Quiz on Pure Market Economy in the Philippines

What is a Pure Market Economy?

• An economic system with no private ownership

• An economic system focused solely on agriculture

• An economic system with high government intervention

• An economic system where resources are determined by supply and demand

Which of the following is a key characteristic of a Pure Market Economy?

• High taxation

• Government ownership of resources

• Central planning

• Private Ownership

What drives the production of goods and services in a Pure Market Economy?

• Trade agreements

• Corporate monopolies

• Consumer preferences

• Government mandates

In a Pure Market Economy, what is the role of competition?

• To eliminate all businesses

• To ensure prices are influenced by a single entity

• To allow numerous sellers to offer identical products

• To restrict market entry

What is the profit motive in a Pure Market Economy?

• The drive to undertake activities for net economic gain

• The drive to increase government revenue

• The drive to reduce competition

• The drive to minimize costs

Which of the following is a pro of the Philippines becoming a Pure Market Economy?

• More competition and innovation

• Increased government control

• Higher taxes

• Less foreign investment

What is a con of transitioning to a Pure Market Economy in the Philippines?

• More government jobs

• Risk of inequality and exploitation

• Increased regulatory oversight

• Better infrastructure

What type of economy does the Philippines currently have?

• Planned Economy

• Pure Market Economy

• Mixed Economy

• Socialist Economy

Which of the following is a challenge to a Pure Market Economy in the Philippines?

• High levels of foreign investment

• Abundant infrastructure

• Strong regulatory institutions

• Poverty and wealth inequality

Why does the Philippines still need government intervention?

• To increase taxes on businesses

• To eliminate private enterprises

• To provide social safety nets for the poor

• To promote monopolies