QUIZ 1 It is the value of goods and services produced by a

If the price elasticity of demand (PED) for a product country during a financial year.
is greater than 1, the demand for that product is
considered inelastic. FALSE Which of the major areas of the study of political
economy where international and sovereign states
National Income constitutes the overall income of a interact? International political economy
certain country. TRUE
It dictates the flow of money after it was created.
Which of the following choices is often used Which of the following choices has this kind of
interchangeably with National Income? National function? Financial system
Output
What kind of state which supplies
What are these huge stones during ancient times less-than-adequate quantities of political goods, or
which were used as money in Micronesia? Rai poorer quality political goods, or both? Weak state
stones
What is this GDP measurement which is known as
What does the Price Elasticity of Demand (PED) an inflation-adjusted measure that reflects the
measure? Responsiveness of quantity demanded quantity of goods and services produced by an
to a change in price economy in a given year, whose prices are
constant from year to year? Real GDP
Which part of the equation of Income Approach
where it is described as a cost allocated to a What is the formula using the expenditure
tangible asset over its useful life? Depreciation approach in calculating GDP? GDP=C+I+G+NX

It borrows money from the central bank and its What are the basic characteristics of elite theory?
depositors to lend it to other borrowers, which of The elites are unified, the non-elites are diverse
these choices truly describes these practices? and powerless
Banks
Political economy provides us with an
What does Nominal GDP measure? GDP evaluated understanding of how a country and household are
at current market prices managed and governed by considering both the
economic and political factors associated with it.
Which of the following refers to any output True
produced by foreign residents within the country's
borders must be excluded in calculation of GNP, Which of the three common ways in the financial
while any output produced by the country's system is the first in line to receive money when
residents outside of its borders must be counted. money was created? BANKS

Which of the following ideologies of political QUIZ 3

economy theory states that inequality is bad and it What does GDP per capita measure? GDP per
does not support private ownership? Marxism person in a country's population

QUIZ 2 In the context of using cash and coins, who is this

The remittances sent by the overseas Filipino scientist/philosopher who stated that " the pieces of
workers (OFW) to their families here in the green paper have value because everyone thinks
Philippines is known as what kind of national they have value"? Milton Friedman
income? Gross National Product
What does NX stand for? A country's total exports If the Price Elasticity of Demand (PED) is greater
less total imports than 1, demand is considered: Elastic

What is the other term for international political A certain household with higher income can afford
economy? Global political economy to send their kids to a high standard private school,
and provide them with their needs and wants. What
When the Price Elasticity of Demand (PED) equals do you call this lifestyle? Higher purchasing power
1, what type of elasticity is observed? Unit elastic
How is GDP growth rate calculated?
As a source of Philippine peso currency, Bangko Comparing one year of GDP to the previous year to
sentral ng Pilipinas can print money anytime as measure economic growth
long as there is an approval of the BSP governor.
False GDP is calculated on an annual basis and should
not be on a quarterly or semi-annual basis. FALSE
Adhering to sensible macroeconomic policies,
including openness to international trade , and What does elasticity measure in economics and
encouraging foreign and domestic investment is business? Sensitivity to price
what kind of political economics? Strong states
What does Real GDP measure? GDP adjusted for
It is a measurement of the GDP per person in a inflation
country's population. What kind of GDP
measurement is this? GDP per capita In our society cash and coins are often used, what
do you think is one of the reasons for this? It is
Who are these economists who believe that easy to carry around
economics can benefit everyone and that society
can progress with the improvement in the standard QUIZ 5
of living? Liberal economists Which of the following states adheres to sensible
macroeconomic policies, including openness to
Which of the following choices is one of the international trade, and encouraging foreign and
importance of National Income? To make domestic investments? Strong state
projections about the future development trend of
the economy What is the main significance of political economic
analysis? It looks at the informal and formal
QUIZ 4 rules that govern behavior in a market system
They think that the wants of the community rather
than individuals are the most important for The measurements of National income are just
decision-making. What kind of political economy approximates, but the most close to real
theory is this practice? Liberalism measurements. TRUE

What is the official formula in calculating GNP? It is not just cash but technically it is anything that
Y=C+I+G+X+Z is used as a medium of exchange. Money

