QuizBhie: Alam-Aksyon part ll

From the deep economic contraction last year due to the pandemic called covid-19, the Philippines is on the path to ____________

• Economic development

• Economic growth

• Economic decline

• Economic recovery

What prevents local government units (LGUs) from fulfilling their devolved mandates in recovering the Philippine economy

• Insufficient fund

• Work place risks

• Resilient recovery

• Lack of resource

According to the International Monetary Fund 2021, the economy of the Philippines is in what place or rank by world's largest economy by nominal GNP?

• 1st

• 32nd

• 21st

• 40th

Place where workers and employees interact with each other, also refers to the supply and demand for employment

• Oligopoly market

• Super market

• Labor market

• Monopoly market

This can be defined as a sustained period of weak or negative growth in real GDP (output) that is accompanied by a significant rise in the unemployment rate

• Refraction

• Reduction

• Regression

• Recession

This waterway witnesses global seaborne trade annually and is a linchpin in the world’s trade network, located in Egypt, connecting the Mediterranean Sea to the Indian Ocean via the Red Sea

• Suez canal

• Root canal

• Irrigation canal

• Panama Canal

The process of trading services or goods between two parties without using money in the transaction

• Barter system

• Economic system

• Capitalism

• Monetary system

Formula for GDP

• C - I + C + (G-M)

• C + I + G + (X-M)

• C² (X+M)

• G(C+I)

What country has the largest economy?

• Philippines

• Taiwan

• China

• United states of America

The foundation of economics

• Law of finance and management

• Law of cause and resources

• Law of supply and demand

• Law of consumption and consumers