Latest Social Science Reviewer 22: 30 Questions with Answers

1. Which concept is NOT an acceptable assumption for the building of a democratic economy?

a. Common good

b. Enterprise

c. Private capital

d. State control

Ans. : D

2. Economics studies and seeks to allocate __________ human and non-human resources for the material welfare of all.

a. scare

b. abundant

c. bountiful

d. unlimited

Ans. : A

3. Which does NOT apply as an economic issue relating to the science of economics?

a. High unemployment

b. High prices of foods

c. Use of digital gadgets

d. Low food production

Ans. : C

4. For Adam Smith, the ___________ of a free market economy will keep prices low that guides the economy to prosperity.

a. invisible hand

b. beacon of consumers

c. common interest

d. automatic check

Ans. : A

5. These pieces of evidence disprove the hypothesis that Filipinos are lazy or indolent EXCEPT _______.

a. farmers toil till dawn

b. indulgences in digital toys and gadgets

c. scavengers dig scrap in garbage dumps

d. OFWs work overseas sacrificing family life

Ans. : B

6. Population control economic development is not done through immoral means exemplified by _____________.

a. ligation

b. abstinence

c. ultra-uterine device

d. abortion

Ans. : D

7. Which problem of resources fall under the task of economic allocation?

a. Quality

b. Scarcity

c. Standards

d. Excellence

Ans. : B

8. Non-economic wants and needs revolve around the issue of ___________.

a. job underemployment

b. high prices of commodities

c. women's role in society

d. lowered family income

Ans. : C

9. In Economics, economic wants and needs are exemplified by ________.

a. plight of political prisoners

b. movement for gay rights

c. excellence in the professions

d. OFW work remittance

 Ans. : D

10. One example of a complementary need that supplements basic needs is ____________.

a. dress

b. haircut

c. house

d. food

Ans. : B

11. Needs are created by commercial advertising but some goods can be harmful such as ________.

a. fast-foods

b. condos

c. cigarettes

d. beverages

Ans. : C

12. The Engel theory is that "as income increases the percentage of income spent on non-food items also increase". To what sector will this principle not apply?

a. Entrepreneurs

b. Middle Class

c. Unemployed

d. Corporate managers

Ans. : C

13. Which is privatized by government along the principle of easing budget burden on social programs?

a. Public education system

b. Waterworks system

c. Electricity distribution services

d. Mass media outlets

Ans. : A

14. There are non-conventional sources of energy that can be harnessed to soften adverse consequences on the economy but ________ is NOT one of them.

a. wind-turbines

b. geo-thermal

c. fossil fuel

d. solar panels

Ans. : C

15. How is the concept of market economy best understood?

a. Companies have an economic vision.

b. Producers look at consumers on signals for what to sell.

c. Owner care about products, not consumers

d. Parent company abroad dictates consumption

Ans. : B

16. What did Adam Smith see as an outcome of competition and profit-seeking?

a. Prosperity

b. Business security

c. Honestly in enterprise

d. Rich get richer

Ans. : A

17. These were the new corps introduced by Spanish missionaries to the natives during early Hispanic days EXCEPT ________.

a. watermelons and peas

b. cocoa and wheat

c. squash and coffee

d. Rich gets richer

Ans. : D

18. Few landholdings and millions of peasant farmers characterized the Hispanic agricultural economy a situation described as _________ in land ownership.

a. monism

b. monopolism

c. dualism

d. altruism

Ans. : C

19. Which paradox argued that the faucet water is a most useful commodity but is priced lower than diamonds disproves the principle that price of commodities is based on how useful it is or utility?

a. Water-diamond

b. Useful-not useful

c. price-priceless

d. liquid- solid

Ans. : A

20. Adding to the suffering of the _____ is the greatest evil of inflation.

a. wealthy

b. poor

c. middle class

d. businessman

Ans. : B

21. The Consumer Price Index measures changes in prices of goods and commodities as these affect the standards of living of _______ family.

a. typical

b. rural

c. urban

d. peasant

Ans. : A

22. The shrinking peso refers to the decrease in the ___________ power of the peso.

a. potential

b. actual

c. purchasing

d. hidden

Ans. : C

23. To counter the law of diminishing return (same input decreases output), the following are applied EXCEPT _________.

a. improve technology

b. watch the market

c. apply more capital

d. equip labor with greater skill

Ans. : B

24. Economically speaking, which is a glorious period?

a. Stability

b. Depression

c. Boom

d. Recession

Ans. : C

25. The following are the elements that make possible nations to produce goods and services EXCEPT one :

a. Labor force

b. Capital

c. National resources

d. Geographical locations

Ans. : D

26.  In order to grow, a nations economy must ____________.

I. add to its productive resources

II. increase its citizen's standard of living

III. locate and develop additional natural resources

IV. create new technologies, train scientists workers and business managers

a. II, III, IV

b. I, III, IV

c. I, II, IV

d. I, II, III

Ans. : B

27. The rate of growth of a nation's economy is measured by the ______.

I. the abundance of its natural resources

II. the presence of scientific and business research and inventions

III. the change in its gross national product over a period of years

IV. the standard living of its people

a. I, II

b. II, III

c. III, IV

d. I, IV

Ans. : C

28. Per capital GNP is obtained __________.

a. By dividing as nation's total gross national product by 5 years

b. By dividing a nation's total gross product by the average Filipino

c. By dividing a nation's total gross product by the number of its citizens ages 18 and above

d. By dividing a nation's total gross product by its entire population

Ans. : D

29. Which economic system is otherwise known as free enterprise?

a. Capitalism

b. Communism

c. Mixed economics

d. Totalitarianism

Ans. :A

30. Adam Smith believed that the desire of business people to earn a profit, when regulated by competitive would produced what consumers want. Hence, government should not interfere. Smith's philosophy is known as ________.

a. democratic socialism

b. socialism

c. laissez faire

d. modified free enterprise

Ans. : C

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