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Questions in economics

[Sagot para sa’yo] What does it mean when we say "money is a social construct"? A. Money grows on trees B. Money has value only because people agree it does C. Money has value because it is made of gold D. Money never loses value

[Sagot para sa’yo] What economic concept explains why the Philippines imports electronics and exports labor? A. Trade-off B. Opportunity cost C. Comparative advantage D. Traditional economy

[Sagot para sa’yo] What is a trade-off in economics? A. Spending money without limits B. Choosing one thing over another due to limited resources C. Buying more goods at a cheaper price D. Saving instead of spending

[Sagot para sa’yo] Why is inflation sometimes considered better than deflation?

[Sagot para sa’yo] What does "ceteris paribus" mean? A. Money increases value B. All other things held constant C. Prices go up and down D. Time is money

[Sagot para sa’yo] Which of the following is a disadvantage of tariffs? A. They always lower prices B. They may reduce competition and efficiency C. They increase product variety D. They improve trade relations

[Sagot para sa’yo] What is the main idea of Adam Smith’s free trade philosophy? A. Governments must control trade B. Specialization and free trade increase wealth C. Only rich countries should trade D. Self-sufficiency creates stronger economies

[Sagot para sa’yo] Why is it important to study economics even if you are not planning to work in business or finance?

[Sagot para sa’yo] What organization replaced GATT in 1995? A. IMF B. ASEAN C. WTO D. UNDP

[Sagot para sa’yo] What is the primary idea behind comparative advantage? A. Producing more than others B. Specializing in what can be made at the lowest opportunity cost C. Trading only with rich countries D. Avoiding imports to protect jobs