APPLIED ECONOMICS REVIEWER 9.

Competitive advantages that can also be gained

by business that seek cooperation within or related
MODULE 7 industries is termed as____.

WHAT I KNOW a. Alliance c.

Defensive strategy
b.Cost leadership d.Differentiation
1.The process by which one or two or more persons
engage in commercial activity for profit. 10. Individuals who will buy the products and
services in the market.
a.Business c. Trade
a.consumers c.government
b.Commerce d.Partership
b.creditors d.supplier
2.Persons or company who supplies goods and
services. 11. Margarine is a good substitute for
____________________.
a.Consumer c. Government
a.butter c. cheddar
b.Creditors d.Suppliers
b. cream cheese d. Olive oil
3.The capability of a system to expand its total
output under an increased volume of work when 12.A strategy that businesses often use marketing
resources are added. and some ads are against the competitors.

a.Autonomy c. Profitability a. Advertising c. Alliance

b.Big Ideaa d.Scalability b. Cost Leadership d. Defensive Strategy

4. A business which has its own identity and is 13.An advantage that occurs when a business is able
distinct from the owners is called ____. to offer the same quality product as its competitors,
but at a lower price.
a.Autonomy c. Profitability
a. Differentiation. c. Defensive Strategy
b.Big Ideaa d.Scalability
b. Alliance d. Cost Leadership
5. A business with the main purpose of gaining
profit is called ___________. 14.Gained by using defensive strategy the business
to set them apart itself from its competitors.
a.Autonomy c. Profitability
a. Defensive Strategy c. Differentiation
b.Big Ideaa d.Scalability
b. Alliance d. Cost
Leadership
6. A businessthat creates its own plan to expand its
economic growth.
15.Products use as replacements to other products
that gives the same purpose.
a.Autonomy c. Profitability
b.Big Ideaa d. Scalability a. clone c.
original
7. Which brand of drinks may be a very good b. substitutes d. brand
substitute for Coca-Cola?
a. Mirinda c. Sarsi
b. Pepsi d. Seven- ASSESSMENT
Up
1.These are individuals/group of individuals who buy
8. Industry rivalry among companies of the same or goods and services for personal and business use.
related industry is called_______.
a. Consumer c. Government
a. Competition c. Alliance
b. Creditors d. Suppliers
b. Distribution d. Threats
2.The capability of a company to produce or increase
output when resources are added is called
_______________________.
a. Autonomy c. Profitability a. Business c. Trade
b. Durability d. Scalability b. Commerce d. Partnership
3.Business is a legal entity that is separate and 12. Business ability to use its resources to produce
distinct from owner. profit.
a. Autonomy c. Profitability a.autonomy c.profitability
b. Durability d. Scalability b.big idea d.
scalability
4.Ford and Toyota sells the same products; it evident
that there is a ____________ . 13. These are alternative goods that can easily
replace by other products either perfectly or in part.
a. Competition c. Alliance
a. brand c. original
b. Distribution d. Threats
b. clone d. substitutes
5.Competitive advantages can also be gained by
business that seeks association or cooperation with 14. Printed and online promotion is needed in
other business: starting your business.
a. Alliance c. Defensive strategy a.advertising c.profitability
b. Cost leadership d. Differentiation b.big ideas d.scalability
6. Individual or firms who desire products and 15. Entrepreneurs think big and make this idea into
services in the market for consumption or business. a reality for the success of their business.
a. Consumers c.Government a.autonomy c.profitability
b. Creditors d.Supplier b.big idea d.
scalability
7. Which does not belong to the group?
MODULE 8.1
a. Colgate c. Close-
U What i know

b. Head and Shoulders d. Hapee 1.A group of businesses or manufacturers that

produces a particular products or services
8. A strategy that businesses use to distinguish
themselves apart from their competitors. a.Enterprise c. Logistics

