Entrep Lec - Lesson 2

Question 1

True or False

The agricultural sector is a major component of the Philippine economy

Answer 1

True

Question 2

the agricultural sector contributes ____ of the country’s GDP

Answer 2

1/7

Question 3

Rice, the principal staple crop, is grown especially in

Answer 3

• central and north-central luzon
• south central mindanao
• western negros
• eastern and central panay

Question 4

True or False

The Philippines is one of the world’s largest producers of coconuts and coconut products

Answer 4

True

Question 5

True or False

mining activities constitute a large portion of GDP and employ an even larger fraction of the population

Answer 5

False

Question 6

Much growth in manufacturing took place in the Philippines in the 20th century, particularly in the ____ and the ____.

Answer 6

1950s ; 1970s

Question 7

The national currency, the piso, is issued by

Answer 7

Central Bank of the Philippines (Bangko Sentral ng Pilipinas)

Question 8

created in the late 20th century to help both public and private sectors in planning further economic development

Answer 8

National Economic and Development Authority (NEDA) & Board of Investments

Question 9

In 1979 the government signed the ____ rather than renewing a preferential trade agreement with the United States that had ultimately hindered Philippine economic development

Answer 9

Genera lAgreement on Tariffs and
Trade (GATT)

Question 10

philippines major import sources

Answer 10

1. china
2. japan
3. south korea
4. US
5. thailand

Question 11

philippines major export destinations

Answer 11

1. japan
2. US
3. hongkong
4. china
5. south korea

Question 12

The agricultural sector is the principal single component of the Philippine economy

Answer 12

False

Correct answer: service sector

Question 13

Analogy

agricultural sector : 1/7 GDP ; service sector : ____

Answer 13

2/5

Question 14

True or False

Trade and hospitality services together constitute the largest employer in the sector

Answer 14

True

Question 15

account for less than 1/10 of GDP and an even smaller portion of employment

Answer 15

Public administration and defense

Question 16

True or False

Most international visitors come from South Korea, the United States, and Japan

Answer 16

True

Question 17

____ and ____ are among the most popular destinations, as are such resort areas as Boracay Island, just off nthe northern tip of Panay

Answer 17

metro manila ; cebu

Question 18

economic problems in the philippines

Answer 18

• unemployment
• poverty
• poor quality of infrastructure
• income inequality

Question 19

common causes of poverty

Answer 19

1. increase in population
2. increase in cost of living
3. unemployment
4. income inequality

Question 20

True or False

income is the money that an individual earned from work or business received from investments

Answer 20

True

Question 21

refers to the gap in income that exits between the rich and the poor

Answer 21

income inequality

Question 22

causes of income inequality

Answer 22

1. political culture
2. indirect taxes
3. income taxes