Questions and Answers
What does economics study?
What was the result of the Tydings-McDuffie Act?
Fostering economic growth and deepening dependency on the American market.
The Bell Trade Act of 1946 constrained economic ties with the United States.
False
What was a major challenge faced by the Philippines after gaining independence in 1946?
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What economic policy did the Philippine government pursue during the early independence period?
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The _____ declared by President Ferdinand Marcos in 1972 marked a tumultuous period for the Philippine economy.
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What was a consequence of the declaration of martial law in the Philippines?
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What major event led to the ousting of President Ferdinand Marcos?
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The Spanish colonization of the Philippines benefited the local economy equally.
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What reforms did President Corazon Aquino focus on during her administration?
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Study Notes
Overview of Economics
- Economics studies scarcity, resource utilization, incentives, and decision-making.
- It encompasses not just finance but also the interpretation of historical trends and future predictions.
Scarcity
- Defined as the finite availability of resources to produce limited economic goods.
- Involves both human and nonhuman resources and their optimal utilization.
Post-Independence Economic Development (1946-Present)
Early Independence (1946-1960s)
- Post-World War II, the Philippines focused on rebuilding a war-torn economy.
- Import substitution industrialization (ISI) policies were implemented to reduce import reliance and boost local industries.
- The Bell Trade Act (1946) and Laurel-Langley Agreement (1956) maintained U.S. economic ties while restricting autonomy.
- Industrialization faced challenges such as inadequate infrastructure, limited capital, and political instability.
Martial Law and Economic Challenges (1970s-1980s)
- Martial law declared by Ferdinand Marcos in 1972 led to a period of substantial government infrastructure projects and foreign loans.
- Economic issues included crony capitalism, corruption, high inflation, and human rights violations.
- By the mid-1980s, the economy faced severe crises, resulting in the People Power Revolution in 1986 which ended Marcos' regime.
Democratic Restoration and Economic Reforms (1986-2000s)
- Corazon Aquino’s administration (1986-1992) aimed to restore democracy and reform the economy.
- Key efforts included economic liberalization, attracting foreign investments, and reducing the fiscal deficit.
- Introduction of new agricultural crops (tobacco, corn, cacao) and the establishment of haciendas marked shifts in agricultural production.
- Subsequent administrations continued reforms promoting privatization, deregulation, and trade liberalization.
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Description
Test your knowledge on the major exports and economic concepts related to scarcity and decision-making in economics. This quiz covers the impact of free trade agreements, such as the Payne-Aldrich Act and Tydings-McDuffie Act, on national economies. Challenge yourself to understand the complexities of wealth, finance, and market dependency.