ARAL PAN 8 4TH QUARTER QUIZ

1. The change in growth and development, which includes social, cultural and economic change.

• National Development

• Gross National Product

• Gross Domestic Product

2. It may refer to an entire group of people, objects, events, hospital visits, or measurements.

• Production

• Population

• Labor

3. It refers to those activities that enhance, directly or indirectly, output levels or efficiency in production such as public transportation and public highways and bridges.

• Economic Growth

• Efficiency

• Infrastructure

4. One of the main role of government that they should attempt to correct market failures like monopoly and excessive pollution to ensure efficient functioning of the economic system.

• Economic Growth

• Efficiency

• Infrastructure

5. It is an economic transaction that is made between countries.

• Export

• International trade

• Import

6. One of the economic policy where a tax imposed by one country on the goods and services imported from another country.

• Quota

• Subsidy

• Tariff

7. It is used to restrict imports by increasing the price of goods and services purchased from another country, making them less attractive to domestic consumers.

• Quota

• Subsidy

• Tariff

8. It is a benefit given to an individual, business, or institution, usually by the government.

• Quota

• Subsidy

• Tariff

9. A government-imposed limit on the quantity, or in exceptional cases the value, of the goods or services that may be exported or imported over a specified period of time.

• Quota

• Subsidy

• Tariff

10. These are more effective in restricting trade than tariffs, particularly if domestic demand for a commodity is not sensitive to increases in price.

• Quota

• Subsidy

• Tariff