Lesson 2 PRE-FINALS

Question 1

These are instruments of a country’s rapid development and economic stability.

Answer 1

Science and Technology

Question 2

Each sector of the society has benefited much on ___________

Answer 2

Science and Technology

Question 3

Communication and transportation are made easier today because of them.

Answer 3

Science and Technology

Question 4

It measures either of all the income earned within the country or all the expenditures within the country.

Answer 4

Gross Domestic Product (GDP)

Question 5

The money spent by the consumers in buying products, invested by business establishment and government investments contribute to a country’s _____.

Answer 5

Gross Domestic Product (GDP)

Question 6

It is the sum of all the goods and services produced in a country per year by its people.

Answer 6

Gross National Product (GNP)

Question 7

refers to the increase in the country’s total economic activity.

Answer 7

Growth rate of GNP (Gross National Product)

Question 8

It uses the GDP plus the income of people working overseas minus the income paid to foreign citizens and entities.

Answer 8

Growth rate of GNP (Gross National Product)

Question 9

Average income earned by a person in a particular city, region, or country.

Answer 9

Per Capita Income

Question 10

It is computed by dividing the country’s national income by its population.

Answer 10

Per Capita Income

Question 11

Measure of how the total GDP of the country is equally distributed among its people.

Answer 11

Income Distribution

Question 12

It could tell the distribution of the individuals who can be considered rich or poor.

Answer 12

Income Distribution

Question 13

Employment rate or the measure at which all the available labor resources are being utilized.

Answer 13

Percentage of Employment

Question 14

It is the ratio of the employed to the working age population.

Answer 14

Percentage of Employment

Question 15

It is the sum total of all the men and women who are able to work, be employed or unemployed

Answer 15

Structure of Labor Force

Question 16

Average number of years an individual or group of people could be expected to live.

Answer 16

Human Life Expectancy

Question 17

It is usually recorded as the person’s lifespan from birth.

Answer 17

Human Life Expectancy

Question 18

Percentage or density of people living in urbanized area not depending upon agricultural products and other government services.

Answer 18

Percentage of Urban Population

Question 19

It is an item or service that may be consumed by all the members of the society

Answer 19

Public Goods

Question 20

The government or states pursues it with a service orientation while private corporations pursue it with a profit orientation.

Answer 20

Public Goods

Question 21

It can be non-excludable and non-rivalrous

Answer 21

Public Goods

Question 22

These are non-rival and non-excludable.

Answer 22

“Public” Public Goods

Question 23

The participation of one does not exclude others from participating in it.

Answer 23

“Public” Public Goods

Question 24

It is in the interest not only of the individual public but the entire nation as well.

Answer 24

“Public” Public Goods

Question 25

These goods are considered by the government as basic or essential goods such as education, health services and national security.

Answer 25

“Public” Public Goods

Question 26

Departments are created to address and manage these public goods. This may also include street lights, law and order

Answer 26

“Public” Public Goods

Question 27

These goods are set up by private sector either solely or in participation with the government since the private sector sees their realization as profitable and the general public benefits from them as well, either as customers or as free riders.

Answer 27

“Private” Public Goods

Question 28

Only those who have the money can avail of these goods.

Answer 28

“Private” Public Goods

Question 29

These are undertaken by some private organizations or civil societies for the common good of the communal or national public.

Answer 29

“Mixed” Public Goods

Question 30

These are mixed in the sense that the undertakers are private groups yet they do not seek profit.

Answer 30

“Mixed” Public Goods

Question 31

These are service-oriented.

Answer 31

“Mixed” Public Goods

Question 32

These are negative goods which are avoided or not tolerated by public and private sectors.

Answer 32

Public “Bads”

Question 33

Some of these are corruption, pollution, crimes and the like.

Answer 33

Public “Bads”