Name:____________________________ Score:____________

ECONOMIC PLANNING AND STRATEGY

I. IDENTIFICATION: Identify the following. Choose the letter of

best answer.
A. U.S.A. F. Germany K. South Korea
B. Canada G. Philippines L. Taiwan
C. Japan H. Portugal M. U.K.
D. Italy I. Russia
E. France J. Singapore
____1. An affluent-high tech industrial society with a market oriented eco-system and
high living standards.
____2. Its space launch industry is now the world’s second largest.
____3. The world’s 5th largest and Europe’s second largest economy by GDP.
____4. The world’s 5th largest aerospace producer.
____5. It has the second largest coal reserves, and 8 th largest oil reserves and is the
largest exporter of oil.
____6. A country with a high qualified labor force, large capital stock, low level of
corruption and a high level of innovation with a social market economy.
____7. This country enjoys one of the most sophisticated infrastructure in the world,
developed through the government’s heavy investment and advanced
technology and utilizing some of the fastest trains operated by the state.
____8. It is the transportation hub in Europe.
____9. The 7th largest economy in the world and the 4th largest in Europe.
____10. Europe’s largest economy.
____11. The industrial production is centered on the processing and assembly operations
of food, beverages, tobacco, rubber products, clothing, footwear and others
____12. It is one of the world’s most highly mineralized countries, with untapped
mineral wealth estimated at more than $840 billion.
____13. Its firms are the world’s largest suppliers of computer monitors and leaders in
PC manufacturing.
____14. It possesses the world’s 10th foreign reserves.
____15. It has market economy which ranks 15th in the world by nominal GDP and 12th
by purchasing power parity(PPP).
____16. It is the smallest emitter of carbon dioxide among the seven most industrialized
countries in the world, due to its heavy investment in nuclear power.
____17. Less than one-quarter of its land is arable, but virtually all farmland is intensely
cultivated, with some areas suitable for two and even three crops a year.
____18. It is the 6th largest economy in the world and the 3rd largest in Europe.
____19. One of the strongest components of its economy is the energy sector. It is a net
exporter of energy and has abundant reserves of natural gas, coal, and atomic
power.
____20. It has grown to be a transcable hub where regional submarine cable systems and
international cable systems interconnect.

II. MATCHING TYPE: Match column A with column B. Write the letter of the
correct answer on the blank before each number.
A. B.
___21. The control and direction of economic activity A. Central Bank
by a central authority
___22. A philosophy that believed an economy works
best when there is little government interference B. Economic Planning
___23. The type of economic planning and policy in the
the Philippines C. Deregulation
___24. An agency responsible for the economic
planning in the Philippines D. Globalization
___25. It supervised the commercial banking system and
managed the country’s currency system. E. GDP
___26. The total value of all final goods produced within
a nation in a year F. GNP
___27. The market value of all final goods and services
 produced within the borders of a nation in a year H. NEDA
___28. An on-going process by which regional economies,
societies and cultures have become integrated I. Laisez faire
through globe-spanning networks of exchange
___29. Relaxation of government restrictions, usually J. Land Bank
in areas of social and economic policy
___30. The process of transferring ownership of a K. Private enterprise
business, enterprise, agency or public service from
the public sector to the private sector. L. Privatization