What is liberalism in political economy theory? Which of these systems under the creation of
They believe in equal opportunity for everyone and money plays a huge role in our economy since it
directly contributes to the quantity and value of
are concerned with the structure of a civil society
money? Monetary system
Which GDP measurement adjusts for differences in Which type of state would likely face challenges in
local prices and costs of living? GDP, Purchasing supplying adequate political goods? Weak state
Power Parity (PPP)

Which ideology of political economy theory stems

What is the synonym of consumption? Use
from the concept of labor and exchange and the
use of land, labor, and capital to produce durable
Which variation of GDP measurement evaluates
goods? Liberalism
GDP at current market prices, in either the local
currency or in US Dollars at currency market
QUIZ 7
exchanges rates? Nominal GDP
It refers to the advice given by economists to the
government on either general economic policies or
If the prices of commodities are getting higher while
on certain specific proposals created by politicians.
salaries and wages are not enough to sustain the
Political economy
citizen's needs, what is the right term for the
country's economic situation? Inflation
Which Gross domestic Product (GDP) indicates the
amount of output or income per person can
This ideology of political economy theory believes
indicate average productivity or average living
that the state possesses all the power and that
standards? GDP per capita
individuals should work to make use of the
economic benefits, which of these choices refers to
Lenders, Borrowers, Banks and Bonds market are
this statement? Economic nationalism
what part of the system under creation of money?
Financial system
QUIZ 6
Which of the following is known as the currency of
What is the main function of the Monetary System?
South Korea? WON
It encompasses how the government provides
and procure money
What is the nature of the National political
economy? Where domestic policy makers,
What characterizes modern political economy?
interest groups, and institutions interact

Where does the word "economics" originate from?

Bonds and stock markets are parts of financial
Greek
institutions. FALSE

Unemployment of labor and other resources is

Stocks are a slice of ownership of a corporation.
known as Economic problem
TRUE

What is the focus of political economy? Focuses

In the context of tax collection, our system is
on economics, sociology, and political science
progressive which means that if you have a higher
income, you will be taxed much higher. TRUE
What are the main characteristics of Marxism?
It does not support the private ownership of
What are the two approaches in calculating GDP?
resources
Expenditure Approach and Income approach

You are a sales clerk of Red Bean Coffee Shop

When interpreting Income Elasticity of Demand
earning a minimum wage of less than 15K by which
(YED), what does YED < 0 signify? Inferior goods
you are not taxed by the Philippine government.
Train Law
Which of the following is not one of the four types
of elasticity? elasticity of income (EOI)
QUIZ 8 The agricultural products such as: Abaca from
What kind of theory is this where their members Bicol Region, Rubber from North Cotabato,
exert significant power over corporate and Tobacco from Ilocos Norte, and Tuna from Gensan
government decisions? Elite Theory all rolled into one falls under

Income Elasticity of Demand (YED) measures the Under what Philippine Law which states that low
responsiveness of quantity demanded to a change income earners do not have an income tax and
in: Consumer incomes higher earners were taxed higher than it was
before 2018? Train Law
Which of these following choices measures the
monetary value of the output produced by a It is a nation or territory considered as an organized
country's residents? Gross National Product political community under one government, which
of these choices best describes this statement?
What does the "medium of exchange " refer to? STATE
Money
What variation of GDP which is usually expressed
What does a positive Cross Elasticity of Demand in percent rate and it is closely connected to key
(XED) indicate? Substitutes policy targets such as inflation and unemployment
rates? GDP Growth Rate
It has an interest and must be paid alongside its
principal to ensure that borrower's money creates What is the function of money? Money serves as
profit for the lender to thrive. What is the right term the medium of exchange
for this financial activity? Borrowing money
The income of farmers from their Copra in Davao
When XED is negative, the related goods are del Norte is one of the examples of what kind of
Complements national income? Gross Domestic Product

It is a medium of exchange in a particular area, What does a Price Elasticity of Supply (PES)
which of these choices refers to this statement? greater than 1 indicate? Supply is elastic
Currency
Which of these given choices is a broad measure
When was the Train law implemented by our of overall domestic production? Gross Domestic
government? Mon Jan 01 2018 00:00:00 Product
GMT+0800 (Hong Kong Standard Time)

Bonds is basically an "I owe you" agreement which

states the maturity, the interest rate and principal
amount. TRUE

QUIZ 9
It is a theory of the state that seeks to describe and
explain power relationships in modern society. Elite
Theory

Which type of state is more likely to prioritize

openness to international trade and encourage
foreign and domestic investment? Strong state