Economic Institutions Quiz

1. During a typhoon relief operation in Nueva Ecija, neighbors organize themselves to evenly distribute donated rice and canned goods so every household gets a fair share. This situation best illustrates which view of economic institutions?

• Functionalist
• Conflict
• Instrumentalist
• Postmodernist

2. In a mining town, the company owners push for policies that increase extraction profits while ignoring the workers’ demands for safer conditions and higher wages, causing a widening income gap. This aligns with which perspective?

• Functionalist
• Conflict
• Neoclassical
• Behavioral

3. In Davao City, the local government works closely with supermarkets to ensure affordable food prices and availability during a supply shortage, aiming to meet community needs. Which perspective supports this arrangement?

• Conflict
• Functionalist
• Dependency theory
• Realist

4. In a farming village, Mang Jose gives a sack of corn to his neighbor, confident that when harvest time comes for his rice field, his neighbor will help him too. This is an example of:

• Redistribution
• Reciprocity
• Market transaction
• Transfer payment

5. The Social Security System sends monthly pension benefits to retired workers even though they are no longer part of the active labor force. This is called:

• Redistribution
• Reciprocity
• Transfer payment
• Wage subsidy

6. Through a progressive tax system, the Philippine government collects higher taxes from the wealthy and channels funds to public housing projects for low-income families. This is:

• Reciprocity
• Transfer
• Redistribution
• Market exchange

7. Families in Ilocos Norte give baskets of fruit to friends during a town fiesta purely as a gesture of goodwill, without expecting anything in return. This is:

• Market transaction
• Reciprocity
• Transfer
• Pure gift-giving

8. A shopper in Divisoria buys vegetables from a street vendor, paying in cash for the agreed price. This transaction is best described as:

• Reciprocity
• Transfer
• Market transaction
• Redistribution

9. A bank in Cebu grants a 15-year housing loan to a couple, requiring them to pay monthly amortizations with interest. This is a form of:

• Reciprocity
• Market exchange
• Transfer payment
• Redistribution

10. The Department of Trade and Industry passes a law preventing companies from forming cartels to manipulate prices, ensuring fair competition for consumers. This exemplifies:

• Pure market freedom
• State–market relationship
• Reciprocity
• Transfer payment