QUIZ

1.

Question # 1: Why is there a need for government to regulate business activities?

a. Purpose

The government regulates business for several reasons. First is public safety and welfare. Many
industries are regularly reviewed and overseen because their activities if they go awry, can significantly
harm human health, financial well-being, or community structure.

The second reason is the protection of industry. Many regulations are in place to protect those who
have developed their business correctly; licensing, permits, and inspections by the government weed
out undesirables or criminal activities that undercut honest industries.

The third reason is revenue generation. Many programs require certification or licensing that businesses
must pay for in order to operate. The funds collected go to pay for the government programs that
perform the oversight of the particular industry. However, in many cases, some portion of revenue is
also sidetracked to general government purposes and is, effectively, a tax.

b. 20th Century Development

Regulation of business in the 20th century has developed at multiple government levels through the
form of commissions. Government departments and agencies are still heavily involved. However,
commissions are seen as more responsive often members can, in many cases, be from private industry,
providing a receptive face to business interests in government. Doing so also provided the government
with decision-makers who intimately understood business issues and how they may conflict with new
regulations or changes. This approach also allows for a much cheaper resolution of legal conflicts than
taking regulation challenges to the court system through a formal lawsuit.

c. Deregulation Attempts and Results

Experiments in government in getting out of the business of regulation, i.e. deregulation, have been
mixed. In fact, up until the 1970s government was working in the opposite direction with the creation of
new agencies at the federal level, such as the Occupational Safety and Health Administration (OSHA)
and the Environmental Protection Agency (EPA).

Large-scale deregulation began in the 1980s with the removal of oversight on the airline industry and
that of the telecommunications, railroad, and trucking industries. Those have generally been successful
and still operate, deregulated today.

d. Less Impressive Results in Practice

On the other hand, financial deregulation has created bigger problems in business. The loosening of
oversight on the savings and loan industry resulted in the failure of banks and left taxpayers to foot the
bill for lost account values. In the 2000s, the deregulation of the electricity industry allowed for large-
scale gaming of rates for profit-making. The results collapsed entire markets and created social panic of
skyrocketing electricity prices based on market floats.
The credit crisis crash of 2008 has again signaled a need for more regulation in business, particularly the
finance industry. The fact that a small number of bank units and finance houses could game the real
estate and financial investment systems has angered many enough that they're calling for new
restrictions on such activities.

Question # 2: How responsible is the government in bringing about a robust economy?

The government's role in the economy is a delicate topic among economists, policymakers, and citizens
alike. It involves regulating markets, providing public goods and services, promoting economic growth
and sustainable development, and implementing fiscal and monetary policies. As a developing country,
the Philippines faces its own set of challenges and opportunities in its economic growth.

There is a long history of government intervention in the economy, as noted by Bordo and Caldwell
(2019), but there are also limitations to this intervention, as argued by Henderson (2017). It suggests
that the government's role should be limited to correcting market failures, providing public goods and
services, and promoting economic growth and development (Mankiw, 2008). However, implementing
government economic policies can come with unintended consequences and political constraints (Oster,
2018). In addition, the literature explores the government's role in specific sectors of the economy, such
as healthcare, education, transportation, financial markets, and the sharing and digital economies.
When it comes to the Philippine economy, there are unique challenges and opportunities for economic
development. For example, Llanto (2017) and Maquito (2018) examine the government's role in
economic development in the Philippines, while Yap (2012) discusses the impact of globalization on the
country.

Question #3 What is the extent of this responsibility?

2. How can we say that the Filipino culture is uniquely Filipino?

What makes Filipino culture unique is its diversity. The country is home to a variety of ethnic groups,
including Tagalogs, Visayans, Ilocanos, Bicolanos, and more. This diversity is reflected in the country’s
food, music, dance, and art.

Filipino culture is also known for its hospitality. Filipinos are known for their warm smiles and hospitable
nature. They are quick to welcome guests into their homes and make them feel like part of the family. If
you’re looking to experience a truly unique culture, then look no further than the Philippines!

There are many things that make the Philippines unique, but one of the most important is the people.
The Filipinos are a proud and passionate people, with a rich culture and history. They are also a very
friendly and hospitable people, always ready to welcome visitors to their country.

The Filipinos are known for their love of family and friends, and their strong sense of community. They
are also hardworking and resilient, having overcome many challenges in their history. These qualities
make the Filipinos a truly unique people, and one of the most interesting cultures in the world.

The Philippines is a unique country with a rich culture that has been shaped by centuries of history.
From the early days of the Spanish colonial period to the present, the culture of the Philippines has been
greatly influenced by Spain and other Western countries. However, there are also many aspects of
Filipino culture that are distinctly Asian.

One of the most notable aspects of Filipino culture is the strong family bond. Family is very important in
Filipino society and families typically live close to each other. There is also a strong sense of community
in the Philippines and people are generally very friendly and helpful to each other.

Another aspect of Filipino culture that makes it unique is the way that religion is practiced. The
Philippines is the only Christian country in Asia and religion plays a very important role in society. The
majority of Filipinos are Roman Catholic but there are also significant numbers of Protestant, Muslim,
and Buddhist Filipinos.