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- 1. Multiple Choice
Which component of Roman Law contained the concept of the market price (at the time)?
Civil Law
Common Law
Roman Law
The Justinian Code
- 2. Multiple Choice
According to Dudley North, this practice is able to maximize the gains from international trade.
Laissez-faire
Mercantilism
Use of a metallic standard
Government price regulations
- 3. Multiple Choice
Given that the economy is in equilibrium and an increase in income increased demand by 30% while an increase in the input prices decreased supply by 20%. This condition will...
Shift the demand and supply curve to the right
Shift the demand and supply curve to the left
Shift the supply curve to the left and demand curve to the right
Shift the supply curve to the right and demand curve to the left
- 4. Multiple Choice
In the Financial Money market model, Md (Money Demand) has a/an ________ relationship with (Interest Rate) which results in a/an _______ sloping money demand curve.
Inverse, Upward
Inverse, Downward
Direct Downward
Direct, Upward
- 5. Multiple Choice
All questions are brought about by scarcity, except one:
What to produce?
How to produce?
When to produce?
How much to produce?
- 6. Multiple Choice
Pierre le Pesant de Boisguilbert is a pioneer of what specific topic in macroeconomics?
National Income Determination
Inflation and Unemployment
National Income Accounting
Quantity Theory of Money
- 7. Multiple Choice
The consumption function tells us that as income rises, consumption ___?
Rises quick
Rises more quickly than income
Rises more slowly than income
Rises faster
- 8. Multiple Choice
If goods are manufactured in another country yet consumed in the Philippines, they are?
Capital Goods
Exports
Imports
Inefficient to the economy
- 9. Multiple Choice
Francois Quesnay developed the ___. It is a diagram depicting the distribution of agricultural surplus throughout society's classes. It is also considered to be one of the first representations of macroeconomy.
Theory of Moral Sentiments
Tableau Economique
Law of Diminishing Returns
Beggar-thy-neighbor principle
- 10. Multiple Choice
Sir. William Petty came up with a numerical computation, named: Political Arithmetic – it is an old form of what?
Reasoning
Economics
Statistics
Econometrics
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