SOCIAL SCIENCE
1. The process of transforming raw materials, labor, and other inputs into goods and/or services is called _______.
a. business process b. consumption c. marketing d. production
2. What government institution is mainly responsible for the collection of taxes in the Philippines?
0. Bureau of Internal Revenue c. Bureau of Interior Revenue
a. Bureau of Customs d. Department of Budget and Management
3. Analyze the following statements:
1. Business firms aims to expand their production of goods and services
2. Households want the best quality of goods and services for the best price
a. Both statements are true
b. Both statements are false
c. Only statement I is true
d. Only statement II is true
4. GNP and GDP stands for _______, and _______?
a. Good National Product ; Good Domestic Product
b. Gross National Product ; Gross Domestic Product
c. Gross Nationwide Product ; Gross Domestically Product
d. Gross Net Percentage ; Gross Development Percentage
5. Which of the following is not part of the agricultural sector
a. Farming b. Fishing c. Forestry d. Mining
6. WB; World Bank, IMF; _______.
0. Infrastructure and Monetary Funds c. International Monetary Fund
a. International Monetary Federation d. Investments and Monitoring Fund
7. Analyze the following statements
I. ASEAN is a regional organization in Asia wherein the Philippines is a member
II. Each member countries aims to meet the organization’s goal for regional prosperity
III. This organization aims to establish free trade between and among member countries
IV. Lending money to developing countries for low interests is the main goal of ASEAN.
0. I is false c. I, II, and III are true
a. II, and III are false d. II, III, and IV are true
8. Which of the following is the most acceptable definition of a market?
a. A mechanism that allows people to interact to determine both price and quantity of goods and services
b. It is a place where the exchange of a certain amount goods for a certain type of service takes place
c. A group of sellers willing to exchange goods and services to buyers for a certain price
d. All of the above
9. DAR; Department of Agriculture, BFAR; _______.
0. Bureau of Farming and Agricultural Reserves
a. Bureau of Farming and Agricultural Resources
b. Bureau of Federal Aquatic Reserves
c. Bureau of Fisheries and Aquatic Resource
10. What is the main problem, in the study of Economics, which all economist wants to resolve or at least find the best
alternative solution for it?
a. Allocation c. Scarcity
b. Economic depression d. Shortage
11. There is a surplus of a certain goods or services in the market, if _______.
0. Qd = Qs b. Qd > Qs c. Qd < Qs d. None of the above
[Link] proposed the theory that served as basis for countries to implement policies and regulations to control population
growth to avoid the problems that arise from overpopulation?
0. Adam Smith c. Karl Marx
a. David Ricardo d. Thomas Malthus
[Link] forms of human effort (either mental or physical) exerted for the production of goods and services is called _______.
0. Capital b. entrepreneurship c. labor d. land
14. Which of the following refers to duties payable on goods that is either imported or exported in the country?
0. Income tax b. Subsidy c. Tariff d. Revenue
15. The economic saying “there is no such thing as free lunch” probably means that _______.
0. there are no freebies in the 21st century
a. to be able to have lunch one must pay for it
b. all goods and services needs to be purchased
c. every action and decision has a cost to be paid
16. A market that is unlikely regulated by the government wherein sellers sell goods and services to buyers in an unusually
high or low prices.
0. Black market c. Monopoly
a. Informal market d. Underground economy
17. Which of the following systems gives the private sector the freedom to manage their own economic activities with
minimal government intervention or regulation?
0. Capitalism b. Communism c. Mixed economy d. Socialism
18. Why is it important for consumers to always ask for a receipt every time they purchase from a store?
0. For consumers to monitor their expenses and update their budget
a. So that the stores will pay the right amount of tax based on their income
b. Consumers can avail discounts if they keep receipts from the same store
c. Tax exemptions are given to those who have a complete portfolio of their receipts
[Link] market structure of energy sector/industry in the Philippines can classified as _______.
0. Monopolistic competition c. Monopsony
a. Monopoly d. Oligopoly
20. Businesses provides different kinds of good and services to consumers and through cooperative, a business can combine
two or more business activities of different types.
0. No, cooperatives are not legally permitted to do such activities in the Philippines
a. Yes, multi-purpose cooperatives combine several business activities of different types
b. It depends on what type of business permit a cooperative can secure from the local government
c. Only corporations can combine two or more business activities of different types