a. Differentiation c. Defensive Strategy b.Industries d. Trade

b. Alliance d. Cost 2.The process of selling consumer goods or services

Leadership to customers through multiple channels of
distribution to earn a profit
9. This method occurs when a business is able to
offer the same quality product as its competitors and a.Barter c. Wholesale
sell it at a lower price.
b.Retail d. Trade
a. Differentiation. c. Defensive Strategy
3.This is an agribusiness which involves planting rice,
b. Alliance d. Cost the staple food of the Filipinos.
Leadership
a.Goat Raising c. Rice Farming
10. The advantage gained by this type of strategy is
that it allows the business to further distance itself b.Fish Pens d. Vegetable Farming
by using defensive method.
4.A business which involves raising of domesticated
a.Defensive strategy. c.Diffrerentiation type of birds like chicken, ducks, and geese for meat
and egg production.
b. Alliance d.Cost
Leadership a.Cattle Raising c. Fish Pens
11. An economic activity that is engage in buying and b.Corn Farming d. Poultry Raising
selling of goods and services in exchange of money.
5.The process of converting raw materials, a.Primary Industry c. Tertiary
components, or parts into finished products by used Industry
tools, machinery and labor.
b.Secondary Industry d. Quaternary Industry
a.Agribusiness c. Retail and Services
15.During pandemic crisis, hospitality and health
b.Manufacturing d. International Trade care services are essential and these are classified
as_____.
6.Agribusiness is a business that earns most or all of
the revenue from ___________________. a.Primary Industry c. Tertiary
Industry
a.Agricultural products c. Retail products
b.Secondary Industry d. Quaternary Industry
b.Car making d. Basket making
ASSESSMENT
7.Other term for this Pig Raising is
1.The process of selling goods and services through
a.Duck Raising c. Goat Raising sales channel to reach its consumers.

b.Cattle Raising d. Hog Raising a.Barter c. Retail

8.Medicines, cosmetics, and stationery are called b.Discounts d. Trade

soft goods or ______________.
2.This is an agribusiness which involves growing fish
a.Arts c. Hard goods in an enclosed area.

b.Consumables d. Substitutes a.Goat Raising c. Rice Farming

9.An agribusiness that produce yellowish cereal b.Fish Pens d. Vegetable Farming
plant and also use for animal feeding.
3.This involves raising of chickens, ducks, and other
a.Hog Raising c. Furniture Making domesticated birds for meat and egg for human
consumption.
b. Corn Farming d. Poultry Raising
a.Cattle Raising c. Poultry Raising
10.These are examples of agribusiness except
__________. b.Goat Raising d. Vegetable Farming

a.Hog Raising c. Water Drinking Business 4.Production of products using labor, machines,
methods, and tools for use or sale.
b.Corn Farming d. Poultry Farming
a.Agribusiness c. Retail and Services
11.A business that deals with the production of
agricultural products. b.Manufacturing d. International Trade

a.Agribusiness c. Retail and Services 5.Agribusiness is a business that deals with

production and distribution of
b.Manufacturing d. International Trade ___________________.

12.People need water to quench their thirst and this a.Agricultural products c. Retail Products
is one of the reason why this business is thriving.
b.Car making d. Basket Making
a.Drinking Water Business c. Bakery
6.It deals with raising of pig or swine for livestock
b.Soap Manufacturing d. Furniture Making and human consumption.

13.This industry is involved in the extraction of raw a.Duck Raising c. Goat Raising
materials includes mining activities, forestry, and
fishing for human use. b.Cattle Raising d. Hog Raising

a.Primary Industry c. Tertiary 7.These are type of retail products that is intended
Industry to be consumed in a quick manner.

b.Secondary Industry d. Quaternary Industry a.Arts c. Soft Goods

14.This industry processing of primary materials into b.Hard Goods d. Substitutes

usable products.
8.This business deals with creation or production of 1.Which statement is not true about environmental
goods like tables, chairs, and cabinets. analysis?
a.Hog raising c. Furniture Making A.It is a process by which organization monitor their
relevant environment.
b.Corn farming d. Poultry Farming
B.It helps identifies opportunities, plan and does not
9.These are list of business that involves agriculture take action.
except _______________.
C.It identifies strengths and weaknesses of the
a.Hog raising c. Furniture Making business.

b.Corn farming d. Poultry Farming D.It is a careful study of various factors influencing
the business.
10. A business that deals with farming, processing
and manufacturing, packaging and distributing 2.This objective of environmental analysis puts
agricultural products. importance that one must be aware of existing
environment and changes in various factors of
a.Agribusiness c. Retail and Service environment like changes in economic, technological
political and so forth.

b.Manufacturing d. International Trade A.To provide input for decision-making.

