budget multiplier
b. Marginal propensity to consume
c. Multiplier
d. Marginal propensity to save
475. It is the value of money a peso compared to its full value in a given base year.
a. WPI
b. PPP
c. CPI
d. RPI
476. It is an assurance by the seller of the quality of performance of a product.
a. Product liability
b. Product warranty
c. Product life
d. Product license
477. A decrease in the general price level or a rise in the purchasing power of money.
a. Inflation
b. Depression
c. Deflation
d. Economic growth
478. Study of the causal relationships that exist in economics, no value judgments are involved.
a. Positive economics
b. Normative economics
c. Objective functions
d. All of the above
479. The provisions of the WTO came from the results of negotiations under the:
a. Geneva round
b. Morocco round
c. Uruguay round
d. None of the above
480. Crude oil is one of the primary inputs to production for it runs factory machines and equipment.
An increase in its price in the world market will result to what type of inflation?
a. Cost push inflation
b. Demand pull or excess demand inflation
c. Demand shift inflation
d. None of the above
481. Vested in the Land Bank of the Philippines the responsibility to determine land valuation and
compensation for all lands covered by CARP.
a. EO No. 407, June 14, 1990
b. EO No. 406, June 14, 1990
c. EO No. 405, June 14, 1990
d. EO No. 404, June 14, 1990
482. It is the management’s legal responsibility for defective products that cause injury to consumers.
a. Product liability
b. Product warranty
c. Product life
d. Product license
483. The ratio of the tax to a payer’s income.
a. Tax burden
b. Taxable income
c. Lost income
d. Government money
484. A technique for solving maximization and minimization problems where the function operated
upon is linear and is subjected to linear constraints:
 a. Linearly homogenous production function
b. Limit pricing
c. Linear programming
d. All of the above
485. The declared policy in the promotion and development of organic agriculture in the Philippines.
a. EO No. 581
b. EO No. 481
c. EO No. 477
d. EO No. 488
486. Under _______ public ownerships is stressed more than private ownership.
a. Capitalism
b. Socialism
c. Communism
d. All of the above
487. These are goods purchased and resold with or without further processing.
a. Formal goods
b. Services
c. Economic goods
d. Intermediate goods
488. It is a process in which a firm tries to create perception in a consumer’s mind as to where a given
product or brand fits in relation to competing products or brand.
a. Product imitation
b. Product deletion
c. Product positioning
d. Product cannibalization
489. A decrease in a general price level or a rise in the purchasing power of money.
a. Inflation
b. Depression
c. Deflation
d. Economic growth
490. The difference between a firm’s total receipts and its total cost when total receipts exceed total
costs, including as costs the alternative costs of all resources used.
a. Total revenue
b. Marginal revenue
c. Fixed cost
d. Profits
491. An act providing for the development and promotion of the organic agriculture in the Philippines
and for other purpose.
a. RA 8435
b. RA 10068
c. RA 1947
d. RA 1000
492. Ability of a country to produce a commodity at a lower cost compare to another country.
a. Comparative disadvantage
 b. Absolute advantage
c. Comparative advantage
493. Which of the following relationship between Marginal Propensity to consume (MPC) and
Marginal Propensity to Save (MPS) is true?
a. MPC – MPS = 0
b. MPC – MPS = 1
c. MPC + MPS = 1
d. None of these
494. It represents the net income of the various unincorporated business enterprises.
a. Depreciation
b. Net income
c. Proprietor’s income
d. Rental income of persons
495. It is the process in which a company introduces a new product whose sales are partially derived
from the sales of the company’s existing products.
a. Product imitation
b. Product deletion
c. Product positioning
d. Product cannibalization
496. The ratio of the tax to a private income.
a. Tax burden
b. Taxable income
c. Lost income
d. Government money
497. Financial analysis can be done for:
a. Quantitative data
b. Qualitative data
c. Both a and b
d. Financial statements
498. The powerful bicameral body that will oversee and monitor the strict and successful
implementation of AFMA.
a. Congressional Commission on Agricultural Modernization (AGRICOM)
b. National Agriculture and Fisheries Council (NAFC)
c. Congressional Oversight Committee on Agricultural and Fisheries Modernization (COCAFM)
d. Congress
499. The republic act created the Agricultural Credit Cooperative Financing Administration:
a. RA 821
b. RA 822
c. RA 823
d. RA 824
500. States simply that the rate of growth of GNP is determined by the national savings ratio and
capital-output ratio.
a. Lewis Model
b. Harrod-Domar growth model
 c. Rostow’s model
d. Dualistic model
501. Interest bearing certificates of indebtedness.
a. Bonds
b. Notes receivable
c. Notes payable
d. Borrowing
502. Fine-tuning of the marketing mix by marketing it in a limited geographical area.
a. Sampling
b. Market testing
c. Freebies
d. Exclusive distribution
503. The following terms refers to the value of all inputs in production:
a. Cash and non-cash cost
b. Production cost
c. Variable cost and fixed cost
d. All of the above
504. These are zones identified based on the network of protected areas for agricultural and agro-
industrial development.
a. Network of Areas for Agricultural and Agro-industrial Development (NAAAD)
b. Strategic Agricultural and Fisheries Development Zones (SAFDZ)
c. Model Farms
d. Agro-industry Modernization Credit and Financing Program (AMCFP)
505. Types of goods that the consumers use together, ____ when the price of one changes, the
demand for the other good changes in the opposite direction.
a. Complements
b. Independent goods
c. Supplementary goods
d. Normal goods
506. This theory viewed the process of development as a series of successive stages through which all
countries must pass.
a. International dependent theory
b. Linear stages theory
c. Neoclassical model
d. Structural change model
507. It is a means by which a government provides financial resources to cover a budget deficit or
allocated financial resources arising from a budget surplus.
a. Insurance premiums
b. Financing
c. Investment
d. None of the above
508. Indicates the product quality. Ex. Meat may be graded as choice or prime. Canned fruits are
grade labeled A, B, C.
a. Brand label
 b. Grade label
c. Descriptive label
d. Informative label
509. Money without intrinsic value that is used as money because of government decree.
a. Commercial money
b. Commodity money
c. Flat money
d. Coins
510. These cost are specific to a particular crop or livestock activity and vary more or less on the size
of the production activity or output level.
a. Cash costs
b. Fixed costs
c. Variable costs
d. Non-cash costs
511. An agency whose function is to safeguard consumer safety in the use of agriculture and fisheries
products.
a. Bureau of Agriculture and Fisheries Product Standards (BAFPS)
b. Hazard Analysis Criteria Control System (HACCP)
c. Organic Certification Center of the Philippines (OCCP)
d. Bureau of Foods and Drugs (BFAD)
512. A demand in the general price level caused by a decrease in the level of aggregate supply.
a. Demand-pull inflation
b. Cost-push inflation
c. Depreciation
d. None of the above
513. It is a concept which represents the existence and persistence increasing divergence between rich
and poor nations and rich and poor people in various levels.
a. Neoclassical
b. Dualism
c. Equity
d. Say’s law
514. It is a difference between gross final output and intermediate output.
