You are on page 1of 1

Instructions: Read each question carefully before answering. MISSPELLED Instructions: Read each question carefully before answering.

fore answering. MISSPELLED


WORDS, ERASURES AND SUPER IMPOSITIONS are considered wrong. Write WORDS will not be considered. ERASURES AND SUPER IMPOSITIONS are
clearly and legibly. Good Luck and God bless! considered wrong. Write clearly and legibly. Good Luck and God bless! 

I. IDENTIFICATION (30 points) I. IDENTIFICATION (30 points)

1. The measure of the money value of the total flow of goods and services 1. The measure of the money value of the total flow of goods and services
produced in an economy over a period of time. produced in an economy over a period of time.
2. A situation when workers left their jobs and are looking for new ones. 2. A situation when workers left their jobs and are looking for new ones.
3. The total value of goods and services produced within the country during a 3. The total value of goods and services produced within the country during a
year. year.
4. Refers to the steady process of increasing productive capacity of the 4. Refers to the steady process of increasing productive capacity of the
economy. economy.
5. This focuses on the proportion of people below a threshold level in human 5. This focuses on the proportion of people below a threshold level in human
development. development.
6. An individual or group of people that collaborate to achieve commercial 6. An individual or group of people that collaborate to achieve commercial
goals. goals.
7. These firms are owned by one person. 7. These firms are owned by one person.
8. The total measure of the flow of goods and services including net income 8. The total measure of the flow of goods and services including net income
abroad. abroad.
9. Refers to quantitative changes. 9. Refers to quantitative changes.
10. A French term which means that government should not interfere in 10. A French term which means that government should not interfere in
economic affairs. economic affairs.
11. This theory states that population increases in geometric ratio while food 11. This theory states that population increases in geometric ratio while food
supply increases in arithmetic ratio. supply increases in arithmetic ratio.
12. This theory emphasizes the value of labor. 12. This theory emphasizes the value of labor.
13. A business intended for a limited time or period only. 13. A business intended for a limited time or period only.
14. A situation where someone of working age is not able to get a job. 14. A situation where someone of working age is not able to get a job.
15. It is associated with the mismatch of jobs and workers due to the lack of 15. It is associated with the mismatch of jobs and workers due to the lack of
skills. skills.
II. ENUMERATION (35 points)
II. ENUMERATION (35 points) 1. Types of Unemployment (4 pts)
1. Types of Unemployment (4 pts) 2. Effects of Unemployment
2. Effects of Unemployment a) On the Government (3 pts)
a) On the Government (3 pts) b) On the firms (3 pts)
b) On the firms (3 pts) c) On the people (3 pts)
c) On the people (3 pts) 3. Types of Wage Labor (4 pts)
3. Types of Wage Labor (4 pts) 4. Types of Wages ( 5 pts)
4. Types of Wages ( 5 pts) 5. Kinds of Employment (5 pts)
5. Kinds of Employment (5 pts) 6. Kinds of Business Organizations ( 4 pts)
6. Kinds of Business Organizations ( 4 pts) 7. Theories of Economic Development ( 4 pts)
7. Theories of Economic Development ( 4 pts)
8.
III. Illustrate the circular flow model ( 10 points) III. Illustrate the circular flow model ( 10 points)