Introduction to Economics
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Questions and Answers

What was the primary goal of the communities organized by the Spaniards during colonization?

  • To establish a centralized government for local governance.
  • To promote cultural exchange between different ethnic groups.
  • To contain natives while ensuring food production for colonizers. (correct)
  • To create a system of free trade among local farmers.

    • Which of the following was NOT typically granted exemptions from the tribute system?

  • Soldiers.
  • Wealthy landowners. (correct)
  • Those with failed crops.
  • Individuals aged 60 and over.

    • What type of agricultural tool was introduced during the Spanish colonization?

  • Seed drills for efficient planting.
  • Farming carts for transporting goods.
  • Fukienese plows. (correct)
  • Advanced irrigation systems.

    • What was a primary commodity within the tribute system during the Spanish colonization?

    <p>Foodstuffs such as rice and meat.</p> Signup and view all the answers

    What were 'inquilinos' referred to in the context of the hacienda system?

    <p>Renters or tenants working on estates.</p> Signup and view all the answers

    What does microeconomics primarily focus on?

    <p>Individual firms and households</p> Signup and view all the answers

    Which of the following is a feature of microeconomics?

    <p>It analyzes isolated variables</p> Signup and view all the answers

    Who coined the terms microeconomics and macroeconomics?

    <p>Ragnar Frisch</p> Signup and view all the answers

    What is central to the study of microeconomics?

    <p>Price theory</p> Signup and view all the answers

    Which of the following best describes the nature of microeconomics?

    <p>Static and time-independent</p> Signup and view all the answers

    What does the term 'ceteris paribus' imply in microeconomics?

    <p>Only the main variables are analyzed while others remain constant</p> Signup and view all the answers

    What perspective does microeconomics provide on economic activities?

    <p>A worm's-eye view</p> Signup and view all the answers

    What does microeconomics primarily analyze regarding price?

    <p>Price determination and resource allocation</p> Signup and view all the answers

    What is the main characteristic of a product market?

    <p>It facilitates the exchange of goods and services</p> Signup and view all the answers

    In the theory of factor pricing, which of the following is NOT included?

    <p>Market share</p> Signup and view all the answers

    How is individual welfare maximized in microeconomics?

    <p>Through resource allocation without harming others</p> Signup and view all the answers

    Which of the following is a fundamental problem microeconomics seeks to solve?

    <p>How efficiently goods and services are distributed</p> Signup and view all the answers

    What characterizes market equilibrium in a product market?

    <p>Quantity supplied equals quantity demanded</p> Signup and view all the answers

    What is one of the three stages of microeconomic analysis regarding price determination?

    <p>Equilibrium of individual consumers and producers</p> Signup and view all the answers

    What do the theories of consumption and demand relate to in microeconomics?

    <p>Theory of Product Pricing</p> Signup and view all the answers

    What primarily defines the relationship between product and factor markets?

    <p>Product markets sell final goods, while factor markets sell inputs</p> Signup and view all the answers

    What is the primary focus of microeconomics?

    <p>Study of individual units</p> Signup and view all the answers

    Which of the following is NOT considered a limitation of microeconomics?

    <p>It covers the entire economic system</p> Signup and view all the answers

    Which aspect does microeconomics analyze?

    <p>Pricing and distribution problems</p> Signup and view all the answers

    What technique does microeconomics primarily use?

    <p>Partial equilibrium technique</p> Signup and view all the answers

    What was the population estimate of the Philippines in 1565?

    <p>Over half a million</p> Signup and view all the answers

    In the functional relationship example, which variable is considered dependent?

    <p>Demand</p> Signup and view all the answers

    Which factor complicated the counting of the population in the Philippines during the pre-colonial period?

    <p>The archipelago's geography and habits of tribute-paying</p> Signup and view all the answers

    Which of the following correctly describes constants in economics?

    <p>They remain the same throughout analysis</p> Signup and view all the answers

    What was a common characteristic of barangay governance?

    <p>Governance based on kinship</p> Signup and view all the answers

    Which of these is a use of microeconomics?

    <p>Examining welfare conditions</p> Signup and view all the answers

    Which resource was closely linked to the barangay economy?