a. Gross domestic product
b. Gross national product
c. Gross domestic capital function
d. Gross value added
515. A part of the package which carries information about the product to communicate with those
who purchase or might purchase the product.
a. Packaging
b. Label
c. Trademark
d. Brand name
516. It consist of savings banks, private development banks, stock savings and loans association and
microfinance.
 a. Commercial banks
b. Thrift banks
c. Specialized banks
d. Rural banks
517. The value of the total output or total production including the value of products/by-products
consumed or used in the farm (e.g. Sold, used for consumption, used on farm seed or livestock feed,
used for payment in kind, given to others, or stored)
a. Cash income
b. Net income
c. Total sales
d. Gross income
518. The most ambitious round to date hoping to expand the competence of the GATT to important
new areas such as services, capital, intellectual property, textiles and agriculture.
a. Uruguay round
b. Annecy round
c. Torquay round
d. Dillon round
519. The cost of purchasing a fixed input is called:
a. Variable cost
b. Fixed
c. Overhead cost
d. All of the above
520. The country had entered into this group in 1994 as an accession to global trade development.
a. World Tariff Organization
b. Welfare and Trade
c. World Trade and Organization
d. World Trade Organization
521. They are export of imported goods which do not undergo physical and/or chemical
transformation in the Philippines.
a. Non-traditional export
b. Re-exports
c. Traditional exports
d. None of the above
522. Also known as no-name, no frills, or plain wraps that consequently met an importance for a low-
cost alternative to nationally branded products.
a. Cheap goods
b. Imitations
c. Unbranded goods
d. Generic goods
523. It is essentially a technique by which one can “reduce” the future benefit and cost streams to
their present worth.
a. Price ceiling
b. Price flooring
c. Discounting
 d. Sale
524. What constitute the value of farm output that are sold:
a. Net income
b. Cash income
c. Gross income
d. Non-cash income
525. A market:
a. Necessarily refers to a meeting place between buyers and sellers
b. Extends over the entire nation
c. Does not necessarily refer to a meeting place between buyers and sellers
d. Extends over a city
526. It is a measure of determining which resource a country should use abundantly in order to be
competitive in the export markets.
a. Record Company of America
b. Rice and Corn Administration
c. Revealed Comparative Advantage
d. Resonance Competitive Advantage
527. A multilateral contract among member countries to gradually remove trade protection thus
allowing free trade is known as:
a. General Agreement on Tariffs and Trade
b. General Agreement on Tariffs and Taxes
c. General Agriculture on Tariffs and Trade
d. None of the above
528. It is the amount of money or other resources measured in terms of money placed on activities or
other forms of assets for the purpose of earning profit.
a. Capital investments
b. Stocks
c. Subscription capital
d. Investments
529. It is also called as private brand. A brand developed by the wholesaler or retailer who assumes
the major responsibility for them. They are also called private sector.
a. Manufacture brand
b. Trademark
c. Distributor brand
d. Brand logo
530. It refers to the length of time required to recover a capital cost of the project.
a. Payback period
b. Income years
c. Investment return
d. None of the above
531. The difference between total cash income and total cash costs.
a. Net income
b. Gross income
c. Net cash income
 d. Non-cash income
532. The function that adds place utility to a commodity.
a. Storage
b. Processing
c. Selling
d. Transportation
533. It refers to the cost of a self-owned or self-employed resources.
a. Opportunity cost
b. Implicit cost
c. Fixed cost
d. Variable cost
534. Utility is a measure of:
a. Output
b. Usefulness
c. Satisfaction
d. Indifference
535. It is also known as national brands. The producer assumes the responsibility for the naming,
pricing, promotion and product-quality decisions.
a. Manufacture brand
b. Trademark
c. Distributor brand
d. Brand logo
536. T is also called profit-loss statement. It shows firm’s earnings for the period covered, usually half
yearly or yearly.
a. Income statement
b. Balance sheet
c. Ledger
d. Book of accounts
537. The difference between total income and total variable cost.
a. Net income
b. Net cash income
c. Gross income
d. Gross margin
538. A middleman who transform the raw agricultural products into different final product is a:
a. Processor
b. Merchant
c. Agent
d. Speculative
539. A good for which demand increases when consumer’s increases.
a. Renewal good
b. Inferior good
c. Convenience good
d. Luxury good
540. Opportunity cost is:
 a. The variable cost a firm incurs by increasing output one unit
b. The output opportunities a firm gains when average fixed cost decline
c. The value of the best alternative use of a firm’s resources
d. Another name for explicit costs
541. The meaning of the word “economic” is most associated with this word.
a. Free
b. Unlimited
c. Scarce
d. Unrestricted
542. Otherwise known as “Tenant’s Emancipation Decree’.
a. PD 87
b. PD 47
c. PD 27
d. PD 97
543. A brand or part of a brand that is given legal protection because it is assigned exclusively.
a. Brand mark
b. Brand label
c. Trademark
d. Brand packaging
544. It is the sum total of all operations involved in the manufacture and distribution of farm supplies,
production, activities on the farm, storage, processing and distribution of farm commodities and items
made from them.
a. Agricultural economics
b. Agricultural marketing
c. Agri-business
d. Agricultural entrepreneurship
545. The difference between gross income and total production cost. It is the reward to the
entrepreneur’s labor and management together with the return on all capital invested in the business
(whether borrowed or not).
a. Net cash income
b. Net income
c. Gross margin
d. Gross income
546. A middleman who takes ownership of and holds commodities and attempts to make profit form
uncertain price movement.
a. Merchant
b. Agent
c. Processor
d. Speculative
547. The law of _____ states that at certain point, the resulting activities to output decreases when
the use of the input is increased the real of all other inputs constant.
a. Comparative advantage
b. One price
c. Diminishing return
 d. Demand and supply
548. Economics is of Greek origin derived for the Greek word “oikonomia” which means
a. Household management
b. Business management
c. Classroom management
d. Crop management
549. Refers to the part of a brand that cannot be vocalized such as its symbol, design or distinctive
packaging.
a. Brand mark550. It is the absence of inflation or absence of wide fluctuations in prices.
b. Price equilibrium
c. Price stability
d. Price certainty
e. Price control
550. It is the absence of inflation or absence of wide fluctuations in prices.
a. Price equilibrium
b. Price stability
c. Price certainty
d. Price control
551. It is a measure of profitability relative to the capital invested in the business. It is also called
return to capital and is the most popular indicator of profitability.
a. Net present value
b. Return of investment
c. Gross margin
d. All of the above
552. The difference between the price that consumers pay for the final good and the price received by
the producers as payment of their products.
a. Profit
b. Loss
c. Marketing
d. Income
553. An income level below a certain minimum amount determined by the government that will not
adequately satisfy the basic needs for the food and shelter.
a. Poverty
b. Middle
c. High
d. Low
