1. These are traditional values that should be eliminated in private and public sectors EXCEPT ____________.
a. Siesta time up to 2 p.m. (Spanish-owned firm in Makati)
b. "Paki-time in mo ako" (government agency)
c. Paggalang sa boss (private companies)
d. Palakasan sa pwesto (public offices)
Ans. : C
2. In the Comprehensive Land Reform Program, what aspect shows that traditional forces were very much around to curtail rights of tenants to the land they till?
a. Making tenants share holders not owners
b. Not applying land reform at all
c. Abolishing the land reform program
d. Not providing inputs for productivity support to farmers
Ans. : A
3. What core principle has remained unfulfilled in socialist countries like Russia and China?
a. State ownership of industries
b. Revolutionary conflict
c. Rule of the working class
d. Class struggle
Ans. : C
4. What is the main disadvantage of simply following the market economy especially for peasant economies?
a. Producers don't cater to the poor who can't buy.
b. There is production surplus for in industries.
c. Advertising gains from commercial ads.
d. Country stagnates in economic growth.
Ans. : A
5. Arrange the chronological evolution of the market economy that led to the industrial revolution.
I. Antiquity's cities and farm countryside II. Towns an guilds
III. Feudal lords and serfs in manors
IV. Mercantilism through commerce
V. Industrial revolution and self- sustaining growth
a. I, II, II, IV and V
b. II, I, II, IV and V
c. III, II, IV and V
d. I, II, III, IV, V
Ans. : A
6. Even during early Hispanic days, the _______ were the oil of the machinery of commerce throughout the archipelago.
a. Creoles
b. native
c. Chinese
d. Peninsulares
Ans. : C
7. Which theory of Marx states that the difference between the price of commodity and cost of production belongs to the workers.
a. Theory of exploitation
b. Theory of economic difference
c. Theory of labor rights
d. Theory of price control
Ans. : A
8. In 1984, the price of chicken continued to go down despite government removing the price ceiling for chicken and other products. This was because ____________.
a. chicken was abundant
b. people had no purchasing power
c. adobo was favorite dish d. few liked to eat chicken
Ans. : B
9. Inflation is always with us but it is bad when the rise of prices of goods and products is exceptionally _____________.
a. staggered
b. low
c. severe
d. regular
Ans. : C
10. The biggest impact of high inflation is on the ______________ Filipino.
a. average
b. employed
c. entrepreneurial
d. rural
Ans. : A
11. In the U.S. prices of goods and services are forty to fifty times higher than those in the Philippines but Americans do not feel the impact of high prices because the __________ of the dollar is similarly high.
