Philippine Price Act Quiz

What is the purpose of the Philippine Price Act?

• To promote local businesses and industries.

• To enforce strict quality standards for products.

• To protect consumers and ensure fair prices.

• To regulate the import and export of goods.

Which subtopic of the Philippine Price Act focuses on safeguarding consumer rights?

• Market Competition

• Price Regulation

• Consumer Protection

• Product Quality

What is the main objective of price control under the Philippine Price Act?

• To regulate competition in the market

• To protect consumers and ensure availability of basic necessities at reasonable prices.

• To maximize profits for businesses

• To encourage price gouging

Which subtopic of the Philippine Price Act focuses on monitoring the prices of essential commodities?

• Price Monitoring

• Price Regulation

• Price Control

• Price Enforcement

What constitutes a price violation under the Philippine Price Act?

• Charging a price lower than the prescribed minimum price

• Charging a price equal to the prescribed maximum price

• Charging a price higher than the suggested price

• Charging a price higher than the prescribed maximum price

Which subtopic of the Philippine Price Act focuses on enforcing price violations?

• Price Monitoring

• Consumer Rights

• Enforcement and Penalties

• Price Regulation

What is the purpose of price tagging under the Philippine Price Act?

• To promote competition among retailers.

• To encourage price gouging.

• To increase profits for businesses.

• To ensure transparency and protect consumers from unfair pricing practices.

Which subtopic of the Philippine Price Act focuses on ensuring transparency in pricing?

• Consumer Protection

• Product Quality Standards

• Advertising and Promotions

• Price Tag and Labeling Requirements

What is the maximum allowable price for a specific product under the Philippine Price Act called?

• Manufacturer's Suggested Retail Price (MSRP)

• Suggested Retail Price (SRP)

• Wholesale Price

• Market Price

Which government agency is responsible for implementing and enforcing the Philippine Price Act?

• Department of Agriculture (DA)

• Department of Finance (DOF)

• Department of Health (DOH)

• Department of Trade and Industry (DTI)