554. Consists of short-term incentives to encourage purchase or sales of a product or service.
a. Advertisement
b. Publicity
c. Selling
d. Sales promotion
555. A distinct unit within a product line that is distinguished by size, price, appearance, or some other
characteristics. The item is sometimes called a stock keeping unit, product variant or sub variant.
a. Product series
 b. Supplementary goods
c. Product line
d. Product item
556. Producing any level of output at maximum opportunity cost of the inputs used in the production;
achieving the maximum fulfillment of wants using the available productive resource.
a. Efficiency
b. Comparative advantage
c. Relative advantage
d. Productivity
557. The bets technique in analyzing the productivity of a component technological intervention is by
using:
a. Enterprise final analysis
b. Partial budget analysis
c. Cost and return analysis
d. Enterprise business analysis
558. The consumer demand for a product is called:
a. Derived demand
b. Primary supply
c. Primary demand
d. Derived supply
559. The absence of government interferences in the free flow of international trade.
a. Free trade theory
b. Protectionism
c. Open economy
d. Laisse faire
560. It is a set of interdependent organizations involved in the process of making a product or service
for use or consumption by the consumer or industrial user.
a. Middlemen
b. Wholesalers
c. Agents
d. Distribution channel
561. The bulk of Philippine government expenditures is accounted for by:
a. Maintenance and other operating expenses
b. Debt service
c. Capital outlay
d. Personal services
562. A hypothetical or imaginary unit of utility.
a. Gram
b. Util
c. Liter
d. b and c are correct
563. He emphasize that price and output of a good are determined by supply and demand.
a. Alfred Marshall
b. Karl Marx
 c. David Ricardo
d. John Maynard Keynes
564. Group of products within a production mix that are closely related either because they function
in similar manner, are sold to the same costumer groups, are market through the same types of
outlets, or full within the given price ranges.
a. Product series
b. Supplementary goods
c. Product line
565. It is the basic building block in the logic of the economist. It is a conceptualization, based on
assumptions of how economic activity occurs.
a. Economic theories
b. Economic models
c. Supply and demand
d. None of the above
566. Break-even point is a condition when a project is:
a. Returns above variable cost of a traditional technology equates with the returns above costs
of new technology.
b. Not gaining nor losing
c. Total revenue is equal to total cost
d. All of the above
567. Buyers who intend to directly consume a product or service constitute:
a. Reseller market
b. Industrial market
c. Consumer market
d. Government market
568. An indirect tax expressed as a fixed amount per unit of the good or resource being taxed rather
than varying with price.
a. Ad valorem tax
b. Specific tax
c. Tariff
d. Lump sum tax
569. It is anything that can be offered to a market for attention, use or consumption that might satisfy
a want or need.
a. Product
b. Assets
c. Resources
d. Promotion
570. A devaluation refers to:
a. A decrease in the value of foreign currency in terms of domestic currency
b. An increase in the value of foreign currency in terms of domestic currency
c. An increase in the value of domestic currency in terms of foreign currency
d. None of the above
571. The lowest point of the real GDP at the end of recession is known as:
a. Peak
 b. Recession
c. Trough
d. Recovery
572. Products for which consumers are unwilling or unable to accept substitutes. Consumers may
become very loyal to a particular brand of a product ex. Expensive stereo, antiques. Other types might
include medicinal supplies (food supplements) for which no reasonable substitute exists.
a. Convenience goods
b. Specialty goods
c. Staple goods
d. Shopping goods
573. It means a condition in which the value of the nation’s import is greater than the value of its
exports or dipping into currency reserves.
a. Trade deficit
b. Trade imbalance
c. Trade equilibrium
d. Trade inequality
574. The best tool in comparing the potential benefits that would be derived from two separate
technologies.
a. Benefit cost ratio
b. Return on investment
c. Marginal cost ratio
d. Partial budget analysis
575. These are products handlers who serve as the link in the marketing channel.
a. Retailers
b. Wholesalers
c. Commission agents
d. Assembler wholesalers
576. A tax that is fixed in amount, not depending on the quantity of the good or resource that is being
taxed.
a. Lump sum tax
b. Specific tax
c. Ad valorem tax
d. Tariff
577. A price reduction to reward customers for paying bills on time.
a. Volume discount
b. Functional discount
c. Seasonal discount
d. Cash discount
578. Known as the magna carta for small farmers.
a. RA 7607
b. RA 7608
c. RA 7609
d. RA 7610
579. Products for which the consumer expends considerable effort comparing suitability, price, quality
and style ex. Women’s suit, furniture, and bicycle.
a. Convenience goods
b. Specialty goods
c. Staple goods
d. Shopping goods
580. These are foreign assets held by the central bank as a cushion against national economic
misfortunes. Reserves consist largely of gold, but today the CB’s reserves include substantial foreign
assets, specifically the US dollar assets such as Treasury Bills.
a. International reserves
b. Reserve money
c. Foreign deposits
d. Bank reserves
581. A function performed on a product that changes its form, time, place, or possession
characteristics,
a. Facilitating function
b. Physical function
c. Functional approach
d. Marketing services
582. The value placed on goods and services offered to the public is:
a. Price
b. Money
c. Cost
d. Profit
583. A planning period when all inputs are variable.
a. Short run
b. Long run
c. Very short run
d. All season
584. It is a name, design or symbol (or a combination of these) that identifies the products of seller or
group of sellers.
a. Design
b. Trademark
c. Advertisement
d. Brand
585. The capacity of an economy to generate and sustain an annual increase in its GNP at rates of
perhaps 5 to 70/6 or more known as:
a. Harrod-Domar growth model
b. Lewis model
c. Development
d. Dualism
586. Which of the following is consistent with a tight monetary policy?
a. Low interest rate
b. An increase in money supply
 c. High reserve requirement
d. Subsidized interest rates to borrowers
587. A type of consumer goods which are goods purchased on minimum of shopping efforts usually
available in retail outlets.
a. Shopping goods
b. Convenience goods
c. Specialty good
d. Local goods
588. These are simply checks drawn by one bank to another, sometimes used instead of telegraphic
transfers.
a. Personal checks
b. Bank drafts
c. Promissory notes
d. Bank orders
589. An approach in the analysis of marketing problem that deals with the various agencies,
organizations and business structures in the marketing process.
a. Community approach
b. Market-structure
c. Marketing approach
d. Institutional approach
590. This refers to the consumers and customers for the goods and services produced by as enterprise.
a. Market
b. Buyers
c. Users
d. All of the above
591. It refers to the ease with assets can be converted into cash or other assets.
a. Solvency
b. Profitability
c. Liquidity
d. Durability
592. A pricing approach where the seller sets price in accordance with competitors.
a. Target profit pricing
b. Competition-based pricing
c. Demand-based pricing
d. Cost-based pricing
593. It is a concept which represents the existence and persistence increasing divergence between rich
and poor nations and rich and poor on various levels.
a. Neoclassical
b. Dualism
