INSTRUCTION: Encircle the letter of the best answer. Strictly NO ERASURES.
This examination is only a reviewer intended for the Agriculture Major Admission Test (AMAT) and is not intended to jeopardize the examination
...
INSTRUCTION: Encircle the letter of the best answer. Strictly NO ERASURES.
This examination is only a reviewer intended for the Agriculture Major Admission Test (AMAT) and is not intended to jeopardize the examination itself. HONESTY is a core value in answering this reviewer.
Sincerely, YOUR SENIORS.
1. The following is considered an economic problem, except:
a. Production problem
b. Distribution problem
c. All of the above
d. None of the above
2. The ultimate aim of economics is ________.
a. To distribute
b. To consume
c. To produce
d. All of the above
3. A society produces rice because it is a long time practice and people have been accustomed to it.
a. Social demand
b. Survival
c. Heritage
d. Tradition
4. It happens when the central authority controlled the use of private property and provided mechanisms for rationing basic goods, what alternative approach in answering economic problems is this example?
a. Tradition
b. Authority
c. Command system
d. Market system
5. It is a configuration of institutions, mechanisms and structures in a society which organizes its citizens in productive activities and formulates an arrangement of compensation for resources used in the distribution of the fruits of all economic activities in the society.
a. Market system
b. Finance system
c. Social system
d. Economic system
6. It means that consumer maximizes their satisfactions in the purchase of goods and services and producers maximize their profits and minimizes their cost in their production activities.
a. Economic system
b. Market system
c. Rationalization
d. Optimization
7. A sot of payment for the service rendered.
a. Salary
b. Allowance
c. Compensation
d. Income
8. It is the system of determining the values of resources, good and services.
a. Market system
b. Pricing system
c. Economic system
d. Command system
9. It is a part of income which is not consumed.
a. Savings
b. Investment
c. Loss income
d. None of these
10. It happens when someone forgoes present consumption with the goal of increasing consumption in the future.
a. Saving
b. Investment
c. Interest
d. All of the above
11. Tax imposed on imported products, whether agricultural or industrial products.
a. Value added tax
b. Bandala
c. Tariff
d. Tribute
12. A form of taxation during the Spanish era that requires the Filipino farmers to sell their produce to the government.
a. Hacienda
b. Bandala
c. Tribute
d. Polo y servicio
13. The commercial policy which allows the unhampered flow of goods among trading nations is called ________.
a. Capitalism
b. Globalization
c. Free trade
d. Common market system
14. It is the hardest tax to collect during the Spanish occupation since a lot of people avoided it and a number of poor people called reservados are exempted to it.
a. Bandala
b. Fieles
c. Tributo
d. Polo
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