Wednesday, December 29, 2010

Economics Class: End of the Month Reaction Paper

Aquino wants early submission of 2012 budget proposal
abs-cbnNEWS.com
Posted at 12/29/2010 5:28 PM | Updated as of 12/29/2010 5:28 PM

MANILA, Philippines - After passing next year's national budget on schedule, the Aquino administration also wants an early submission of the budget for 2012.
Department of Budget and Management (DBM) chief Florencio Abad said the target submission of the 2012 spending bill was set a day after President Benigno Aquino delivers his State of the Nation Address (SONA) on July 25.
The President, Abad said, has approved the new budget calendar, which starts with the budget call and forum with all government agencies and corporations on January 6 and 7.
“The 2011 Reform Budget, the first financial blueprint of the Aquino Administration, was enacted on time, the first time it has happened in 11 years. We are committed to making sure that subsequent budgets under this government will be passed on time,” he said.
The Constitution mandates the Executive branch to submit its outlay to Congress within 30 days after session opens or around August.
In the past, the budget call was issued in April or May of the year prior to the fiscal year of the budget.
The 2011 budget proposal was submitted on August 24, 29 days after Aquino delivered his SONA. The budget call was released on May 12.
The P1.645-trillion outlay for next year, meanwhile, was signed into law by Aquino last Monday.
Abad said the new budget calendar dedicates February 2011 for consultations by 6 pilot departments with civil society organizations (CSOs) at both their central offices and regionally, through the Regional Development Councils.
“This new consultative budget preparation process is in line with the Aquino government’s commitment to ensure good governance through citizen’s participation,” he said. 
He said the 6 departments include Education, Health, Social Welfare and Development, Agriculture, Agrarian Reform and Public Works.




REACTION

            So P.Noy really is doing his best for better governance, huh? Well that is really great! Ever since P.Noy occupied the seat of presidency there were a lot of immense changes in the government. Of course there were also flaws but overall, for me, his performance is really outstanding than the past presidents of the Philippines this later generation.
Let us take for example this news. The 2011 budget has just been signed and now the government is already preparing for the 2012’s. Isn’t it amazing? For me it is! It makes me feel somehow at ease that the future of our country has been planned really well. If this would continue - having budget with reasonable cause on time – then, I guess, we are not far from progressing. I am so happy with all of these government’s on time budget signing, implementing and planning that I want to jump. Yahoo! J To think that there even are consultations about financial planning implies that P.Noy’s administration is indeed serious in meeting the needs of the people through various departments plus the involvement of the citizens. This is what I could say a government for the people, to the people and by the people.
Seriously, all I want is for the best of this country. This on time budgeting sure is a good step. Gradually, with the help of God, we will have a name in the economy. This would not be achieved if the people would not work. That is why I want to start with myself not only through praying but by being responsible in fulfilling my duties as a citizen like following the rules of the society or complying with my duties as a daughter and as a student. It is in no doubt would require hardwork and being responsible is a huge challenge, however, why not try, right?
I just wish though that nothing bad would happen again like any tragedy i.e. landslides, typhoons and summary killings as well as war. Also, I hope that the transparency that his Excellency is showing would not be put to waste because of some TRAPOs in the government.
These performances that P.Noy is showing makes me believe that I voted the right person. I wish this would not change.
            

Wednesday, December 15, 2010

Economics Classes: Review Questions (Chapter 6) for Econ222

Economics Classes: Review Questions (Chapter 6) for Econ222: "1. Suppose that a regulation is in place that does not allow the price of a good to exceed $5. If this price is above the equilibrium price ..."

Economics Classes: Review Questions (Chapter 6) for Econ222

Economics Classes: Review Questions (Chapter 6) for Econ222: "1. Suppose that a regulation is in place that does not allow the price of a good to exceed $5. If this price is above the equilibrium price ..."

Economics Classes: Review Questions (Chapter 5) for Econ222

Economics Classes: Review Questions (Chapter 5) for Econ222: "1. A good will tend to have an inelastic demand if: a. the good has many close substitutes. b. the good is a luxury. c. t..."

Economics Classes: Review Questions (Chapter 4) for Econ222

Economics Classes: Review Questions (Chapter 4) for Econ222: "1. Which of the following is NOT a characteristic of a perfectly competitive market? a. The goods being offered for sale are all ..."