c. Equity
d. Say’s law
594. The narrowest measure of money supply is called M1. Its consist of currency plus:
a. Time deposits
b. Checking deposits
 c. Savings deposits
d. The amount of outstanding government
595. Goods that are products that are be sold primarily for use in producing other goods or rendering
services, as contrasted with goods destined to be sold primarily to the ultimate consumer.
a. Industrial goods
b. Consumer goods
c. Incomplete goods
d. Shopping goods
596. It is the price in domestic currency of a unit of foreign exchange. Example: the peso per dollar. It
measures how many pesos are required to buy a dollar worth of goods.
a. Peso value
b. Foreign exchange
c. Export
d. Exchange rate
597. A major specialized activity performed in accomplishing the market process.
a. Buying and selling function
b. Processing function
c. Facilitating function
d. Marketing function
598. When total revenue is equal to total cost, this is the point of:
a. break-even point
b. Shutdown point
c. Loss minimization point
d. Profit maximization point
599. The goods that have similar function or use so that when the price of one changes, the demand
for the other good changes in the same direction.
a. Complements
b. Substitutes
c. Supplements
d. Independent goods
600. A pricing strategy where the firm charges the same price to all customers who seek to purchase a
good or service under similar conditions. A pricing strategy where the producer purposely limit the
number of middlemen handling the products.
a. Flexible pricing
b. One-price policy
c. Customary pricing
d. Variable pricing
601. States simply that the rate of GNP is determined by the national savings ration and the capital-
output ration.
a. Lewis method
b. Rostow’s model
c. Harrod-Domar growth model
d. Dualistic model
602. It is the entire set of benefit of the product provides to the costumer.
 a. Satisfaction
b. Product warranty
c. Total Product Concept
d. Product use
603. It refers to the currency of countries other than one’s own used to make international payment.
a. Foreign market
b. Foreign exchange
c. Export
d. Exchange rate
604. A series of services involved in moving the product from the point of production to the point of
consumption.
a. Marketing operations
b. Marketing
c. Marketing channels
d. Marketing functions
605. The form of market organization in which there is a single firm producing a commodity which
there is no substitutes.
a. Purely monopoly
b. Monopolistic competition
c. Oligopoly
d. Perfectly competitive
606. The excess of the labor over total employment.
a. Over employment
b. Under employment
c. Unemployment
d. Surplus labor
607. A distribution strategy where the popular purposely limit the number of middlemen handling the
products.
a. Intensive distribution
b. Selective distribution
c. Exclusive distribution
d. Extensive distribution
608. The ____ is the major contributor to the country’s gross national income.
a. Agriculture and fishery sector
b. Forest factor
c. Service factor
d. Service factor
609. A dimension of market conduct.
a. Degree of product differentiation
b. Firm’s product policy
c. Degree of market knowledge
d. Goals of the society
610. It refers to how fast money is turned over in the economy.
a. Velocity
 b. Quantity theory of money
c. Monetary base
d. Currency to deposit ration
611. It refers to the amount expenditure of the company over extended times. Consideration fall on
spends of company’s funds.
a. Cost of transactions
b. Long term expenditure
c. Company cost
d. Budget determination
612. Measures the difference between sales of assets to foreigners and purchases of assets located
abroad.
a. Exports
b. Capital account
c. Transfer payments
d. Investment income
613. One who buys commodities from the market.
a. Consumer
b. Customer
c. Mother
d. Decision maker
614. If the government imposed price ceiling, who are benefited.
a. Government
b. Producers
c. Consumers
d. Producers and consumers
615. The average number of times that the peso is spent each year to purchase goods and resources in
the economy.
a. Turn-over of money
b. Frequency of money
c. Velocity of money
d. Money ratio
616. The marketing services performed alter the product characteristics which include:
a. form, time, place and possession characteristics
b. Form, time, odor, and weight characteristics
c. Form, time, weight and shape characteristics
d. Shape, size, weight and odor characteristics
617. The strongest factor that attracts OFWs to leave the Philippines.
a. Higher pay
b. Imports
c. Chances of advancement
d. Social factors
618. Remittances of domestic residents working abroad, gifts and grants.
a. Exports
b. Imports
 c. Transfer payments
d. Investment income
619. Makes possible the smooth performance of both the exchange and physical functions.
a. Buying
b. Selling
c. Market intelligence
d. Transportation
620. The point of usual first sale by farmers, typically at the farm or at the farmer’s home is called:
a. Point of consumption
b. Point of production
c. Point of equilibrium
d. Point of marginalism
621. When the government imposed price support or floor price, the result will be:
a. Surplus
b. Shortage
c. Equilibrium
d. Surplus or shortage
622. It describes the physical relationship between the inputs of a firm and the output of goods and
services at a given point of time.
a. Production function
b. Consumption function
c. Production possibility function
d. Indifference curve
623. One of the approaches to the study of marketing that answers the question “What” in who does
not what is:
a. Institutional approach
b. Consumer approach
c. Functional approach
d. Survey approach
624. The permanent loss of professional workers in a country’s labor force is called:
a. Brain drain
b. Brawn
c. Resource drain
d. People drain
625. Desire for a product together with the capacity to buy that product.
a. Demand
b. Income effect
c. Effective demand
d. Income elasticity of demand
626. Market share. It is seen as a viable objective of the product. It refers to the company’s
penetration on the market in the hands of several major competitors.
a. Market function
b. Market cost
c. Market share
 d. Market margin
627. It consists of international interest and dividend payments and the earnings of domestically
owned firms operating abroad.
a. Exports
b. Imports
c. Transfer payments
d. Investment income
628. Which one does not belong to the 4P’s of marketing?
a. Product
b. Price
c. Place
d. Purchase
629. Agricultural products have ____ supply.
a. Inelastic
b. Elastic
c. Unitary
d. Perfectly elastic
630. It is called the devotion of all resources for the production of the product where one has relative
efficiency.
a. Specialization
b. Mono cropping
c. Diversification
d. Integration
631. Another approach to the study of marketing that deals with the organization of the market as it
influence the nature of competition and pricing including the pattern of behavior of firms.
a. Functional approach
b. Structure conduct performance approach
c. Market study approach
d. All of the above
632. Zero government interference in the flow of imports and exports.
a. Free trade
b. Duty-free
c. Free flow
d. Barter
633. He is the leading exponent of the linear stage theory.
a. Walt Rostow
b. Adam Smith
c. Milton Friedman
d. Paul Samuelson
634. It is the absolute, difference in price, the absolute margin divided by the selling price.
a. Absolute constant margin
b. Percentage margin
c. Marketing function
d. Market share
635. It refers to the domestic expenditures on foreign goods.
a. Exports
b. Imports
c. Transfer payments
d. Investments
636. The point where marketing ends or it is the point of last purchase or sale refers to:
a. Point of consumption

