MAE LOU FRIA B.

ABARIENTOS AC16
Economic Development

EXAM

Instruction: The answer per question should not be less than nor more than 100 words. Just 100
words.

1. Discuss one contemporary model/ theory of economic development. Gear your

discussion on how the global community handles the fight against COVID-19. Since all
contemporary model/theories, at some point, adheres to economic system capitalism,
highlight in your discussion the advantages and disadvantages of capitalism amidst the
threat of global recession and widening social and income gap between rich
people/country and poor people/country that have been more glaring and evident because
of the pandemic.

Answer:

Big push model is a concept in development economics and it emphasizes that

underdeveloped countries require large amount of investment to embark on the path of economic
development from their present state of backwardness. In today’s global pandemic, it is assumed
that the growth of our economy is in trouble. This pandemic uses too much budget to provide a
wide social protection for the citizenry and to pursue he fight against the pandemic. In order to
protect the economy, growth could be restored through helpful government interventions.
Capitalist system creates profit for its country and people of such countries enjoy higher standard
of living, while bringing wide inequalities in the distribution of income and wealth.

2. How does resource allocation in education and health of the Philippine government
contribute to either failure or success of humanity/ Filipino race? How do we ensure that
regardless of political affiliation, every Filipino will get proper education and health
care? Give your suggestions by contextualizing your answer in the current situation of the
poor Filipino families amidst Enhanced Community Quarantine.

Answer:

Education typically leads to better jobs, more opportunity and benefits, including better
health insurance, which leads to better access to quality health care. These two are the top most
important component of the economy; proper allocation will surely leads to success and will add
to the growth of the economy. Proper education and health care is part of our human rights and
any political affiliation has nothing to do with this. Everyone should be given equal right though
it’s not what actually happening right now the fact that our human rights should be respected
must remain.

3. How do we attain our maximum development as a country through proper fiscal and
financial policies? Do you believe that the uneducated should be barred in entering
politics? If your answer is in the affirmative, how do you then coincide you answer with
the concept of social justice? If your answer is in the negative, how do you objectively
ensure that policies are well-crafted and scientifically backed up? Does our current
administration properly address the needs and wants of the Filipino people? Why or why
not?
Answer:

To attain our maximum development through proper fiscal and financial policies we have
to mobilize our resources, make the growth rate accelerate, encourage many investments,
provide more job opportunities, promote economic stability and reduce inequality. The country
must strengthen the power of fiscal policy in order to attain economic development. I believe that
uneducated should not be barred in entering politics as long as he/she is capable of ruling the
government. In fact, highly educated people are mostly greedy than those uneducated people.
Politics wasn’t created only to those educated individuals, it is created to maintain the law,
maintain equality and fairness. As long as there are many poor, unemployed, and we are
suffering from poverty while corruption is being dominant, I guess our current administration
does not properly address the needs and wants of its people.