Examination in Economics with Land Taxation and Reform

Topics: Supply and demand, Economics, Price elasticity of demand Pages: 4 (573 words) Published: February 4, 2013
Kolehiyo ng Lungsod ng Lipa
Marawoy, Lipa City

Information Technology Department

Examination in GE 305
Economics with Land Taxation and Reform

Name: __________________________Date: _____________
Course/Yr/Section: ________________Score: ____________

Identify the terms being defined and afterwards, write the term on the space provided opposite each number.

________________ 1. the varying reactions of the buyers to changes in price of goods and services
________________ 2. a curve which shows different combinations of two goods which yield the same level of satisfaction
________________ 3. It determines the allocation of goods and services among the members of society.
________________ 4. changes in the determinants of supply
________________ 5. the creation of goods and services to satisfy human wants ________________ 6. the additional product brought about by one additional unit of a variable input
________________ 7. a market situation when there is a large number of independent sellers offering identical products
________________ 8. a market model with only one producer or seller ________________ 9. a kind of cost which remains constant regardless of the volume of production
________________ 10. the schedule of various quantities of commodities which buyers are willing and able to purchase at a given price, time and place

Identify the word or group of words that make the statements wrong. Encircle the wrong words and write the word or group of words that would make the statements correct on the space provided before each number.

________________ 11. Economic goods are goods produced without cost. ________________ 12. In a perfectly elastic demand, there is an infinite change in quantity supplied when there is no change in price.

________________ 13. Unit cost is obtained by dividing change in total cost by change in quantity.
________________ 14. Profit maximization...
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