b. Point of equilibrium

c. Point of break even

d. Point of marginalism

637. It is the combination of inflation and stagnation characterized high rates of unemployment.

a. Inflation

b. Stagflation

c. Deflation

d. Recession

638. Characteristics of the product is one of the problem areas in agricultural marketing. One of the
characteristics named below I not.

a. Bulkiness

b. Perishability

c. Quality

d. Seasonability of production

639. This theory states that a nation’s resources are nonrenewable and can contribute to economic
development only up to a certain point. Such viewed phenomenon is related to the law of diminishing
returns.

a. Adam Smith’s theory

b. Ricardian theory

c. Charles Darwin theory

d. None of the above

640. It refers to the difference between prices and risk capital in the entrepreneurship at the different
level of the marketing system.

a. Marketing function

b. Marketing margin
 c. Profit

d. Market cost

641. A dynamic theory usually describing demand and supply movements of agricultural products.

a. Eagle’s law

b. Cobweb theorem

c. Law of one price

d. Law of demand and supply

642. The ration of the price of goods exported to the price of the goods imported.

a. Price ratio

b. Export ratio

c. Import ratio

d. Terms of trade

643. The effect of a price change is always negative as consumers tend to substitute other goods
resulting to a decrease in quantity demanded.

a. Substitution effect

b. Income effect

c. Giffen paradox

d. Inferior good

644. It refers to the expenditures of the foreigners on domestically produced goods.

a. Exports

b. Imports

c. Transfer payments

d. Investments

645. A type of marketing margin expressed in terms of pesos and are constant overall quantity ranges.
In other words, regardless of the value marketed, the absolute peso difference between prices at
various levels remains constant.

a. Absolute constant margin

b. Percentage margin

c. Combination of fixed/constant and percentage margin

d. Mark-up
646. A type of marketing efficiency concerned with improving the buying, selling and pricing aspects of
marketing process so that it will remain responsible to the customer direction.

a. Operational direction

b. Pricing efficiency

c. Technological efficiency

d. A and B

647. Which of the following is NOT true about Agent middlemen?

a. They act as representative of clients

b. They do not take title to and therefore do not own the products handled

c. Their income is in the form of fees and commission

d. They process raw materials and market the finished products

648. Done either to change the form or to aid the preservation of the product to make it available for
longer periods of time.

a. Carrying

b. Freezing

c. Drying

d. All of the above

649. The most important resource in cooperative.

a. Land

b. Capital

c. Human

d. None of the above

650. Set of practices and means used to make members aware of the cooperative principles and
advantages.

a. Cooperative preparation

b. Cooperative education

c. Cooperative session

d. Cooperative ground work

651. Natural person or corporate body that takes calculated risks in mobilizing human, material and
financial resources, bringing them together and organizing them with a view to achieve a pre-
determined objective.

a. Entrepreneur

b. Middlemen

c. Retailer

d. Producer

652. Process of acquisition and management of human and material resources with the aim of
creating, developing and carrying out measures that allow the needs of individuals or groups to be
met.

a. Procurement

b. Planning

c. Resource management

d. Entrepreneurship

653. Represents the hierarchical organization of the cooperative movement notably through the
Unions, Federation and Confederations of cooperatives.

a. Horizontal integration

b. Diagonal integration

c. Linear integration

d. Vertical integration

654. The collaboration of cooperatives operating at the same level.

a. Horizontal integration

b. Diagonal integration

c. Linear integration

d. Vertical integration

655. The main purpose of a cooperative:

a. Economic gain

b. Advancement of members

c. Education

d. Financial freedom
656. Known as national brands:

a. Manufacturers’ brands

b. Distributors’ brands

c. Retailers’ brands

d. None of the above

e. 657. Known as private brands:

f. a. Manufacturers’ brands

g. b. Distributors’ brands

h. c. retailers’ brand

i. d. None of the above

658. Process in which a firm tries to create perception in consumer’s mind as to where a given product
or brand fits in relation to competing products or brand.

a. Product and brand positioning

b. Product and brand cannibalization

c. Product and brand deletion

d. Evaluation of product and brand performance

659. Process in which company introduces a new product whose sales are partially derived from the
sales of the company’s existing products.

a. Product and brand positioning

b. Product and brand cannibalization

c. Product and brand deletion

d. Evaluation of product and brand performance

660. Which of the following does not belong to the theories of liability

a. Negligence

b. Determine cost

c. Analyze competitor’s price

d. None of the above

661. Which of the following does not belong to the group?

a. Seasonal Price Variations

 b. Annual Price Fluctuations

c. Regular Price Movement

d. None of the above

662. Which of the following is not a manufacturer’s strategy?

a. Skimming the market

b. Moving down the demand curve

c. Unit pricing

d. Formula pricing

663. They are active on buying and selling of goods and often have far reaching influence on the
nature of marketing.

a. Merchant middlemen

b. Agent middlemen

c. Processors and manufacturers

d. Market organizations

664. Type of intermediaries most prevalent in fruits and vegetables.

a. Contract buyers

b. Wholesalers

c. Commission agent

d. Wholesaler-retailer

665. They do not sell significant amounts to ultimate consumers.

a. Contract buyers

b. Wholesalers

c. Commission agent

d. Wholesaler-retailer

666. They sell mainly to retailers on wholesale bases but they also retail to rest and maintain
permanent stalls in the market.

a. Contract buyers

b. Wholesalers

c. Commission agent
 d. Wholesaler-retailer

667. Locally known as viajeros that sell products on wholesale basis.

a. Commission agent

b. Assembler-wholesaler

c. Butcher-retailers

d. Retailers

668. Product oriented rather than marketing function oriented study of marketing.

a. Commodity approach

b. Institutional approach

c. Production approach

d. None of the above

669. Covers activities that involve transfer of title of goods.

a. Exchange function

b. Buying function

c. Selling function

d. None of the above

670. Covers activities which sometime called merchandising.

a. Exchange function

b. Buying function

c. Selling function

d. None of the above584. It is a name, design or symbol (or a combination of these) that
identifies the products of seller or group of sellers.

