True or False

31. To attain economic development, country must focus solely on the increase of its income.

True

False

32. The Build, Build, Build Program of Duterte Administration is an example of expansionary monetary policy.

True

False

33. In the circular flow diagram of a simple economy, the firms who produces goods and services also receives rents and wages from the households.

False

True

34. Two important dimensions of agrarian reform are the people and government.

False

True

35. If the country has a higher human development index, the more it is developed.

False

True

36. "The government had made an effort to combat the effect of Covid-19 in the Philippines but there is an increasing number of positive cases" --- this statement is an example of normative economic analysis.

True

False

37. Inflation is solely caused by printing more money.

True

False

38. An eleven year old girl, who is currently studying, is part of the labor force.

False

True

39. Consumer price index is a perfect measure for the cost of living.

True

False

40. Cyclical unemployment occurs because of the fluctuations in economic activity.

True

False

41. Fiscal policy affects the economy's aggregate demand.

True

False

42. There is a study of economics because the world has finite resources.

True

False

43. When the Central Bank raises the interest rate, it imposes fiscal policy.

False

True

44. Expansion phase is the recovery period wherein businesses, trying to recover from the bad experience of depression, now start to move up.

True

False

45. Taxation id the lifeblood of the government.

False

True

46. Part of the labor force, are those unemployed individuals.

False

True

47. Technological changes can cause unemployment.

True

False

48. When the prices of oil in the Middle-East rises, the prices of all the commodities in the Philippines rises also. This is an example of cost-push effect inflation.

False

True

49. The proposed settlements are one of the lands covered by agrarian reform program in the Philippines.

True

False

50. The Covid-19 pandemic had helped the Philippine economy grow and that we are experiencing a recession phase.

False

True