11.Deals with selling of one of the basic B.To ensure optimum utilization of resources
consumption of man which is water.
C.To identify the threats and opportunities of
a.Drinking Water Business c. Bakery environment.

b.Soap manufacturing d. Furniture D.To understand current and probable change in

Making environment.

12.This industry is involved in information 3.This objective of environmental analysis means to

technology business. select an alternate among the various available
alternates so that the best alternate is selected and
a.Primary Industry c. Tertiary decided.
Industry
A.To provide input for decision-making.
b.Secondary Industry d. Quaternary Industry
B.To ensure optimum utilization of resources
13.Internet provider, janitorial services and health
care are part of this industry. C.To identify the threats and opportunities of
environment.
a.Primary Industry c. Tertiary
Industry D.To understand current and probable change in
environment.
b.Secondary Industry d. Quaternary Industry
4.This objective of environmental analysis identifies
14.This industry provides a wide range of personal opportunities and risks in the environment.
and professional services to consumers.
A.To provide input for decision-making.
a.Primary Industry c. Tertiary
Industry B.To ensure optimum utilization of resources

b.Secondary Industry d. Quaternary Industry C.To identify the threats and opportunities of
environment.
15.This industry that take raw materials from earth
and sell it for use or undergo manufacturing process. D.To understand current and probable change in
environment.
a.Primary Industry c. Tertiary
Industry 5.This objective of environmental analysis put
relevance in the maximum utilization of the
b.Secondary Industry d. Quaternary Industry company’s resources to make the business
successful.
A.To provide input for decision-making.
MODULE 8.2 B.To ensure optimum utilization of resources
What i know
C.To identify the threats and opportunities of A.Invite authors for book signing event
environment.
B.E-books eliminates need for physical books
D.To understand current and probable change in
environment. C.Customer are supportive
6.According to ___________________, D.Difficulty in hiring due to low salary
“Environmental analysis surveys the business
landscapes to determine how external variables will 13.In a bookstore business, which of the following
affect its decision making.” can be classified as threats?
A.Adam Smith C. John Maynard Keynes A.Got the idea of using Price Bundling to increase
sales.
B.Alfred Marshall D. Robert Grant
B.E-books eliminates need for physical books
7.Some authors credit SWOT to _____________,
who led a convention at the Stanford Research C.Customer are supportive
Institute (now SRI International) in the 1960s and
1970s using data from Fortune 500 companies. D.Difficulty in hiring due to low salary
A.Adam Smith C. John Maynard Keynes 14.This pertains to the characteristics of the business
or project that gives advantage over others.
B.Albert Humphrey. D. Robert Grant
A.Opportunity C. Weakness
8.The acronym for SWOT is _______________.
B.Strength D. Threat
A.Suppliers, Workers, Overtime, Tool
15.This pertains to the elements in the environment
B.Staff, Workers, Operation, Time that could cause trouble for the business or project.
C.Strengths, Weaknesses, Opportunity, Threats A.Opportunity C. Weakness
D.Supreme, Weaknesses, Opportunity, Threats B.Strength D. Threat
9.Mang Ando business is lechon manok in their
community. Aside from Mang Ando there are other ASSESSMENT
establishments that sell grilled chicken like Chicken
Inasal, Pampanga Lechon, Boy’s Manok Inihaw. Then 1.This economist states that environmental analysis
Mang Ando’s business has _______________ in the surveys the business landscapes to determine how
business. external variables will affect its decision making.
A.Opportunity C. Weakness A.Adam Smith C. John Maynard Keynes
B.Strengt D. Threat B.Alfred Marshall D. Robert Grant
10.When you encounter a high turnover of 2.Which statement is not true about environmental
employers in your business, then your business has analysis?
_______.
A.It is a process by which organization monitor their
A.Opportunity C. Weakness relevant environment.
B.Strength D. Threat B.It helps identifies opportunities, plan and does
take action.
11.In a bookstore business, which of the following
can be classified as an opportunity? C.It identifies strengths and weaknesses of the
business.
A.Got the idea of using Price Bundling to increase
sales. D.It does not study various factors affecting the
business.
B.E-books eliminates need for physical books
3.This objective of environmental analysis puts
