Latest Social Science Reviewer 23: 30 Questions with Answers

1. In communist country, the following holds true EXCEPT __________.

a. productive resources are owned by government

b. the citizens vote on some economic policies

c. the government determines what shall be produced and in what quantity

d. the government sets wages and prices

Ans. : B

2. What is that economic situation where one company controls the supply of a unique kind of product?

a. Inflation

b. Monopoly

c. Equilibrium

d. Economic stability

Ans. : B

3. The growth of a free economy follows the path of a roller coaster. Which one is referred to as the belief and small decline in business activity?

a. Depression

b. Recession

c. Boom

d. stability

Ans. : B

4. A free economy has its glorious and not so glorious periods. Which one is referred to as the period of above average business activity?

a. depression

b. recession

c. boom

d. stability

Ans. : C

5. The growth of a free economy follows the ups and downs of a roller coaster. Which one is a referred to as large drops in economic growth for a comparatively longer period of time?

a. Stability

b. Recession

c. Boom

d. Depression

Ans. : D

6. The following happen during a recession on a depression EXCEPT ___________.

a. people love their jobs

b. business rake bigger profits

c. total spending drops

d. production slows down

Ans. : B

7. Two most important methods used by nations to restrict world trade are:

I. tariff

II. import quota

III. monopoly

IV. cartel

a. I and II

b. I and III

c. I and IV

d. II and IV

Ans. : A

8. Which economic principle states that each country should concentrate in producing those goods it can make most efficiently and buy from other  countries those goods it cannot produced as efficiently?

a. Comparative advantage

b. Economic stability

c. Competition

d. Monopoly

Ans. : A

9. Nations create world trade barriers for which healthy reason?

I. To protect local enable to complete with foreign more efficient producers.

II. To discourage dependence on foreign sources of supply in the event

III. To protect infant industries

IV. For local industries to gain monopoly over certain products.

a. II, III, IV

b. I, II, IV

c. I, III, IV

d. I, II, III

Ans. : D

10. The value of all goods and services produced by a country in a given period refers to _________ .

a. National income

b. Gross national product

c. Net income

d. Per capita

Ans. : B

11. The law which state that the opportunity cost of each additional unit of output of a good over a period increases as more of that good is produced is the law of __________.

a. increasing cost

b. diminishing marginality

c. supply and demand

d. supply

Ans. : A

12. When the government discuss to spending or increase taxes or both it engages in _________.

a. expansionary fiscal policy

b. concretionary fiscal policy

c. fiscal policy

d. monetary policy

Ans. : B

13. An action taken by Central Bank to influence the money supply and stabilize the economy is called ___________.

a. stabilization policy

b. interest roles policy

c. fiscal policy

d. monetary policy

Ans. : D

14. The trend in international trade is the promotion of worldwide trade liberalization. This is the function of

a. GAFF
b. UNESCO
c. IMF

d. UN

Ans. : A

15. The law which states that as more and more of one commodity is consumed additional or extra satisfaction decreases as :

a. marginal utility

b. diminishing marginal utility

c. diminishing return

d. law of downward sloping demand

Ans. : B

16. Which economic system upholds the unlimited right to private property and pursuit of profit to the exclusion of the considerations?

a. Exaggerated capitalism

b. Moderate capitalism

c. Socialism

d. Communism

Ans. : A

17. Which prescribes the abolition of private property by force?

a. Exaggerated capitalism

b. Socialism

c. Communism

d. Moderate capitalism

Ans. : C

18. Which is a feature of exaggerated capitalism?

a. Social ownership of some means of production

b. Individualistic concept of wealth

c. Abolition of private property

d. Sense of social justice

Ans. : B

19. What happens to the pesos when there is inflation?

I. The purchasing power of the pesos decreases.

II. The purchasing power of the pesos decreases.

III. The peso gets devalued.

a. I-III

b. II

c. I

d. III

Ans. : A

20. When government attempts to control inflation, what does it do?

a. It devalues the peso.

b. It increases its import

c. It decreases its export

d. It strengthens the purchasing power of the peso

Ans. : D

21. For economic knowledge which does NOT apply as a scientific process?

a. Understanding

b. Analysis

c. Common sense

d. Evaluation

Ans. : C

22. Dr. Jose Rizal's observation that Filipinos are lazy because we were influenced by Spaniards to "take it easy" is a/an _________ that has to be proven empirically.

a. truth

b. fact

c. nonsense

d. opinion

Ans. : D

23. Which is not factual in relation to present debate on birth control?

a. Population is teachable.

b. RP population is not high.

c. Farm productivity is labor intensive.

d. Contraceptives prevent pregnancy.

Ans. :B

24. These are examples of what economists refer to as "capital" that can produce other goods EXCEPT _____________.

a. fishing implements

b. production machinery

c. household furniture

d. marketing transport vehicles

Ans. : C

25. These are household capital resources that support productivity but the LEAST useful is the ____________.

a. cooking stove

b. bath tub

c. sewing machine

d. desktop computer

Ans. : B

26. Why does the United State demand that China, an exporter of vast quantities of commercial exports, lower or devalue its yuan local currency?

a. Increase value of yuan in the world market.

b. Make yuan competitive with the dollar

c. Build up china's economy

d. Dampen China's goods production.

Ans. : D

27. These are the best ways we can deal with scarcity of resources EXCEPT ___________.

a. making right choices in capital goods

b. keeping resources as unused reserve

c. using resources efficiently

d. distributing resources equitably

Ans. : B

28. Manager Jose wants equality and so he pays all workers with the same pay. Why is this not advisable?

a. Workers will ask increase of pay.

b. Disincentive to good workers.

c. Rank-and-file will not like it.

d. Workers will resign.

Ans. : B

29. There are disadvantages to the Filipino extended family culture (one house for grandparents, nieces, etc.) EXCEPT ___________ .

a. available baby sitters

b. more people to feed

c. relationship

d. lower life quality

Ans. : A

30. What is an unacceptable problem with the Filipino tradition of having household helpers?

a. Treatment as second-hand humans

b. inefficient services

c. Difficult to manage

d. Disciplinary problem

Ans. : A

To download this, just click here. God bless and Good luck.