31. It is a normal measurement for the value of goods and services produced within a country's borders, by citizens and non-citizens alike.

a. market value for price

b. consumers authority

c. gross domestic product

d. suppliers price value

32. This is derived by combining various factors of production, which include land, capital, laborers you can see in the equation, Y is the output, F is the production function which consist of C is capital and L is labor.

a. input

b. output

c. combination resources

d. hardwork

33. When a financial institution grab the opportunity to be extended a credit at high interest rate for reason that it can lend it too at higher interest, we are in an environment of

a. bubble economy

b. growing economy

c. security motivated debts

d. emerging economy

34. If Juan is an employee in a municipality of Aklan receiving a salary less than Paul who is employed in the city yet, comparatively, Juan have better living standard than Paul, who is receiving more. What advantage does Juan have over Paul?

a. real income

b. nominal income

c. relative income

d. spending discipline

35. Which of the following characterizes the traditional society stage of economic development?

a. transition triggered by external influence, interest and markets

b. installation of physical infrastructure

c. investment in manufacturing

d. exploitation of absolute advantage in international business

e. all of the above

36. The unexpected reason that caused Asian crisis was attributed to

a. globalization

b. pandemic

c. escalation of cheap labor market

d. natural disaster

37. Which of the following are the major forms of land tenure and land use in agriculture?

a. family-operated farms and tenancy agreement

b. tenancy agreement, and land distribution based on agrarian reform program of the government

c. family-oriented farms and land distribution based on agrarian reform program of the government

d. implementation of comprehensive agrarian reform program

e. none of the above

38. Inflation rate is a reflection of our country's

a. liquidity issue and production capacity

b. liquidity issue and government spending

c. liquidity issue and demand capacity

d. liquidity issue and consumer's attitude

39. The issue on the rich countries exploiting the poor countries in terms of price of raw materials and finished goods gave rise to:

a. structuralist approach to economic growth

b. power balance theory

c. lewis-fei-ranis model

d. Keynesian growth theory

40. Which of the following statements characterize the high mass consumption stage of Economic development?

a. transition triggered by external influence, interests, and market

b. installation of physical infrastructure

c. exploitation of comparative advantages in international trade

d. development of wider industrial and commercial bases

e. none of the above

41. In the law of demand, quantity demand decreases as the price increases, ceteris paribus. Therefore, price and quantity demanded are positively related.

a. the first and the second statement are both true.

b. the first statement is true. The second statement is false.

c. the first and the second statement are both false.

d. the first statement is false. The second statement is true.

e. there is no correct answer

42. On the matter of public policy, the government should analyze the economic impact of labor migration. Among the effects of migration on the economy are:

a. migration will result in a decrease in the real output of the source country

b. increased productivity in the source country

c. redistribution of income in the source country.

d. all of the above

43. It is the individual share in the accumulated wealth of the nation

a. per capita income

b. minimum wage

c. individual income

d. OFW income

44. Structuralist approach to the economic development demonstrates which of the following?

a. the process of industrialization that takes place and how inefficiencies can arise

b. inter-company, inter-industry, and inter-country transfer of technology

c. investment in physical and human capital

d. process of shifts in resources, and a shift from agricultural to industrial and service sector

e. all of the above

45. One explanation why our farmers don't get to advance in their productivity is when socially, they carried with them the stigma. What is this stigma?

a. scourge of poverty

b. are lazy

c. are not productive

d. are dependent for subsidy