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PHINMA Saint Jude College
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This document contains a review of economic concepts, focusing on topics like globalization and world-system theory. It includes multiple-choice questions with answers.
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According to Immanuel Wallerstein's world-system theory, the distinguished core states from peripheral areas are centers of significant demand for goods. The role of semi-peripheral areas plays in the global economy by processing or distributing products to core areas. Answer: First statement is FA...
According to Immanuel Wallerstein's world-system theory, the distinguished core states from peripheral areas are centers of significant demand for goods. The role of semi-peripheral areas plays in the global economy by processing or distributing products to core areas. Answer: First statement is FALSE, second statement is TRUE Principle #5, "Trade can make everyone better off" suggests, trade can lead to unequal distribution of wealth. According to Principle #6, "Markets are usually a good way to organize economic activity," prices acts as signals for the allocation of resources. Answer: First statement is FALSE, second statement is TRUE Principle #10, "Society faces a short-run tradeoff between inflation and unemployment, "suggests that reducing inflation may lead to long-term economic growth. While, Principle #9, "Prices rise when the government prints too much money," warns humanity against hyperinflation. Answer: First statement is FALSE, second statement is TRUE Principle #3, "Rational people think at the margin," involves evaluating long- term consequences of decision making. According to Principle #4, behavior changes when costs or benefits change because people respond to incentives. Answer: First statement is FALSE, second statement is TRUE Principle #1, "People face tradeoffs," primarily emphasizes the concept of opportunity cause. According to Principle #2, "The cost of something is what you give up to get it," considering the cost of attending college can Neither the monetary price nor the opportunity cost. Answer: First statement is TRUE, second statement is FALSE The rise of electric vehicles (EVs) to combat air pollution is an example best represents Environmental Globalization. Economic Globalization is a phenomenon that involves the interconnectedness of political systems. Answer: Each statement is TRUE Catholicism and Hispanic cultural elements introduced to the Philippines during Spanish colonization. The People Power Revolution is an event marked a crucial turning point in Philippine history by leading to the declaration of independence from Spanish rule. Answer: First statement is TRUE, second statement is FALSE It makes cultures more alike and can reduce cultural diversity is a concern of cultural homogenization. Technological determinism views the role of technology in society that isolates people from one another. Answer: First statement is TRUE, second statement is FALSE Improved communication is a potential downside of technological advances mentioned in the passage. Economic Globalization primarily involves integration of national economies around the world. Answer: Each statement is TRUE Principle #8, "A country's standard of living depends on its ability to produce goods and services," is primarily influenced by technological advancements. When there is market failure according to Principle #7 "Governments may intervene in market outcomes". Answer: Each statement is TRUE What does neoliberalism support? Answer: C. Free markets and personal freedom According to Wallerstein's world-system theory, what role do semi-peripheral areas play in the global economy? Answer: C. They process or distribute products to core areas. According to Wallerstein's world-system theory, what constitutes a world system? Answer: A. Boundaries, structures, and coherence According to Immanuel Wallerstein's world-system theory, what distinguishes core states from peripheral areas? Answer: C. Core states dominate peripheral areas economically. What is the role of the International Monetary Fund (IMF) in supporting countries facing economic problems? Answer: D. Providing loans and advice to stimulate economic growth Which example best illustrates the function of International Financial Institutions (IFIs)? Answer: C. The World Bank offering loans for infrastructure projects What is an example of how geographical influences have shaped Filipino identity? Answer: D. The blending of indigenous, Malay, and Chinese cultural influences What event marked a crucial turning point in Philippine history by leading to the declaration of independence from Spanish rule Answer: D. The Philippine Revolution (1896-1898) How do International Financial Institutions (IFIs) support economic development? Answer: D. By providing loans and advice for infrastructure projects