This document contains a review of economic concepts, focusing on topics like globalization and world-system theory. It includes multiple-choice questions with answers.
Full Transcript
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