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Preliminary Examination Reviewer > Economic Development > Flashcards

Economic Development Flashcards

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1
Q

is a social science that deals with efficient management of limited or scarce resources.

A

Economics

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2
Q

refers to the percentage change in a nation’s per capita GDP (gross domestic product) – the money value of all goods and services produced over a long period of time.

A

Economic growth

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3
Q

means advancement of the standard of living, e.g., education, healthcare innovation, environment, to name a few.

A

Economic development

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4
Q

is the level of consumption that people enjoy, on the average income per person.

A

Standard of living

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5
Q

is the amount of money it takes to buy goods and services that a typical family consumes.

A

Cost of living

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6
Q

means the amount of goods and services produced from each unit of labor

A

Productivity

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7
Q

To produce more, we must invest in capital assets to enable us to have the capacity to yield more goods and services.

A

Savings and investment

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8
Q

As the stock capital increases, the extra output produced from an additional unit of capital decreases.

A

Diminishing returns and catch-up effect

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9
Q

An investment that is sponsored with foreign money and operated domestically is called foreign portfolio investment. It is expected that the use of foreign money would mean more opportunities to produce where the money is capitalized, but a certain interest in that money is foreseen as well.

A

Investment from abroad

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10
Q

Human capital theory attributes differential investments in human capital to inequalities in income, such as those found to exist between women and men or minorities and whites.

A

Education

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11
Q

A healthy population would also mean human capital, just like education, hence, are capable to produce more goods and services because they can maximize employment as compared to an unhealthy population.

A

Health and nutrition

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12
Q

Property rights ensure the exercise of rights over one’s property and these guarantees more production of goods and services.

A

Property rights and political stability

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13
Q

A competitive economy that reduces or eliminates trade restrictions experiences economic growth after benefiting from more products to be used as input to production.

A

Free trade

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14
Q

The products of research and development (R & D) are new ideas, goods, and services that people consume.

A

Research and development

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15
Q

There are two schools of thought regarding population growth. On one hand, a relatively large population means more human resources working and contributing to the production of the country, but on the other hand, it also means more people to consume those goods and services.

A

Population growth

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16
Q

Assets that are utilized to produce goods and services

A

Physical Capital

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17
Q

Knowledge, skills, and abilities, (KSA) humans develop

A

Human capital

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18
Q

Refers to the bounty of the land and water used in production

A

Natural Resources

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19
Q

Innovation and advances to make life easier and more efficient production

A

Technology

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20
Q

The theory tells us that a weak link in the production process may cause a surmountable quality failure of the final output. The quality of the input is given more value than its quantity.

A

O-ring theory

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21
Q

In this model, gross domestic product per worker, capital per worker, depreciation rate, savings, and investment rates are factored in analyzing growth.

A

Solow model

22
Q

One of them, SDG 8, “promote sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all.”

A

Decent work and economic growth

23
Q

Top 3

A
  1. Liechtenstein
  2. Qatar
  3. Macau
24
Q

Bottom 3

A
  1. Democratic Republic of Congo
  2. Central African Republic
  3. Burundi
25
Q

is commonly known as the quantitative measure of the price rate increase of goods and services over a period.

A

Inflation

26
Q

A shortfall in budget, diminishing investor confidence, and outrageous politic scandal was eminent during the time of former

A

President Joseph Estrada.

27
Q

acted a lot of deregulations and privatizations of public corporations and tax reforms, thus, redeeming the country’s status in the International Monetary Fund and the international community.

A

Gloria Macapagal-Arroyo

28
Q

Although there was an annual growth rate of 5%, because of the Asian Financial Crisis of 2008, the country’s export began to plunge. Despite this, the country did not go into recession and was even strengthened by former? in 2010.

A

president Benigno Simeon Aquino III

29
Q

Duterte is the “Build, Build, Build” program, which aims to significantly expand infrastructure and boost employment growth in the country. This program was hampered, however, by the spread of COVID-19 that started in China.

A

former president Rodrigo Duterte

30
Q

Who released the 17 SDG?

A

United Nations Department of Economic and Social Affairs (UN-DESA)

31
Q

According to Amartya Sen, a Nobel Prize Winner in Economics, this is a complex multifaceted world that requires a clear analysis in all its many dimensions.

A

Poverty

32
Q

3 factors that must be taken into consideration to fully understand poverty.

A
  1. Geographical
  2. Biologial
  3. Social Factors
33
Q

There are two main assets that the poor derive their income from?

A

the own labor – largely unskilled labor – and the agricultural land.

34
Q

nominal value of which is adjusted to hold a fixed value of its purchasing power.

A

Poverty line

35
Q

Poverty is a fluid idea with different meanings in different places. It generally represents earning or living off less money than adequate, as deemed by a particular country of region.

A

Poverty trap

36
Q

The most common measure of poverty

A

Poverty rate

37
Q

are the levels of incomes and expenditures that fall below a level, popularly known as the “poverty line,” nominal value of which is adjusted to hold a fixed value of its purchasing power.

A

Absolute Poverty

38
Q

on the other hand, or sometimes called inequality, is the comparison of the incomes and expenditures of the poor with reference to the rich or some other groups

A

Relative Poverty

39
Q

often associated with poverty. Two major types of inequality. Income and Wealth.

A

Inequality

40
Q

characterized by those who are disadvantaged in basic living conditions, such as food, clean water, sanitation, housing, good health, and even to information.

A

Extreme Poverty

41
Q

Is the percentage of families or individuals with per capita income or expenditure less than the per capita poverty threshold to the total number of families or individuals.

A

Poverty Incidence

42
Q

is the uneven distribution of accumulated assets after deducting the liabilities.

A

Wealth Inequality

43
Q

is income distributed in an uneven manner.

A

Income Inequality

44
Q

It is a curve showing the relationship between the population in percentile ranking and the national income.

A

The Lorenz Curve

45
Q

a scalar metric of inequality that was introduced by Corrado Gini, an Italian statistician and demographer, who further enhanced the Lorenz Curve.

A

the Gini Coefficient

46
Q

This eventually benefits the country in the long run as it is believed that the poor are more vulnerable to experiencing health issues, unemployment, drug dependencies, illiteracy, and homelessness as compared to those who have sufficient financial resources.

A

Poverty Reduction

47
Q

In the Philippines, we have the Pantawid Pamilyang Pilipino Program (4Ps), which aims to help the poorest of the poor improve the health, nutrition, and education of children aged 18 by giving monetary support and social development programs to break the poverty cycle.

A

Conditional Cash Transfers (CCTs)

48
Q

directly provide goods and services as safety nets through specialized welfare programs

A

In-Kind Transfer

49
Q

incentive to work and help rebuild the place of adversity in exchange for a reasonable wage.

A

Work Incentives

50
Q

imposes a minimum payment of wage to workers.

A

Minimum Wage Law

51
Q

not to collect any form of tax from individuals who earn as specific amount or less

A

Adjust Tax Code

52
Q

include these priority actions to be taken as addressed in the Johannesburg Plan of Implementation in 2002, prioritizing poverty as a top global challenge that we are currently facing, specifically for developing countries.

A

Sustainable Development Goals (SDG-17)

Preliminary Examination Reviewer (6 decks)

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