Economics and Trade Worksheet

Which of the following is a foreign exchange outflow?

• Payment for imports.

• Earnings from exports.

• Donations from abroad.

• OFW remittances.

Why are electronic and electrical equipment, the Philippines’ number one export, called re-export?

• The component parts are imported, assembled in the Philippines, and eventually sold abroad.

• The intermediate parts and labor are imported, and the finished outputs are sold in the Philippine market.

• All the component or intermediate parts are from the Philippines, and the laborers used come from abroad.

• The products are assembled abroad and rerouted to the Philippines to be sold in the domestic market.

Why is genuine free trade a theoretical situation, even in today’s world?

• All countries hate to impose tariffs and quotas.

• Countries tend to protect their own industries.

• Only rich countries are trading goods.

• Poor countries have no chances to develop.

Which of the following situations illustrates that the Philippine peso has appreciated?

• When the price of the US dollar in peso terms is 58PhP to 1US$.

• When the price of the US dollar in peso terms is 55PhP to 1US$.

• When the Philippines lacks supply of the US dollar.

• When traders prefer to exchange dollars in the black market.

This creates a virtual one-world economy in which goods and services flow freely or without barriers across territories of different countries.

• Import licenses.

• Voluntary export restraint

• Globalization

• Protectionism

What does manufacturing do?

• It processes raw materials and other intermediate goods into finished products.

• It distributes various tangible products into different markets.

• It provides warehousing and other safekeeping facilities to all types of businesses.

• It engages in selling goods in wholesale or retail basis in public markets.

Which of the following statements proves that the service sector is the largest production sector in the Philippine economy?

• There are thousands of lawyers in the country.

• Transportation companies are all over the country.

• Services vary in forms and skills needed.

• The government is identified with this sector.

Which of the following is a common contribution of the agricultural, industrial, and service sectors to the Philippine economy?

• Employment

• Infrastructures

• Financing

• Raw materials

Which of the following best explains the low productivity in the Philippine agricultural sector?

• Filipino farmers just focus on rice production.

• Modern farm technologies are expensive.

• The government has no programs for agriculture.

• Filipinos do not like their children to become farmers.

Which of the following statements best describes the relationship between agriculture and industry?

• A. Agriculture provides the industries with raw materials for manufacturing while industries provide the farmers with the technology they need.

• B. Industrial businesses loan funds to farmers and farmers pay them with the highest interest rates.

• C. Construction firms build farm to market roads and farmers allow industrial businesses to use these roads for free.

• D. Farmers are the biggest consumer of industrial goods and industries are the biggest supplier of these goods.