Comparative Economics

It is the system of production, allocation, and consumption of goods and services.

• Economy

• Economics

• Inflation

• Trade

The following sentences are the definitions of Economics EXCEPT:

• The study of production, distribution, and consumption of products and services.

• The study of how people use resources and respond to incentives

• The study of how people manage the limited resources to satisfy their unlimited needs.

• The study of social institutions and human behavior.

The process

of improving the quality of all

human lives and capabilities

by raising people’s standard

of living.

• Development

• Politics

• Revolution

• Restructure

The following choices are the reasons why low birthrates is dangerous for a country's economy EXCEPT.

• Lowers production output due to shrinking work force.

• The number of dependents (pensioners) will increase, increasing the burden for the workforce.

• Lowers a country's tax rate due to the decreasing pool of taxable work force.

• The increase of immigration of foreign workers due to meet production needs.

Rebecca is a BSED-Social Studies graduate but now works as a dishwasher at McDonald's. Her situation is an example of:

• Unemployment

• Underemployment

• Discouraged Worker

• Seasonal Worker

According to WTO, which of the following is an example of a Developing Country.

• China

• Singapore

• South Korea

• Japan

Communist Countries are generally called:

• The First World

• The Second World

• The Third World

• The Third Reich

Communism is an example of:

• Controlled Economy

• Free Market

• Mixed Economy

• Capitalism

Filipino Businesses are free to operate on their own, however, they must abide to the government's rules and regulations. This would mean that the Philippine Economy is an example of:

• Mixed Economy

• Free Market

• Controlled Economy

• Communist

France and Germany both shared a currency called:

• Euro

• Pound

• Peso

• Zloty