C.Customer are supportive relevance that one must be aware of existing
environment specifically factors such as changes in
D.Difficulty in hiring due to low salary economic, technological political and so forth.
12.In a bookstore business, which of the following A.To provide input for decision-making.
can be classified as strength?
B.To ensure optimum utilization of resources
C.To identify the threats and opportunities of 9.If a business has a strong support in the market,
environment. then your business has ___________.
D.To understand current and probable change in A.Opportunity C. Weakness
environment.
B.Strength D. Threat
4.This objective of environmental analysis means to
choose an alternate among the alternatives so that 10.When you receive a proposal for new investor,
the best alternates is selected and decided. then your business has _______.
A.To provide input for decision-making. A.Opportunity C. Weakness
B.To ensure optimum utilization of resources B.Strengths D. Threat
C.To identify the threats and opportunities of 11.In an online business, which of the following can
environment. be classified as an opportunity?
D.To understand current and probable change in A.Well known blogger patronize your products.
environment.
B.Discover a new level of marketing that ca increase
5.This objective of environmental analysis examines your sales
opportunities and threats in the environment.
C.Customer are supportive
A.To provide input for decision-making.
D.Difficulty in distributing products to rural areas
B.To ensure optimum utilization of resources
12.Proponent of Forces Competitive Model
C.To identify the threats and opportunities of
environment. A.Adam Smith C. John Maynard Keynes
D.To understand current and probable change in B.Albert Humphrey D. Michael Porter
environment.
13.In an online business, which of the following can
6.This objective of environmental analysis puts be classified as threats in the business?
outmost importance in the proper use of the
company’s resources to make the business A.Competitors have well known bloggers that
successful. patronize products
A.To provide input for decision-making. B.Free shipping fee to your valued clients
B.To ensure optimum utilization of resources C.Customers have freebies
C.To identify the threats and opportunities of D.Financial difficulties
environment.
14.This pertains to the characteristics of the business
D.To understand current and probable change in or project that could endanger the profitability of
environment. the business.
7.Proponent of SWOT Analysis since he led a A.Opportunity C. Weakness
convention at the Stanford Research Institute (now
SRI International) in the 1960s and 1970s using data B.Strength D. Threat
from Fortune 500 companies.
15.In an online business, when your online site has
A.Adam Smith C. John Maynard Keynes thousand followers then your business has
_________.
B.Albert Humphrey D. Robert Grant
A.Opportunity C. Weakness
8.SWOT analysis is a technique use to evaluate
business or project. The acronym for SWOT is B.Strength D. Threat
____________________________________.
A.Suppliers, Workers, Overtime, Tool
B.Staff, Workers, Operation, Time MODULE 9
C.Strengths, Weaknesses, Opportunity, Threats What i know
D.Supreme, Weaknesses, Opportunity, Threats
1.Spending and saving are mutually exclusive which 10.When consumers are likely to respond to
means that if income is fixed, any change in promotional advertisements that connect to their
household’s savings will inversely affect feeling to influence them, then the business
_________________. _______________________.
a.Inventing c. Producing a.Encourage customers to look for value
b.Spending d. Buying b.Influence consumers emotionally
2.Changes in tax rates can clearly affect net income c.Offer social responsibility
thus affect household ________________.
d.Change behavior with customer service
a.Investing c. Borrowing
11.When consumers are likely to be influence to
b.Producing d. Spending switch on your product when it meets their
expectations and get higher value.
3.Businesses need the support of this industry to
provide the tools needed to produce goods/services. a.Encourage customers to look for value
a.Consumer c. Supplier b.Influence consumers emotionally
b.Entrepreneur d. Income c.Offer social responsibility
4.A successful business influences the behavior of d.Change behavior with customer service
______________.
12.When consumers are likely to patronize your
a.Capital c. Consumers products and services when business contribute to
the community by being socially active such as
b.Supplier d. Entrepreneur scholarship and tree planting.