671. Concerned with marketing goods available at the desired time.

a. Storage function

b. Transportation function

c. Processing function

d. Standardization function

672. Returns to the factors of production used in providing the processing and marketing services
rendered between the farmers and consumers.
 a. Marketing cost

b. Marketing charges

c. Net return

d. None of the above

673. Returns according to the various agencies or institutions involved in the marketing of products.

a. Marketing cost

b. Marketing charges

c. Net return

d. None of the above

674. Series of figures representing the absolute margins of different types of middlemen or assignable
to different marketing functions, divided by the retail price.

a. Breakdown of consumers’ peso

b. Absolute margin

c. Marketing margins of all middlemen

d. None of the above

675. Goods purchased on minimum of shopping efforts available in retail outlets.

a. Convenience goods

b. Staple goods

c. Impulse goods

d. Emergency goods

676. Goods purchased routinely with some re-planning to minimize the time and effort to make the
purchase.

a. Convenience goods

b. Staple goods

c. Impulse goods

d. Emergency goods

677. Goods purchased without planning prior to entering the store.

a. Convenience goods

b. Staple goods
 c. Impulse goods

d. Emergency goods

678. Goods purchase to meet unexpected need.

a. Convenience goods

b. Staple goods

c. Impulse goods

d. Emergency goods

679. Goods where consumers spends considerable effort comparing suitability, price, quality and
style.

a. Shopping goods

b. Specialty goods

c. Durable goods

d. None of the above

680. An explicit statement in writing or conversation or in advertising, labelling, or any other form of
promotion.

a. Express warranty

b. Implied warranty

c. Strict warranty

d. None of the above

681. Which of the following is NOT true about promotion?

a. Make buyers aware of the alternative goods and services that exist

b. Shorten the distance between the market and the manufacturers by keeping buyers well-
informed about the different products

c. Help regulate the level and timing of the demand

d. None of the above

682. Which of the following can be a method to promote product?

a. Advertising

b. Sales promotion

c. Publicity

d. All of the above

683. The demand for real money balances increases if the interest rate:

a. Goes up

b. Goes down

c. Balances

d. None of the above

684. The BSP _____ the reserve requirements if it wants to raise money supply.

a. Change

b. Lowers

c. Increases

d. None of the above

685. Which of the following is NOT true about money creation?

a. Refers to the few expansion of deposits

b. Banks have no desire to hold excess reserves

c. Depository institutions issue only transaction accounts

d. B and C

686. Represents liabilities of BSP to the public sector in the form of currency in circulation and to the
bank sector in the form of cash reserves.

a. Currency

b. Savings

c. Reserve money

d. Money supply

687. Arises from the need of household and firms to have money for the regular payment of goods
and services.

a. Transactions demand for money

b. Precautionary demand for money

c. Speculative or portfolio allocation motive

d. All of the above

688. Involves the promise to pay a debt which is evidence by a piece of paper backed by specie.

a. Cheque
 b. Bank note

c. Promissory note

d. All of the above

689. Refers to the family or tribal group, which in the absence of trade, produces the level of goods
and services equal to their consumption.

a. Autarky

b. Barter system

c. Autorky

d. None of the above

690. Money serves as a unit of:

a. Credit

b. Account

c. Savings

d. Deposit

691. Represent changes in the assets of the monetary authorities that can be used for balance of
payments purposes.

a. Reserve assets

b. Related assets

c. Financial assets

d. Capital assets

692. Represents transactions inequity capital, reinvested earnings, etc.

a. Current investment

b. Outflow investment

c. Portfolio investment

d. Direct investment

693. Summary of the transactions between residents and non-residents of a country over a gin period.

a. Balance of payments

b. Record of payments

c. Tracking of payments
 d. Economic payments

694. Which is not true about deflationary gap?

a. Exist when AE<Y at Yf

b. There is pressure for a decrease in output

c. Implies unemployment

d. None of the above

695. A collective terms that refers to the use of taxation and government to influence the level of
income.

a. Budget policy

b. Income policy

c. Taxation policy

d. Fiscal policy

696. Income that household are free to spend and save.

a. Disposable income

b. Free income

c. Household income

d. All of the above

697. Which of the following is not true according to paradox of thrift?

a. Higher savings leads to higher income

b. Equilibrium income falls when people want to save more

c. Higher savings may reduce equilibrium income

d. B and C

698. Measures the change in income for a unit change in an autonomous component of aggregate
expenditure.

a. Marginal propensity to serve

b. Inflation rate

c. Multiplier

d. None of the above

699. Measures changes in the cost of purchasing a given bundle of goods that are bought by the
average household.
 a. Consumer price index

b. Producer price index

c. Manufacturer price index

d. None of the above

700. Which of the following is not true about GDP

a. High values of GDP do not always correspond to high standards of living

b. GDP does not capture income distribution

c. Does not include transactions that do not go through organized markets

d. None of the above

701. Measures how much output or income was produced or received, on the average, by an
individual in an economy.

a. Nominal GDP

b. Real GDP

c. GDP per capita

d. GDP deflator

702. Known as GDP at current prices.

a. Nominal GDP

b. Real GDP

c. GDP per capita

d. GDP deflator

703. Known as GDP at constant prices.

a. Nominal GDP

b. Real GDP

c. GDP per capita

d. GDP deflator

704. The following are approaches to measure GDP except:

a. Expenditure

b. Income

c. Value-added
 d. None of the above

705. Involves a set price imposed by the government to enhance the welfare of the consumers.

a. Price regulation

b. Specific price

c. Marginal price

d. Minimum price

706. Which of the following is NOT true about monopoly?

a. Being a monopolist does not ensure the firm instant profit

b. The firm can impose any price it wants

c. The firm cannot maximize profit at the inelastic portion of the market demand curve

