Economic Development History Quiz

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Questions and Answers

What was the primary economic activity of the Philippines during the Pre-Colonial Era?

Industrial manufacturing

Oil production

Mining of natural resources

Subsistence agriculture and fishing (correct)

Which economic system granted Spanish encomenderos control over land and local labor?

Plantation system

Feudal system

Mercantilism

Encomienda system (correct)

What was a significant agricultural crop introduced during the Spanish Colonial Period?

Barley

Cacao (correct)

Wheat

Rice

How did American rule contribute to the development of the education system in the Philippines?

Creation of a public education system Signup and view all the answers

What was one of the major exports of the Philippines during the American Colonial Period?

Sugar Signup and view all the answers

What did the Bell Trade Act of 1946 aim to achieve?

Continued economic ties with the United States Signup and view all the answers

Which economic policy was pursued by the Philippine government to reduce import dependency after gaining independence?

Import substitution industrialization (ISI) Signup and view all the answers

Which agreement continued economic ties with the U.S. and constrained Philippine economic policy autonomy?

Tydings-McDuffie Act Signup and view all the answers

What is the primary responsibility of the Department of Environment and Natural Resources (DENR) in the Philippines?

Conservation and management of natural resources Signup and view all the answers

Which agency is responsible for infrastructure development in the Philippines?

Department of Public Works and Highways (DPWH) Signup and view all the answers

What role does the National Telecommunications Commission (NTC) play in the Philippines?

Regulating telecommunications services Signup and view all the answers

Which aspect of economic development focuses on reducing dependence on a single industry?

Economic diversification Signup and view all the answers

What is a primary focus of the Department of Information and Communications Technology (DICT)?

Fostering growth in ICT and digital transformation Signup and view all the answers

Which of the following is NOT a responsibility of the Department of Public Works and Highways (DPWH)?

Regulating telecommunications Signup and view all the answers

What key aspect of economic development involves investing in education to enhance workforce skills?

Human capital development Signup and view all the answers

Which principle emphasizes that marginalized groups should have equal opportunities in economic development?

Social inclusion Signup and view all the answers

What does Adam Smith's Theory of Economic Growth emphasize?

Maximization of individual gain through free markets Signup and view all the answers

Which concept is associated with David Ricardo's theory of Comparative Advantage?

Specialization in goods with lower opportunity costs Signup and view all the answers

What key process does Modernization Theory advocate for economic development?

Transition from agrarian to industrial economies Signup and view all the answers

According to Dependency Theory, what traps underdeveloped countries in a cycle of dependence?

Exploitation by developed nations Signup and view all the answers

What does Structuralism focus on regarding economic development?

Internal factors like economic structure and institutions Signup and view all the answers

What was a significant outcome of the Meiji Restoration in Japan?

Adoption of Western technologies and methods Signup and view all the answers

Which example illustrates the application of Ricardo's Comparative Advantage?

Export-oriented successes like South Korea in electronics Signup and view all the answers

What critique does Dependency Theory offer regarding global economic systems?

It highlights the need for structural change Signup and view all the answers

What role does the Department of Trade and Industry (DTI) play in economic development?

Promotes and facilitates trade and industry growth. Signup and view all the answers

How does the Department of Public Works and Highways (DPWH) contribute to economic growth?

By planning, constructing, and maintaining national infrastructure. Signup and view all the answers

Which initiative is NOT associated with the Department of Social Welfare and Development (DSWD)?

Investment promotion for SMEs. Signup and view all the answers

What is a critical aspect of governance that influences economic development?

Rule of law and regulatory environment. Signup and view all the answers

What impact does effective tax collection have on economic development?

It supports economic stability and growth. Signup and view all the answers

Which of the following is a function of the DTI in relation to SMEs?

Facilitating trade and supporting entrepreneurship. Signup and view all the answers

Why is quality infrastructure considered essential for economic activities?

It aids in improving connectivity and attracting investments. Signup and view all the answers

What role does DSWD play in relation to economic progress?

Providing social safety nets and welfare services. Signup and view all the answers

Which criticism highlights the ambiguous nature of institutional theories?

Vagueness Signup and view all the answers

What is a key focus of the human development and capability approach?

Enhancing people's capabilities Signup and view all the answers

Which of the following is a challenge associated with the capability approach?

Operational challenges in measurable indicators Signup and view all the answers

What does nominal GDP represent?

Total value of goods and services at current market prices Signup and view all the answers

Which criticism of institutional theories suggests they ignore other influential factors?

Overemphasis on Institutions Signup and view all the answers

In resource-constrained environments, what is a major debate regarding the capability approach?

Prioritizing different capabilities Signup and view all the answers

What challenge is associated with implementing institutional reforms?

Political dynamics and entrenched interests Signup and view all the answers

Which of the following is a measurable indicator of economic development?

Gross Domestic Product (GDP) Signup and view all the answers

Study Notes

Historical Perspective on Economic Development

Pre-Colonial Era: Independent barangays existed, relying on subsistence agriculture, fishing, and barter trade with regions like China and India.
Spanish Colonial Period (1565-1898): Encomienda system allowed Spanish control over local labor and land. Manila-Acapulco Galleon Trade intensified global economic connections, while introducing new crops and large agricultural estates, causing local poverty and unrest.
American Colonial Period (1898-1946): Focused on infrastructure and public health improvements. Introduced public education to create a skilled workforce. The economy relied heavily on agriculture with key exports being sugar and coconut. Free trade agreements deepened dependency on the U.S. market.

Post-Independence Period (1946-Present)

1946-1960s: Early independence highlighted challenges in rebuilding the economy. Import substitution industrialization (ISI) was adopted to promote local industries but faced infrastructure and capital limitations.
Human Capital Development: Emphasized investment in education and training to enhance workforce productivity.
Infrastructure Development: Essential for economic activities; key agency is the Department of Public Works and Highways (DPWH).
Technological Advancement: Promoted adoption of new technologies for productivity, overseen by the Department of Information and Communications Technology (DICT).
Economic Diversification: Aimed to reduce reliance on single sectors.
Social Inclusion: Ensured marginalized groups have equal opportunities for development.

Governance and Institutions

Rule of Law and Regulatory Environment: Crucial for creating a stable business environment, ensuring efficient operations and protections for rights.
Impact of Governance: Effective governance promotes economic development through institutional support.

Theories of Economic Development

Classical Theories:
- Adam Smith: Advocated for free markets and competition for societal prosperity.
- David Ricardo's Comparative Advantage: Suggested specialization in certain goods for mutual trade benefits.
Modernization Theory: Describes transitions from agrarian to industrialized economies, endorsing Western practices for growth.
Dependency Theory: Argues underdeveloped nations are exploited by developed ones, seeking structural changes for genuine development.
Structuralism: Emphasizes internal factors within countries influencing development, criticizing the overemphasis on institutions.
Human Development and Capability Approach: Focuses on enhancing human capabilities, prioritizing well-being and social inclusion over mere economic growth.

Economic Development Indicators

Gross Domestic Product (GDP):
- Nominal GDP: Total value of goods and services at current market prices.
- Real GDP: Adjusted for inflation to reflect accurate economic size and growth over time.

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Description

Test your knowledge on the historical perspectives of economic development from the pre-colonial era to the post-independence period. This quiz covers significant periods such as the Spanish and American colonial periods, and major economic policies like import substitution industrialization. Dive into the changes that shaped the economy through different eras.