Test I: Final Examination For Economics Borita, Jesus O. Bsag 2-A

FINAL EXAMINATION FOR ECONOMICS
BORITA, JESUS O.
BSAG 2-A
TEST I
1. C 15. B 29. B
2. A 16. A 30. A
3. D 17. C 31. B
4. B 18. A 32. A
5. A 19. C 33. C
6. D 20. D 34. B
7. C 21. Bunos 35. A
8. B 22. B 36. C
9. A 23. A 37. B
10. A 24. D 38. A
11. B 25. C 39. B
12. D 26. A 40. A
13. A 27. D
14. A 28. B
TEST III
1. Why revenue from taxation is considered as the lifeblood of a nation?
Every lawyer worth his or her salt and every accountant, for that matter knows
the lifeblood doctrine as a basic principle in taxation, which provides that the
existence of government is a necessity; that government cannot continue without
means to pay its expenses; and that for these means it has a right to compel its
citizens and property within its limits to contribute. Simply put, taxes are “the lifeblood
of the nation and should be collected without necessary hindrance. Without taxes,
the government would be paralyzed for lack of motive power to activate and operate
it. The necessity of taxes cannot be overemphasized enough, especially during this
pandemic, when government is dependent on revenue from taxes, among others, for
economic recovery and for expenses in its battle against COVID-19.
2. Difference between penalty and tax.
A tax in one hand is a levy collected for general government services. A

compulsory contribution to state revenue, levied by the government on workers'
income and business profits, or added to the cost of some goods, services, and
transactions. Penalty on the other hand, is a levy collected with the express aim of
deterring some kind of undesirable behavior. In addition it can be also a suffering in
person, rights, or property that is annexed by law or judicial decision to the
commission of a crime or public offense.
3. Discuss the salient features of Agrarian Reform.
Salient features of Agrarian Reform among its goals are to provide

landowners equality in terms of income and opportunities, empower land owner
beneficiaries to have an equitable land ownership, enhance the agricultural
production and productivity, provide employment to more agricultural workers, and
put an end to conflicts regarding land ownership. Every effort shall be made to give
just compensation to the landowner for lands acquired from him. In determining the
value of the land and landowner's compensation, consideration is given to the cost of
income, the sworn valuation by the owner, tax declarations and the current value of
like properties. Other factors to be considered in determining the value of the land
are the social and economic benefits contributed by the farmers and farm workers
and by the government to the property as well as the non-payment of taxes or loans
secured from the government financial institutions.
4. Importance of imposing price intervention and protectionism to agricultural

commodities.
The poor correlation often found to exist between changes in real farm prices
and in output. Imposing price intervention suggests the need for more
comprehensive econometric country studies, which take account not only of changes
in commodity prices but also those of inputs, their availability, and changes in capital
structure, marketing, etc. Farmers' decisions about production are also influenced by
incentives on the consumption side: the availability and cost of consumer goods and
services like health and education, and the direct taxes which must be paid. Money
is only an intermediate objective. It could be that a farmer's unwillingness to increase
production comes from a low valuation of the things he can buy, which may stem
from the very limited selection available to buy. The consumption side of incentives
is still largely neglected in many poor countries. Moreover, protectionism provides
local industries with growth opportunities until they can compete against more
experienced firms in the international market. Protectionist policies help reduce
import levels and allow the country to increase its trade balance. Higher employment
rates result when domestic firms boost their workforce. In addition, protectionist
policies tend to boost the economy’s GDP due to a rise in domestic production.

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FINAL EXAMINATION FOR ECONOMICS

7. C 21. Bunos 35. A

10. A 24. D 38. A

11. B 25. C 39. B

12. D 26. A 40. A

1. Why revenue from taxation is considered as the lifeblood of a nation?

2. Difference between penalty and tax.

A tax in one hand is a levy collected for general government services. A

3. Discuss the salient features of Agrarian Reform.

Salient features of Agrarian Reform among its goals are to provide

4. Importance of imposing price intervention and protectionism to agricultural

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