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A Filipino entrepreneur wants to invest in the agribusiness sector by exporting agricultural products. Based on the top five commodity exports, which product would be most suitable for export? A. Rice B. Corn C. Cake of soya beans D. Banana
D
Why do countries still import goods even if they can produce them locally?A. Because local production is expensive B. Because imported has a better quality C. Because other countries might have a comparative advantage
C
As a business owner, you want to enter international trade. What factor should you consider first before deciding whether to import or export? A. The comparative advantage of country in production B. The size of business C. Population
A
If Country A can produce electronics at a lower cost than Country B using the same resources, what type of advantage does Country A have? A. Comparative advantage B. Absolute Advantage
B
A good or service sold to other countries A. Export B. Import
A
If the Philippines imports rice from Vietnam because Vietnam can produce it at a lower opportunity cost, what principle is at play?A. COMPARATIVE ADVANTAGES B. ABSOLUTE ADVANTAGES
A
A good or service that a country buys from another country. A EXPORT B. IMPORT
B
What is the process of keeping money for future use
savings
What is the act of using money to generate profit
INVESTMENT
What economic factor encourages saving due to higher returns?
INTEREST
What type of good is used to produce other goods?
CAPITAL GOODS
What is the minimum amount workers must be paid per law
MINIMUM WAGE
What market structure has many sellers with differentiated products
Monopolistic
What market structure has a few dominant firms
Oligopoly
What kind of competition exists when businesses sell identical products
PURE COMPETITION
