Colegio de DagupanDagupan CityHumanities and Languages

Introduction to Economics with TARSEMI-FINAL EXAMINATIONGENERAL DIRECTION: Read the instructions carefully before answering the questions. Wrong spelling is wrong and avoid erasures.I. MULTIPLE CHOICE: Choose the letter of the correct answer.1. The law penalizes fraudulent advertising, mislabeling or misbranding of any product.a. Act. No. 3940b. R.A. No. 71c. P.D. 16742. All articles on sale or retail shall have a price tag. This is under _____.a. P.D. 1572b. P.D. 1674c. R.A. No. 713. The excess of income over current disposal expenditure is called ____.a. savingsb. creditc. interest4. The means of production are owned by private individuals and firms that produce for profit.a. state socialismb. market socialismc. capitalism5. Which of the following countries is not a welfare state?a. Swedenb. Hungaryc. Great Britain6. Payment for the use of a factory or building plus the land on which it stands.a. economic rentb. commercial rentc. rent7. Capital which can be used once.a. fixedb. specialc. circulating8. It does not require skills or training to perform the job, only physical strength and common sense.a. skilled b. semi-skilledc. unskilled9. Interest charged by the owner of the capital who is willing and able to use the same in his business.a. explicitb. imputedc. gross10. A temporary refusal to work by majority of the employees as a result of industrial dispute.a. collective bargainingb. strikec. lock out11. The total market value of all final goods and services productions during a year regardless of where the output is produced.a. GNPb. per capitac. GDP12. GNP= C+I+G+ net export, C refers to ___.a. consumers expendituresb. consumption expendituresc. customers expenditures13. The proportion of the measured labor force that is not employed.a. underemployedb. unemployedc. brain drain14. The IMF was established on ____.a. December 25, 1945 b. December 27, 1954 c. December 27, 194515. The law created the Central Bank of the Philippines.a. RA 7156b. RA 7653c. RA 26516. The law that sets a price ceiling on prime commodities.a. PD 1674b. PD 1572c. RA 7117. All sales promotion campaign must have a definite period. This is also known as ___.a. Dep. Admin. Order No.4 b. Act 3940c. PD 167418. This law created the Bangko Sentral ng Pilipinas.a. RA 7652b. RA 7563c. RA 765319. Market socialism is also known as ____.a. authoritarian socialism b. regulated market economyc. free enterprise20. Capital which can be utilized in various purposes without incurring additional expenses on the part of the owner.a. freeb. fixedc. circulatingII. IDENTIFICATION. Identify what is being asked in the following questions.1. Electricians, machinists, plumbers are examples of what type of physical labor?2. It is also known as land rent.3. Ordinary interest paid on loans.4. The method used by labor unions in presenting their demands to their employers.5. The process of hearing and settling a dispute between the two parties by the decision of a third party known as the labor arbiter.6. The estimated income of a person in a year.7. It is a way of computing national income by adding up the peso value at current market prices of all financial goods and services.8. The situation wherein there is a sustained rise in the weighted average of all prices and not just a one-time increase.9. The basic means of production are owned and operated by the government except family farms, service businesses and small production enterprises.10. The means of production are predominantly in private hands except for few basic industries.

III.TRUE OR FALSE. Write trulalu if the statement is true and eklavu if is contrary to facts and well-established rules and principles in economics.(X2)

1. Government in welfare states is democratically elected.2. Capital can be accumulated through savings.3. The income of the underground economy is included in the GDP but not in the GNP.4. GNP is an accurate indicator of economic development.5. Consumption habits vary and men have different set of needs thus equitable allocation of resources is possible.

IV. ENUMERATION. Enumerate the following.1-7. G78-10. Characteristics of land as a factor of production11-14. Sections of Macroeconomics15-16. Types of labor17-20. Give at least consumers rights

Prepared by:IBAAN, Jocelyn C.