5.A rise in interest rates stimulate less spending, a.Encourage customers to look for value
more __________________.
b.Influence consumers emotionally
a.Spending c. Exploring Business
c.Offer social responsibility
b.Business Transaction d. Savings
d.Change behavior with customer service
6.Distributor of goods and services needed in the
operation of the business. 13.When business let customers feel that they are
important and give an excellent service then the
a.Entrepreneur c. Consumer business can ______________________.

b.Supplier d. None of the a.Encourage customers to look for value

above
b.Influence consumers emotionally
7.The unemployed spend less because of
_________________. c.Offer social responsibility
a.Lower personal income c. High income d.Change behavior with customer service
b.No income d. None of the above 14.Below are list that company take into account in
choosing the right supplier. Which of the following
8.Example of web – based business is an does not belong to the group?
_________________.
a.Quality of products/services provided c.
a.e – Commerce c. Exporting Reliability of Service

b.Hotel and Restaurant d. Importing b.Customer preference d. Supplier's Reputation

9.A increase in spending means 15.Which of the following is not a determinant of

___________________. spending?

a.More income c. Personal wealth a.Expectations c. Interest Rates

b.Economic growth d. All of the b.Rates of Income Tax d. The Level of Production
above
ASSESSMENT
1. When business put an emphasis on the crucial role 7.A determinants of spending, where in by altering
of emotions on consumers’ behavior expect to level of savings will likely arise to higher
respond positively, then the business _____________.
_______________________.
a.Expectations c. The Level of Savings
a.Change behavior with customer service
b.Interest Rates d. The Level of Production
b.Encourage customers to look for value
8.The higher tax rate deducted on income will likely
c.Influence consumers emotionally affect household ________________.
d.Offer social responsibility a.Investing c. Borrowing
2.When business make sure that the products or b.Producing d. Spending
services their customers are using solve their
problems better than their rivals then the business 9.Businesses are reliant on this industry to provide
__________________ . materials/services to operate their businesses.
a.Change behavior with customer service a.Consumer c. Supplier
b.Encourage customers to look for value b.Entrepreneur d. Income
c.Influence consumers emotionally 10.The business need to influence these individuals
or companies to patronize their products.
d.Offer social responsibility
a.Capital c. Consumers
3.When consumers are likely to buy products and
services when business safeguard the environment b.Supplier d. Entrepreneur
in the community.
11.When household shift their spending due to
a.Encourage customers to look for value increase in the price of goods then this is a result of
change in __________________.
b.Influence consumers emotionally
a.Household income. c. taxes and subsidies
c. Offer social responsibility
b.taste and fashion d. relative price
d.Change behavior with customer service
12.When household over spending depends items
4.When business treats their customers as VIP’s and bought because it’s trendy then this is a result of
gives excellent service then customers can change in_______________.
______________________.
a.Household income c. taxes and
a.Encourage customers to look for value subsidies
b.Influence consumers emotionally b.taste and fashion d. relative price
c.Offer social responsibility 13.Individuals or companies that provide materials
and tools needed in the operation of the business.
d.Change behavior with customer service
a.Entrepreneur c. Consumer
5.After agreeing into a contract with a supplier, this
action is important to ensure that they provide b.Suppliers d. Investor
service that was agreed upon.
14.The unemployed cannot afford to buy more
a.Monitor the supplier’s performance goods and services because of _________________.
b.Follow up order a.Lower personal income c. High income
c.Check price list b.No income d. Donations
d.Request for discounts and allowances 15.A rise in spending means ___________________.
6.Which of the following is not a determinant of a.More income c. Personal
spending? wealth
a.Expectations c. he Level of Savings b.Economic growth d. All of
the above
b.Rates of Income Tax. d. The Level of Production
MODULE 10 cost and improve service, this is the effects on
business in terms of:
What i know
a.Environmental Factor c. Government
1.The amount of money individuals earn from their
daily economic activities, be it employment, business b.Political Change d.
or investments: Changes in Technology
a.Income c. Wage 9.Across the globe, businesses expect companies to
maintain strong _________________.
b.Salary d. All of the
above a.Ethical Standards c.
Norms and Rules
2.This is the goal of most enterprise which is to be
environmentally sound and socially responsible b.Mode of Conduct d.
Regulations
a.Flexibility c. Sustainability
10. This factors affecting industry includes
b.Profitability d. Viability social relate to pattern of behavior, tastes and
lifestyles.
3.It is defined as the ability to survive which linked to
financial performance. a.Environmental Factor c. Government