    <p>Water resources</p> Signup and view all the answers

    What type of view does microeconomics provide?

    <p>Worm's-eye view</p> Signup and view all the answers

    What type of trade was primarily practiced in the barangays?

    <p>Barter trade</p> Signup and view all the answers

    Which of the following best defines social welfare in microeconomics?

    <p>Overall efficient reallocation of resources</p> Signup and view all the answers

    Which relationship does microeconomics primarily concern?

    <p>Cause-and-effect relationships among variables</p> Signup and view all the answers

    Which group oversaw governance in the barangay system?

    <p>The datu</p> Signup and view all the answers

    What was one technology not utilized by the barangays?

    <p>Mining</p> Signup and view all the answers

    What was a significant external influence on Southeast Asia, including the Philippines?

    <p>Trade with China, India, and Arabia</p> Signup and view all the answers

    Which religion spread towards the outskirts of the Visayas and other areas?

    <p>Islam</p> Signup and view all the answers

    What absence in the barangay system limited their participation in Southeast Asian trade?

    <p>Coinage</p> Signup and view all the answers

    Study Notes

    Introduction to Economics

    • Economics studies how individuals use limited resources to meet unlimited wants.
    • Traditionally, economics is divided into consumption, production, exchange, distribution, public finance, and economic planning.

    Consumption

    • Consumption is satisfying human wants through using goods and services.

    Production

    • Production is the creation of goods and services using factors of production.

    Exchange

    • Exchange is the transfer of goods and services in return for something else.

    Distribution

    • Distribution studies how national income is shared among factors of production, such as rent, wages, interest, and profit.

    Public Finance

    • Public finance covers government and local body financial activities.

    Economic Planning

    • Economic planning is coordinating economic activity, commonly through a central authority.

    Modern Economics

    • Modern economics distinguishes between microeconomics and macroeconomics.
    • Microeconomics focuses on individual units (like firms and consumers).
    • Macroeconomics analyzes the entire economy as a whole.

    Microeconomics

    • Microeconomics originates from the Greek word "mikros," meaning small.
    • It examines individual economic behaviors of consumers, firms, and product prices.
    • It uses partial equilibrium analysis to study such behavior.
    • Microeconomics assumes static conditions, meaning they don't consider time.
    • It studies individual elements of the economy, like price theory and factor pricing.

    Scope of Microeconomics

    • Microeconomics covers resource allocation, distribution of goods/services, and economic efficiency.
    • Analyzing these factors involves resource allocation, price determination, and equilibrium analysis.
    • It considers the equilibrium of consumers, producers, and entire markets.

    Theory of Product Pricing

    • This theory encompasses concepts of consumption, demand, production costs, and market equilibrium.

    Theory of Factor Pricing

    • This theory investigates rewards to factors of production, including wages, interest, rent, and profit.
    • It explores interactions between product and factor markets, and how factors are involved in pricing.

    Welfare Economics

    • This looks at efficient resource allocation to maximize societal benefit with an examination of both individual and social welfare.
    • Individual welfare is maximized by reallocating resources to make a consumer better off without making someone else worse off.
    • Producer and social welfare follow the same principles.

    Uses of Microeconomics

    • Microeconomics is helpful in comprehending the economy's functioning.
    • It facilitates understanding price determination and assists in resource allocation, policy formulation, and business decision-making.

    Limitations of Microeconomics

    • It offers a partial view of the entire economic system.
    • It sometimes relies on assumptions of full employment which may not reflect reality.
    • It sometimes overlooks the complexities of real-world market forces.

    Functional Relationships

    • Microeconomics studies how different variables relate to each other, with some things considered constant and others variable. In this context, one variable may influence (depend on) another variable (independent).

    An Economic History of the Philippines

    • The period before colonialism, Spanish colonization, the American era, and other historical contexts are covered. This includes changes in population, trade, and land tenure systems.

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    Microeconomics 2nd Sem Preliminary Notes PDF

    Description

    This quiz covers the foundational concepts of economics, including the study of consumption, production, exchange, distribution, public finance, and economic planning. Additionally, it introduces modern economics, distinguishing between microeconomics and macroeconomics. Test your understanding of these essential economic principles.

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