B. TRUE OR FALSE: Analyze each of the following statements. On the blank

before each number write True if the statement is correct and False if otherwise.
___31. Germany is a founding member of the EU, the G8 and the G20, and was the
world’s largest exporter from 2003 to 2008.
___32. Well-known global brands of BMW, Mercedes-Benz, Volkswagen, Adidas,
Porshe, Lufthansa, and Nivea are all French based.
___33. The largest German airport are Frankfurt and Munich international airports, both
global hub of Intercontinental.
___34. Italy owns the worlds’ 4th largest gold reserve.
___35. Italy has a very few natural resources and most of the time import from
its neighboring countries.
___36. France ranks world’s 4th and Europe’s 1st in the Fortune Global 500.
___37. France is the largest trading nation in Western Europe.
___38. Literacy and education levels among the Russian population are relatively high,
largely because the Soviet System placed great importance on education.
___39. Russia is first in the world in sale of weapons.
___40. A high talent, low-cost labour force, R &D advantages, smart regulations and
centers of research excellence makes Canada a rewarding location for
enterprising inventors.
___41. United States has the world’s largest space program.
___42. New Hampshire Stock Exchange is the world’s largest by dollar volume.
___43. Singapore is rated as “the most business-friendly economy in the world.”
___44. United Kingdom has a full regulated market economy.
___45. Taiwan’s economy remains export oriented, depends on open world trade regime
and vulnerable to fluctuations.
___46. The Aquino administration set a major policy initiative of consolidating and
privatizing government – owned and government controlled firms.
___47. Chronic government budget deficits were covered by international borrowing
during the Marcos era and by domestic borrowing during the Aquino
administration.
___48. The problems with the Philippine tax system appear to have more to do with
collections than with rates.
___49. Industrialization took place earlier and more rapidly in Britain than anywhere
else because existing conditions were favorable in England.
___50. England is the largest, most populous and wealthiest of the United Kingdom.
III. MULTIPLE CHOICE: Choose the best answer.
___51. The study of how human beings allocate scare resources to produce various
commodities and how those commodities are distributed for consumption.
A. Management B. Economics C. Entrepreneurship D. Accounting
___52. Directing and planning of economic activities by the state in an attempt to
achieve specific economic or social outcomes is known as Economic ______.
A. systems B. activities C. planning D. strategies
___53. A plan of action designed to achieve a particular goal.
A. Strategy B. method C. design D. trend
___54. We need to study Economic Planning in order to________.
A. Know the richest country in the world
B. Know the type of economic plans that will suit our economic improvement or
nonetheless will lessen the poverty rate in our country.
C. Compare and contrast the different economic systems.
D. Identify the best economic system
___55. In efficient utilization of resources the government has to do some arrangements
in order to bring equality between _________.
A. Human resources and capital C. supply and price
 B. Supply and demand D. needs and wants
___56. The most common benefit that any democratic country enjoys is _________.
A. Limited market opportunities C. limited resources
B. Greater market opportunities D. medium market opportunities
___57. In economically advanced countries, the government’s aim is to ________.
A. Provide full employment C. provide housing
B. Provide health services D. provide education
___58. The most powerful tool of equitable distribution of income is __________.
A. Price stability C. greater opportunities
B. Full employment D. economic planning
___59. The biggest by product of any capitalist society is __________.
A. Employment B. unemployment C. price stability D. large savings
___60. Which is not a member of G8?
A. France B. Germany C. Greece D. Italy
___61. Which is not an Asian economic tiger?
A. Taiwan B. Malaysia C. Singapore D. South Korea
___62. An organization that is made up of the finance ministers and central bank
governors.
A. G7 B. G8 C. G20 D. G22
___63. An organization of the richest countries in the world.
A. G8 B. G9 C. G19 D. G20
___64. An organization established in the wake of the 1997 Asian Financial Crisis, to
bring together major advanced and emerging economies to stabilize the global
financial market.
A. G8 B. G9 C. G19 D. G20
___65. This country is very honored to chair the Group of Twenty in 2011.
A. Canada B. France C. U.K. D. Rep. of Korea
___66. An economy where the market plays the “invisible hand” in producing and
distributing resources efficiently in a system. It brings about the highest levels of
productive efficiency.
A. Capitalism B. mixed economy C. market oriented D. Free market
___67. An economy in which the prices of goods and services are determined in a free
price system.
A. Capitalism B. mixed economy C. market oriented D. Free market
___68. An economy that includes a variety of private and public enterprise, reflecting
characteristics of both capitalism and socialism.
A. Capitalism B. mixed economy C. market oriented D. Free market
___69. The social system based upon private ownership of the means of production
which entails a completely uncontrolled and unregulated economy where all land
is privately owned.
A. Capitalism B. mixed economy C. market oriented D. Free market
___70. A market in which economic intervention and regulation by the state is limited to
tax collection, and enforcement of private ownership and contracts.
A. Capitalism B. mixed economy C. market oriented D. Free market
___71. The main economic model used in Germany.
A. Mixed economy B. social market economy C. capitalism D. free market
___72. The economic system of Canada and United Kingdom.
A. Capitalism B. mixed economy C. market oriented D. Free market
___73. What is the economic system of Russia?
A. Mixed economy B. capitalism C. Free market D. social market economy
___74. What type of economic system is existing in France?
A. Mixed economy B. capitalism C. Free market D. social market economy
___75. What do Japan and Italy have in common? They both have ______as an
economic system.
A. Mixed economy B. capitalism C. Free market D. social market economy

Good Luck!!!
It is a useless life that is not consecrated to a great ideal…
It is like a stone washed on the field without becoming part of the edifice.”
Dr. Jose p. Rizal

Prepared by: Conchita Vargas Yumol

Answer key : Eco. Planning and Strategy

1. B 11. F 21. B 31. TRUE 41. true 51.B 61. B 71. B

2. I 12. G 22. I 32. FALSE(Germany ) 42. false NY 52.C 62. C 72 .C
3. E 13. L 23. K 33. False 43. true 53.A 63. A 73.D
4. B 14. J 24. H 34. true 44. false 54.B 64. D 74. A
-partially
5. I 15. K 25. A 35. true 45. true 55.B 65. B 75. B
6. F 16. E 26. F 36. true 46. true 56.C 66. C
7. E 17. L 27. E 37. false 47. true 57.A 67. C
8. F 18. M 28. D 38. true 48. true 58.D 68. B
9. F 19. M 29. C 39. false 49. true 59.B 69. A
10.D 20. J 30. L 40. true 50. true 60.C 70. D