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 ...
Name: ___________________________________ Year and Section: ________
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.
, Agriculture Economics- AMAT review 2015 pg.2
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
15. ________ refers to farmers during the Spanish occupation
a. Fieles
b. Reservados
c. Inquilinos
d. Cosecheras
16. It is the deliberate effort to replace major consumer imports by promoting the emergence and expansion of
domestic industries
a. Import control
b. Import regulation
c. Import substitution
d. None of these
17. It is a reward given by the Spanish King to soldiers who helped in conquering towns and territories, a piece
of land, wherein they have the right to collect taxes from local farmers.
a. Hacienda
b. Encomienda
c. Principalia
d. Situado
18. A policy which strengthened the free trade policy between the Philippines and the United States by removal
of quotas to Philippine exports.
a. Payne-Aldrich Act of 1909
b. Tydings-McDuffie law of 1934
c. War Damage Act of 1946
d. Underwood-Simons act of 1913
19. The law that allowed the importation of American goods into the Philippines without tariffs and quotas.
a. Payne-Aldrich Act of 1909
b. Tydings-McDuffie law of 1934
c. War Damage Act of 1946
d. Underwood-Simons act of 1913
20. Policies instituted to develop the agricultural sector of the country.
a. Agricultural reform
b. Agrarian reform
c. Land reform
d. None of these
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