a.Flexibility c. Stability b.Economic Changes d. Social

Environment
b.Durability d. Viability
4.This relates to changes in government influence
means _______________. 11.The following are major contributions of business
and industry to society. Which of the following
a.Economic Change c. statements is not true?
Environmental Change
a.It provides jobs in the community
b.Political Change d.
Government b.It produces taxable income to for the community
5.They are the key contributor to innovation and c.It does not helps in the improvement of
product development. community life
a.Entrepreneurs c. Importer d.It does not support long term social development
b.Exporter d. Supplier 12. Viability is defined as the ability to survive. In the
business sense, that ability to survive is not linked to
6.This includes geographical location, the climate, financial performance and position.
weather and other factors that affect industry.
a.Both statements are True.
a.Environmental Factor c. Government
b.Both statement are False.
b.Political Change d. Changes in
Technology c. The first statement is True; the second statement
is False.
7.A viable business has great effects to the
community; which of the following statement is not d.The first statement is False; the second statement
true? is True
a.It provides jobs to the community 13. Refers to the type of jobs people perform by
virtue of their skills, experiences and choices.
b.It produces taxable income
a.Blue Collar c. Occupation
c.It does not provide opportunities for the people in
services such as social welfare b.White Collar d. Profession
d.It improves community life 14.These are characteristics that define the quality
of life in a society.
8.The creation of new technology in terms of
databases and electronic communications allowed a.Government Factor. c. Political Factors
vast quantities of information to be shared and
quickly distributed enabled the company to reduce
b.Economic Factors d. Socioeconomic 7.It is defined as the ability of the business to survive
Factors and stand pressure which linked to financial position.
15.Business and industries are affected through a.Flexibility c. Stability
regulations and policies set by ______________.
b.Durability d. Viability
a.Consumer c. Supplier
8.This relates to changes in government influence
b.Government d. Households means _______________.
a.Economic Change c. Environmental
ASSESSMENT Change

1.Many climatic changes can alter the trade of b.Political Change d. Government
industries and how customers react towards a
certain product and this is related to 9.They are the proponent of innovation and product
________________________. development.
a.Environmental Factor c. Government a.Entrepreneurs c. Importer
b.Political Change d. Changes in b.Exporter d. Supplier
Technology
10.This factors affecting industry includes social
2.A viable business has great effects to the factors such as pattern of behavior, tastes and
community; which of the following statements is not lifestyles.
true?
a.Environmental Factor c. Government
a.It provides jobs to the community
b.Economic Changes d. Social
b.It produces taxable income Environment
c.It does provide opportunities for the people in 11.The following are major contributions of business
services such as social welfare and industry to society. Which of the following
statements is not true?
d.It does not support government by paying taxes.
a.It provides jobs in the community
3.Technological advancements enabled business to
lessen cost and improve business systems and this is b.It evades payment of taxes for the community
an example of ____________
c.It does not helps in the improvement of
a.Environmental Factor c. Government community life
b.Political Change d. Changes in d.It does support long term social development
Technology
12. Viability is defined as the ability to survive. In the
4.Businesses all over the world are expected to business sense, that ability to survive is linked to
maintain strong _________________. financial performance and position.
a.Ethical Standards c. Norms and a.Both statements are True.
Rules
b.Both statement are False.
b.Mode of Conduct d. Regulations
c.The first statement is True; the second statement is
5.The amount of money a person received from their False.
work, business or investments:
d.The first statement is True; the second statement
a.Income c. Wage is False
b.Salary d. All of the 13. Refers to a regular activity perform by virtue of
above their skills, experiences and choices.
6.This is the goal of the business, advocate of a.Blue Collar c. Occupation
positive change in the society.
b.White Collar d. Profession
a.Flexibility c. Sustainability
14.These are characteristics that define the quality
b.Profitability d. Viability of life in a society.
a.Government Factor. c. Political Factors
b.Economic Factors d. Socioeconomic
Factors
15.Business and industries should be flexible enough
to withstand the changing rules and policies
regulations and policies set by the ______________.
a.Consumer c. Supplier
b.Government d. Households