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Socscie Reviewer

The document discusses concepts related to microeconomics including scarcity, demand curves, marginal productivity, profit maximization, price controls, and trade. It also addresses concepts like economic growth, taxation, agrarian reform, and Philippine government.

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Erika Arcega
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23 views

Socscie Reviewer

The document discusses concepts related to microeconomics including scarcity, demand curves, marginal productivity, profit maximization, price controls, and trade. It also addresses concepts like economic growth, taxation, agrarian reform, and Philippine government.

Uploaded by

Erika Arcega
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1. The problem of scarcity _____.

C. exists because of limited resources.

2. “If an individual is to maximize the utility received from the consumption, he or she should spend all
available income…” This statement assumes ________.

both A and B.

3. An individual’s demand curve

A. represents the various quantities that the consumer is willing to purchase of a good at various price
levels.

B. is derived from an individual’s indifference curve map.

C. will shift if preferences, price of other goods, or income change.

D. all of the above.

4. What is a firm?

Any organization that turns inputs into outputs

5. If more and more labor is employed while keeping all other inputs constant, the marginal physical
productivity of labor _____..

will eventually decrease.

6. In general, microeconomic theory assumes that the firms attempt to maximize the difference
between ______.

total revenues and economic costs.

7. In a competitive market, efficient allocation of resources is characterized by ________.

the largest possible sum of consumer and producer surplus.

8. Price controls _______.

create shortages.

9. The excess burden of tax is ____.

The loss of consumer and producer surplus that is not transferred elsewhere.

10. In the opening of the free trade, if world prices of a good are less than domestic prices of that same
good, _________.

domestic prices will drop to the world price level.

11. It states that as the price of the commodities increasethe amount of goods the consumer is willing to
purchase decrease and as the price of the commodities decrease the willingness of the consumer to buy
increases and other factor remain constant.
Law of Demand

12. A deliberate attempt to recognize and transform existing agrarian system with the intention of
improving the distribution of agricultural incomes and thus fostering rural development.

b.Land Reform

13. What is the process by which the productive capacity of the economy is increased over time to bring
about rising levels of national output and income?

Economic growth

14. A system whereby the determination of exchange rate is left solely to the market forces.

Foreign Exchange Liberalization

15. All are possible results when a high population growth rate continues in the Third World except

increased Gross National Product

16. Which of the following is the nature of power of taxation?

It is inherent in sovereignty.

It is legislative in nature.

It is subject to constitutional and inherent limitations.

All of the above

17. A kind of tax based on the rate of which decreases as the tax base or bracket increases.

C. Regressive

18. Agrarian reform program, Philippine experience is a success.

The statement is untrue.

19. It is also known as the Comprehensive Agrarian Reform Law (CARL)

Republic Act 6657

20. The Cooperatives Development Program of the government is designed primarily to support the
agrarian reform program. It aims to achieve a dignified existence for the small farmers free from
pernicious institutional restraints and practices.

Both statements are true and correct.

AP-Practice Test No. 5

1.Which statement is TRUE of the pre-Spanish Filipino government?

a. the datu exercised all powers of government

2.What characteristics of government is established by the 1987 Constitution?


I. Presidential system of government with three branches

II. Parliamentary system of government

III. The three branches of government are separate and independent of one another

IV. The three branches of government have a check and balance over one another.

I,III, and IV

3.If our present government is a democracy, where does power reside?

a. in the Filipino people

4.In President Quezon’s time, the country had the Philippine Commonwealth. What is TRUE about the
Philippine Commonwealth? The Filipino people ______

b. were partially independent

5. In the decade of the 1970’s, one clamor of the activists who staged street demonstration on the
streets was “DOWN WITH THE OLIGARCHS!” What did they accuse government of as sugge

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