d. None of the above

707. Which of the following happens in fixed and variable inputs over time?

a. Fixed input will be more costly than variable inputs

b. Fixed input will be less costly than variable inputs

c. All inputs will be variable over time

d. All inputs will be fixed over time

708. The physical relationship between the inputs of a firm and their output goods and services at
given period of time.

a. Production function

b. Production analysis

c. Production cost

d. All of the above

709. Which of the following is not true about price ceiling?

a. The maximum price policy

b. The upper limit of price

c. Effective above equilibrium price

d. None of the above

710. The following are determinants of price elasticity except:

a. Availability of substitutes
 b. Time frame

c. Location along demand curve

d. None of the above

711. Which of the following does not affect supply?

a. Prices of resources

b. Technology

c. Number of producers

d. None of the above

712. A shift in the supply curve as a result of changes in other factors affecting supply.

a. Change in quantity supplied

b. Change in supply

c. Both a and b

d. None of the above

713. Which of the following is NOT true about consumer expectations

a. Expectations about future prices and income affect current demand for goods and services

b. Expectations of higher prices increases current demand

c. Expectations of lower prices reduces current demand

d. None of the above

714. Higher income lowers demand of these goods.

a. Normal goods

b. Inferior goods

c. Substitute goods

d. Complement goods

715. A shift in the entire demand curve as a result of changes in other factors affecting demand.

a. Change in quantity demanded

b. Change in demanded

c. Both a and b

d. None of the above

716. Which of the following statements is true?

 a. When price of a good increases, the consumer substitutes the lower priced good for the more
expensive ones

b. When price decreases, the consumers real income increases, so he tends to buy more

c. Both a and b

d. None of the above

717. Which of the following causes outward shift in the PPF.

a. Better production techniques

b. More workers

c. More capital

d. All of the above

718. Economics that answers the question “what should be”?

a. Macroeconomics

b. Microeconomics

c. Positive economics

d. Normative economics

719. Economics came from a Greek word:

a. Eikonomis

b. Ekonomia

c. Oikonomia

d. Oikonomiks

720. The rate of interest in which BSP lends to banks

a. Rediscount rate

b. Reserve rate

c. Interest rate

d. Bank rate

721. Demand for money is primarily determined by:

a. Level of real output

b. Income

c. Interest rate
 d. All of the above

722. This solves the problem of adulteration and short weighing of money, however, other problems
came up.

a. Bank note

b. Coinage

c. Electronic fund

d. Banking

723. Deflation gap can be eliminated by:

a. Expansionary fiscal policy

b. Contractionary fiscal policy

c. Both a and b

d. None of the above

724. Inflationary gap can be eliminated by:

a. Expansionary fiscal policy

b. Contractionary fiscal policy

c. Both and b

d. None of the above

725. Which of the following statement is true?

a. Budget surplus: revenue > expenditures

b. Budget deficit: revenue < expenditures

c. Both a and b

d. None of the above

726. Locus of points depicting the relationship between savings and income

a. Savings schedule

b. Income schedule

c. Both a and b

d. None of the above

727. Aggregate expenditure is the total amount that all economic agents want to spend on domestic
goods or services.
 a. True
b. False
c. It depends
d. Not all the time
728. Indicates the change in the cost of purchasing a given bundle of goods in one year relative to
another.
a. Price update
b. Price index
c. Equilibrium price
d. None of the above
729. GDP deflator is a price index that converts:
a. Nominal or real GDP
b. Real GDP to nominal
c. Both a and b
d. None of the above
730. GNP =
a. GDP + Net factor income from abroad
b. GDP – Net factor income from abroad
c. GDP x Net factor income from abroad
d. GDP/Net factor income from abroad
731. GDP =
a. Wages + rent + interest + profit
b. Wages – rent – interest – profit
c. Wages + rent – interest + profit
d. All of the above
732. Fixed amount of tax levied on a producer.
a. Fixed tax
b. Lump sum tax
c. Specific tax
d. None of the above
733. Largest vertical difference between total revenue and total cost:
a. Maximum profit
b. Minimum profit
c. Both a and b
d. None of the above
734. The following are types of industries except;
a. Constant cost industry
b. Increasing cost industry
c. Decreasing cost industry
d. Increasing-decreasing cost industry
735. The following are characteristics of perfectly competitive market except:
a. Smallness of buyers and seller relative to the market
b. Homogenous product
c. Presence of artificial restraints or controls
 d. Perfect mobility of goods and resources
736. Average variable cost =
a. TVC/Q
b. TVC + Q
c. TVC – Q
d. TVC x Q
737. Average fixed cost:
a. TFC/Q
b. TFC + Q
c. TFC – Q
d. TFC X Q
738. Total cost:
a. TFC + TVC
b. TFC – TVC
c. TFC x TVC
d. TFC/TVC
739. The Philippine Clean Air Act of 1999.
a. RA 8749
b. RA 8794
c. RA 9874
d. RA 8974
740. The president initiated the enactment of EO No. 151 of 199 (farmer’s Trust Fund).
a. Joseph Estrada
b. Corazon Aquino
c. Diosdado Macapagal
d. Elpidion Quirino
741. The Agrarian Reform Fund Bill.
a. RA 8432
b. RA 8532
c. RA 8632
d. RA 8732
742. The Agriculture and Fisheries Modernization Act.
a. RA 8235
b. RA 8335
c. RA 8435
d. RA 8535
743. This EO limits the type of lands that may be converted by setting conditions under which specific
categories of agricultural land.
a. EO No. 363 of 2000
b. EO No. 363 of 1999
c. EO No. 363 of 1998
d. EO No. 363 of 1997
744. Amended certain provisions or RA 6657 and exempted fishponds and prawns from the coverage
of CARP.
 a. RA 7881
b. RA 7882
c. RA 7782
d. RA 7883
745. Known as the Land Reform Act of 1955.
a. RA 1400
b. RA 1300
c. RA 1200
d. RA 1100
746. Known as Agricultural Tenancy Act 1954.
a. RA 1190
b. RA 1199
c. RA 1198
d. RA 1197
747. Which of the following is not one of the seven principles of cooperative?
a. Voluntary and Open Membership
b. Democratic Member Control
c. Member Economic Participation
d. Cooperative dependence
748. The cooperative’s sole purpose is to provide and distribute benefits to users on the basis of their
use.
a. The user-Owner Principle
b. The User-Control Principle
c. The User-Benefit Principle
d. None of the above
749. Which of the following is not one of the three core function of a cooperative?
a. Marketing
b. Purchasing
c. Service
d. Production
750. A corporation organized, owned, and controlled either totally, or partially by a parent
cooperative.
a. Subsidiary

