Price Act

Question 1

These are goods vital to the needs of consumers for their sustenance and existence

Answer 1

basic necessities

Question 2

This means we contingent fund in the budget of the implementing agency which shall not be used in its normal or regular operations but for purposes provided in this act

Answer 2

butter fund

Question 3

Is the abnormal phenomenon for consumers by basic necessities and prime commodities grossly in excess of their normal requirement resulting in a new shortages of such goods to the prejudice of less privileged consumers

Answer 3

panic buying

Question 4

It means the average price at which any basic necessity has been sold in a given time within a month from the occurrence of any conditions enumerated under section 6 of this act

Answer 4

prevailing price

Question 5

These are goods not considered as basic necessities but are essential to consumers in times of any case as provided under the section 7 of this act such as canned goods

Answer 5

prime commodities

Question 6

This is due to accumulation by a person or combination of persons of any basic commodity beyond his or their normal inventory levels or the unreasonable limitation or refusal to dispose of, sell or distribute the stocks of any basic necessity or prime commodity to the general public or the unjustified taking out of any basic necessity or prime commodity from the channels of reproduction, trade, commerce and industry

Answer 6

hoarding

Question 7

There shall be a prima facie evidence of hoarding when a person has stocks of any basic necessity or prime commodity _______ higher event his usual inventory and unreasonably limits, refuses or fails to sell the same to the general public at the time of discovery of the excess. The determination of a person’s useful inventory shall be reckoned from the third month immediately preceding before the discovery of the stocks in case the person has been engaged in the business for at least _________

Answer 7

50%; 3 months

Question 8

It is the sale or offering of sale of any basic necessity or prime commodity at a price grossly in excess of its true work

Answer 8

profiteering

Question 9

Profiteering is evidenced whenever a person raise the price of any basic necessity or prime commodity he sells or offers for sale to the general public by more than ________ of its price in the immediately preceding month

Answer 9

10%

Question 10

True or false. The provisions for profiteering shall not apply to agricultural and marine products

Answer 10

true

Question 11

It is any combination of or an agreement between two or more persons engaged in the production or distribution of any basic necessity or prime commodity design to artificially and unreasonably increase or manipulate its price. There shall be prima patchy evidence of engage in in such whenever two or more persons or business and their prices competing for the same market and dealing in the same basic necessity or prime commodity, perform uniform or complementary axon mong themselves which tend to bring about artificial and unreasonable increase in the price, thereby lessening the competition among themselves

Answer 11

cartel

Question 12

Unless otherwise declared by _____________, prices of basic necessities in an area shall automatically be frozen at their prevailing prices or placed under automatic price control

Answer 12

the president

Question 13

There shall be a price control whenever (CEWMRW)

Answer 13

calamity, emergency, writ of habeas corpus, martial law, rebellion, war

Question 14

Unless sooner lifted by the president, price control of basic necessities under this section shall remain effective for the duration of the condition that brought it about but not for more than ______ provided that in the case of basic necessities that are wholly imported and regulated under existing laws such as lpg and kerosene, price control their own shall remain effective for a period of not more than _______ taking into consideration the current inventory or supply level thereof

Answer 14

60 days; 15 days

Question 15

The president, upon the recommendation of the implementing agency or the ________________, may impose price ceiling on any basic necessity or prime commodity

Answer 15

Price coordinating council

Question 16

The following conditions for imposing a price ceiling (CEPAU)

Answer 16

calamity, emergency, price manipulation, artificial and understandable increase in the price, unreasonable levels of the basic necessity or prime commodity

Question 17

In determining the reasonable price ceiling the average price in the last _________ immediately preceding the proclamation of the price ceiling of the basic necessity or prime commodity should be considered

Answer 17

3 months

Question 18

Who is responsible for the approval, promulgation of rules regulations and procedures for the implementation of this act

Answer 18

the president

Question 19

Hl coordinate the productivity, distribution and price stabilization program, project and measures of the government and develop comprehensive strategies to effect a general stabilization of prices of basic necessities and prime commodities at affordable levels

Answer 19

price coordinating council

Question 20

Mitchell conduct independent periodic surveys and studies of the selling price as of all basic necessities and prime commodities all over the country as well as their share or effect on the family income of the different economic groups in the country for purposes of serving a database for government efforts to stabilize prices as well as evaluating the effectivity of the same

Answer 20

national statistics office