Philippine Economy and Trade Dynamics Quiz

What is the primary focus of the module on the Philippine economy?

• The role of trade in economic growth

• The history of the Philippines

• The geography of the Philippines

• The culture of the Philippines

What does the term 'trade' refer to?

• The activity of buying and selling goods

• The process of making laws

• The study of economics

• The exchange of cultural ideas

Who is credited with the Law of Comparative Advantage?

• Karl Marx

• Adam Smith

• David Ricardo

• John Maynard Keynes

What is one benefit of trade mentioned in the text?

• Less competition

• Reduced consumer choice

• Higher taxes

• Increased job opportunities

What economic theory focuses on the relationship between supply and demand?

• Supply and Demand Theory

• Monetarism

• Marxism

• Market Socialism

Which sector is a key driver of growth in the Philippine economy?

• Agriculture

• Business Process Outsourcing (BPO)

• Mining

• Construction

What is the goal of the ASEAN Trade in Goods Agreement (ATIGA)?

• To limit trade with other countries

• To increase taxes on imports

• To promote tourism

• To establish a single market for goods

What is one challenge faced by the Philippine economy?

• Strong industrialization

• High levels of foreign investment

• Dependence on foreign markets

• Low unemployment rates

Which agency is responsible for socioeconomic planning in the Philippines?

• Bangko Sentral ng Pilipinas (BSP)

• Philippine Competition Commission (PCC)

• National Economic and Development Authority (NEDA)

• Department of Trade and Industry (DTI)

What is the primary purpose of the Philippine Economic Zone Authority (PEZA)?

• To manage public health

• To promote tourism

• To attract foreign investments

• To regulate prices