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Economics

By neshhh21 Aug 09, 2014 599 Words
1. Below is a list of topics in usually studied in
economics. Determine whether each topic deals under
the area of microeconomics or macroeconomics.
a. How Bangko Sentral ng Pilipinas influences the
consumer spending in the Philippines.
b. How a household decides what LPG brand to buy.
c. How a firm decides whether to continue business or
shutdown.
d. How debt affects the income gap among Filipinos.
e. How new parents decide whether to work or stay at
home with their children.
f. How the Aquino administration attracts foreign
direct investments.
g. How banks implements lower interest rates on car
loans.
h. How the Department of Finance creates new
policies on collecting more revenue from BIR and
BOC.
i. How a new entrant to the labor force decides
whether to work in a private firm or a government
office.
j. How the government addresses the issue of urban
and rural poverty.

2. Identify the economic system that each item below
characterizes.
a. Price system allocates the resources.
b. A central authority makes all the economic
decisions.
c. There is competition among the producers.
d. A master economic plan is being followed.
e. The government does not intervene in the economy.
f. All resources, goods and services, are privately
owned.
g. If the government fails, then the economic system
will fail.
h. An authority does all the economic decision
making.
i. Goods and services are voluntarily exchanged.
j. Some markets are free and some are regulated.
k. Individuals are motivated by economic incentives.
l. A central authority determines how resources are
allocated.
m. The vulnerable sectors have no protection.

3. Determine whether each statement below is Positive
or Normative.
a. The Congress should approve the Freedom of
Information Bill for transparency.
b. Total Factor Productivity increased last quarter.
c. The level of unemployment rate in this country is
normal.
d. The administration of President Aquino has created
the largest budget surpluses since Ramos’
presidency.
e. If the poverty line is raised, then those whose
income level is currently at the bottom of the middle
class will benefit from a tax break.
f. The Bureau of Internal Revenue collects too much
taxes.
g. The Bangko Sentral ng Pilipinas should to keep the
inflation rate low and stable.
h. The minimum wage in National Capital Region is
very low.
i. The Philippine economy is the rising star of Asia.
j. The peso to dollar exchange rate for the past five
years is stable.

4.1 Use the PPF to answer the following
a. Suppose Cinna had originally expected to hire six new
Resource Writers this year. After reviewing the
applicant pool, he decides to hire 10 new Resource
Writers instead. What is the opportunity cost of his
decision (expressed in Flashcard Writers)?
b. Can Cinna hire 14 Resource Writers with his current
budget? Justify your answer.
c. According to Cinna’s PPF, what is the maximum
number of Flashcard Writers he could hire?
4.2 Match the letter of each point on the PPF to the
description that best identifies it.
a. Cinna will not be utilizing his entire Flashcard and
Resource Writer budget. He could easily hire more of
each.
b. Cinna will hire a combination of both Resource
Writers and Flashcard Writers, but there will be more
Flashcard Writers in the mix.
c. Cinna hires only Resource Writers, thinking he will
talk his friends from school into coming over for the
party of the century, and later, guilt them into writing
the flashcards for him.
d. Assuming there will be no sudden increase in
subscriptions, this point is not within District 13’s
budget.

e. Cinna hires only Flashcard Writers.

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