b. Joint venture

c. Holding company

d. Contract agent
 Answer Key: Agricultural Economics and Marketing

1 B 45 C 89 B 133 A 177 B

2 B 46 D 90 A 134 C 178 B

3 A 47 D 91 D 135 D 179 A

4 A 48 A 92 D 136 A 180 B

5 C 49 C 93 C 137 D 181 A

6 B 50 D 94 C 138 D 182 A

7 D 51 A 95 B 139 C 183 D

8 B 52 D 96 B 140 B 184 D

9 D 53 D 97 D 141 C 185 C

10 C 54 A 98 B 142 D 186 A

11 D 55 D 99 B 143 B 187 D

12 C 56 B 100 B 144 A 188 A

13 B 57 C 101 C 145 D 189 A

14 C 58 B 102 B 146 B 190 C
15 D 59 B 103 A 147 B 191 B
16 C 60 C 104 D 148 A 192 A
17 B 61 B 105 A 149 B 193 A
18 C 62 D 106 B 150 A 194 A
19 A 63 C 107 C 151 B 195 D
20 B 64 C 108 B 152 D 196 C
21 C 65 D 109 D 153 C 197 A
22 A 66 B 110 A 154 B 198 D
23 D 67 B 111 A 155 D 199 D
24 B 68 C 112 A 156 D 200 A
25 A 69 B 113 B 157 B 201 C

2 C 7 C 114 B 158 B 202 D

6 0
2 D 7 A 115 B 159 B 203 C
7 1
2 B 7 D 116 C 160 D 204 C
8 2
239 D C7 A 83117 AA 161
127 D A205 171
C B 215 A
940 C3 84 C 128 C 172 C 216 C
341 B C7 A 85118 BC 162
129 B C206 173
B C 217 C
042 C4 86 D 130 B 174 D 218 D
343 C C7 A 87119 BA 163
131 B B207 175
A A 219 B
1 5
44 C 88 B 132 C 176 B 220 A
3 A 7 C 120 C 164 C 208 C
221 A 265 D 309 B 353 C 397 C
2 6
222 B 266 D 310 B 354 C 398 A
3 A 7 D 121 B 165 B 209 B
223 D 267 C 311 C 355 B 399 A
3 7
224 D 268 C 312 D 356 A 400 A
3 B 7 B 122 A 166 A 210 C
225 A 269 C 313 B 357 D 401 B
4 8
226 B 270 A 314 C 358 C 402 A
3 D 7 C 123 B 167 B 211 A
227 B 271 B 315 D 359 A 403 B
5 9
3 C 8 B 124 C 168 A 212 B
6 0
3 C 8 B 125 C 169 C 213 A
7 1
3 A 8 B 126 A 170 C 214 B
8 2
3 C 8 A 127 A 171 B 215 A
9 3

228 A 272 A 316 C 360 C 404 D

229 D 273 B 317 D 361 A 405 D

230 D 274 C 318 A 362 D 406 A

231 B 275 A 319 A 363 D 407 C

232 B 276 B 320 A 364 C 408 C

233 C 277 A 321 B 365 C 409 D

234 C 278 D 322 C 366 D 410 A

235 C 279 D 323 B 367 D 411 C

236 A 280 D 324 C 368 B 412 B

237 B 281 B 325 A 369 D 413 C

238 C 282 C 326 C 370 C 414 A

239 C 283 B 327 A 371 C 415 D

240 A 284 D 328 A 372 B 416 B

241 A 285 D 329 D 373 B 417 D

242 B 286 A 330 C 374 B 418 C

243 D 287 A 331 B 375 B 419 A
244 A 288 D 332 B 376 B 420 B
245 B 289 C 333 A 377 A 421 A
246 A 290 C 334 D 378 C 422 B
247 B 291 B 335 C 379 A 423 D
248 B 292 A 336 B 380 A 424 D
249 A 293 D 337 B 381 C 425 A
250 D 294 A 338 A 382 D 426 C
251 A 295 D 339 B 383 B 427 C
252 D 296 A 340 C 384 A 428 B
253 C 297 D 341 C 385 D 429 B
254 A 298 A 342 B 386 A 430 A
47 C 52 B 56 B 60 B 65 D
255
7 1
C 5
299 9 C 3
343 B 387 B 431 B
256A
47 52 B C 300
56 D 61 CA 65344
A A 388 D 432 B
8 2 6 0 4
257
47 C 52DC 56 C 61 BD
301 65345
B B 389 C 433 A
9 3 7
258 B 302 1 C 5
346 C 390 A 434 D
48 B 52 B 56 B 61 B 65 A
259
0 4C 8303 2 B 6 347 C 391 A 435 C
48 C 52 C 56 A 61 B 65 B
260
1 5B 9304 3 A 7 348 C 392 B 436 D
261A
48 52 AC 305
57 B 61 DC 65349
A B 393 C 437 C
2 6 0 4 8
262
48 A 52 AA 57 C 61 CC
306 65350
B D 394 A 438 D
3 7 1
263
48 C
A
52 D
307 5 C
57 B 61 A
9
351
66 D
A 395 D 439 D
264
4 8C 2308 6 C 0 352 D 396 D 440 B
66 C 70 A            
1 5
66 C 70 B            
2 6
66 D 70 C            
3 7
66 A 70 A            
4 8
66 B 70 C            
5 9
66 D 71 D            
6 0
66 B 71 D            
7 1
66 A 71 B            
8 2
66 A 71 D            
9 3
67 C 71 B            
0 4
67 A 715 B
1
67 B 716 B 691 A 735 C  749 D 
2
67 A 717 D 692 D 736 A  750  A
3
67 B 718 D 693 A 737 A    
4
67 C 719 C 694 D 738 A    
5
67 B 720 A 695 D 739 A    
6
67 C 721 D 696 A 740 A    
7
67 D 722 B 697 A 741 B    
8
67 A 723 A 698 C 742 C    
9
68 A 724 B 699 A 743 D    
0
68 D 725 C 700 D 744 A    
1
68 D 726 A 701 C 745 A    
2
68 B 727 A 702 A 746 B    
3
68 B 728 B 703 B 747 D    
4
68 A 729 A 704 D 748 C    
5
68 C 730 A
6
68 A 731 A
7
68 B 732 B
8
68 A 733 A
9
69 B 734 D
0