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If False, Change The Identified Word or Phrase To Make The Statement True
If False, Change The Identified Word or Phrase To Make The Statement True
Final Exam
I. MODIFIED TRUE/FALSE. Indicate whether the statement is true or false.
If false, change the identified word or phrase to make the statement true.
1. Subsistence economy is an economy in which production is mainly decided by
the government.
2. Traditional economics emphasizes utility, profit maximization, market
efficiency, and determination of equilibrium.
3. Three basic components serve as a conceptual basis and practical guideline
for understanding the inner meaning of development. These are –
sustenance, selfesteem, and servitude.
4. Millennium Development Goals are a universal call to action to end poverty,
protect the planet and ensure that all people enjoy peace and prosperity.
5. Lorenz Curve is a graph reflecting the relationship between a country’s
income per capita and its inequality of income distribution.
6. A value of 1 in Gini index represents low inequality.
7. Market analysis is to Free Market Approach as Market Failure is to Market
Friendly Approach.
8. Dependence is a situation in the international affairs in which developed
countries have greater power than the less developed countries.
9. Oring theory emphasizes that modern production requires many activities be
done well together in order for any of them to amount to a high value.
10. High inequality strengthens the bargaining power of the poor which will
encourage outcomes favorable to them.
11. Human capital are productive investments embodied in human persons,
including skills, abilities, ideals, health, and locations, often resulting from
expenditures on education, onthejob training programs, and medical care.
12. Child labor ban disrupts schooling and prevents them from attending school
together.
13. Social benefits the benefits that accrue directly to an individual economic
unit.
14. Private costs are those that accrued by both individual and society.
15. Discount rate is when the annual rate at which future values are decreased
to make them comparable to values in the present.
II. ESSAY. Describe the figures below briefly using your own words. (Note:
copypaste answers will automatically get a zero score).
1.
2.
3.