Drill #6 Flashcards
According to the “Culture of Poverty” theory, why is poverty so persistent in the Philippines?
Poverty is perpetuated by our cultural norms and values
What economic theory states that the difference between the price of commodity and cost of production belongs to the workers?
Theory of Exploitation
What economic theory explores the variations in economic conditions across different groups, highlighting disparities in wealth, income, and opportunities?
Theory of Economic Difference
What economic theory advocates for the fair and equitable treatment of workers?
Theory of Labor Rights
What economic theory states that the government must set price limits on goods and services to stabilize/influence the economy?
Theory of Price Control
What approach to national income accounting merges consumption, investment, government spending, and exports?
Final Expenditure Approach
What approach to national income accounting merges compensation of employees, surplus, indirect tax, and consumption allowance?
Factor Income Approach
In the computation for GNP, what does the letter I stand for?
Capital formation (e.g. Investments)
In the computation for GNP, what do the letter X and M stand for?
Export and Import
Which of these characterized democracies in Greece?
Meritocracy, aristocracy, citizen assemblies?
Citizen assemblies
Which Filipino folk dance is performed in honor of harvest season?
Maglalatik
Who was the Roman General who crossed the Rubicon River and led the rise of the Roman Empire?
Julius Caesar
In 1984, the price of chicken went down despite the government removes its price ceiling. Why?
People had no purchasing power due to inflation
What is added to the GDP in the Expenditure Approach?
NFIA
[blank] coined the term “Sociology”, making him the Father of Sociology.
Augustus Comte
