I. Multiple choice.

Choose the letter of the correct answer and write it on the space provided
before the number.

___1. It is the measure of the money value of the total flow of goods and services produced in an
economy over a specified period of time.

a. National income c. Gross National Product

b. Gross National Income d. Gross Domestic Product

___2. It owns and provides the productive factors such as land, labor and capital.

a. Producer c. Household
b. Company d. Labor

___3. It utilizes the productive factors to be able to produce goods and services.

a. Consumer c. Household
b. Firm d. Labor

___4. It is the total market value of all final goods and services produced by the citizens of a country
in a given year.

a. National income c. Gross National Product

b. Gross National Income d. Gross Domestic Product

___5. It is the total payments received by the citizens in one year.

a. National income c. Gross National Product

b. Gross National Income d. Gross Domestic Product

___6. It is the total market value of all final goods and services produced, within the territories of a
country, in one year.

a. National income c. Gross National Product

b. Gross National Income d. Gross Domestic Product

___7. It refers to the income per head.

a. National income c. Per Capita Income

b. Gross National Income d. Capital Income

___8. It denotes goods and services which are sold in the market.

a. Productive factors c. Gross National Product

b. Final Goods and Services d. Gross Domestic Product

___9. Production is within the Philippines by foreign nationals.

a. Productive factors c. Gross National Product

b. Final Goods and Services d. Gross Domestic Product

___10. Production is outside the Philippines by Filipinos.

 a. Productive factors c. Gross National Product
b. Final Goods and Services d. Gross Domestic Product

___11. It is the summary indicator of how much output was produced by the economy.

a. Productive factors c. Gross National Product

b. Final Goods and Services d. Gross Domestic Product

___12. Involves calculating the sum of all expenditures incurred in the production of final goods.

a. Expenditure approach c. Value -added approach

b. Productive approach d. Income approach

___13. Involves getting the sum of all distributive shares.

a. Expenditure approach c. Value -added approach

b. Productive approach d. Income approach

___14. It is calculated by taking the difference between a firm's sales and the purchases from other
firms.

a. Expenditure approach c. Value -added approach

b. Productive approach d. Income approach

___15. It shows the relationship between the household and firms.

a. Producer c. Household
b. Circular flow d. Labor

___16. It to quantitative changes that occur in the process.

a. Development c. Economic development

b. Growth d. Economic growth

___17. It refers to the qualitative and progressive changes that occur in the process.

a. Development c. Economic development

b. Growth d. Economic growth

___18. It refers not only to the increase in the productive capacities of one economy but, but more
specifically, to a series of progressive or qualitative changes that occur.

a. Development c. Economic development

b. Growth d. Economic growth

___19. It refers to the steady process of increasing the national income.

a. Development c. Economic development

b. Growth d. Economic growth

___20. It shows the relationship between inputs and outputs.

a. Kaldor Model c. Ricardian Growth Model

 b. Harrod-Domar Model d. Growth Models

II. Identification. Identify the following and write your answer on the space provided before
the number .

____________________1. The key factor according to this growth model is land.

____________________2. The important factor of this model is the production of capital goods such as
machinery, buildings and other equipment.

____________________3. It is a business organization where there is only one owner or proprietor.

____________________4. An association of two or more persons who bind themselves to put up

business.

____________________5. An association of individuals, firms or any group who wants to engage in

business to gain profit.

____________________6. An artificial being created by operation of law.

____________________7. Is a profit-morivated organization where its capital stock is divided into shares.

____________________8. Is a non-profit organization where there is no dividend distributed to its

members, trustees or officers.

____________________9. It refers to the fluctuations in total national output, income and employment.

____________________10. It begins at a peak and ends at a trough.

III. State the most fitting Economic development theory in the following sentences below. Write
your answer on the space provided before the number.

____________________1. Rent is the root cause of poverty.

____________________2. Explains how the wealth of a nation is created and distributed.

____________________3.Government should not interfere in economic affairs of the individual and

society.

____________________4. Population increases in geometric ratio while food supply increases in

arithmetic ratio.

____________________5. Export the goods which have the greatest advantage and import the goods
which have the greatest disadvantage.

____________________6. The workers are the real producers of goods and the benefits of the production
should go to the workers.

____________________7. Leader or entrepreneur has the greatest role in achieving economic

development.
____________________8. The cause of unemployment is high wages.

____________________9. Related to demand and supply for labor.

____________________10. Innovators should be imaginative and courageous in translating theories into

concrete actions.

IV. True or False. Write the Last name of your Economic Professor if the statement is correct, if
the statement is wrong write the first name of your Economic Professor.

__________1. Taxation is an inherent power of the state .

__________2. Taxation is executive in nature

__________3. Taxation is subject to constitutional and inherent limitations.

__________4. Debt is generally based on law.

__________5. Tax is any sanction imposed as a punishment for violation of law or acts deemed injurious.

__________6. In the Philippines, the agrarian reform problem has two important dimensions: the land
and people.

__________7. Agrarian reform program is an integrated plan of action that aims to solve the problems of
low agricultural productivity and poverty of our farmers.

__________8. Philippines is rich in natural resources.

__________9. Filipino farmers are not suffering from poverty.

__________10. Agrarian reform program helps the farmers secure capital investment for new industries.
Answers Key:

I. Multiple Choice

1. A

2. C

3. B

4. C

5. A

6. D

7. C

8. B

9. D

10. C

11. D

12. A

13. D

14. C

15. B

16. B

17. A

18. C

19. D

20. D

II. Identification

1. Ricardian Growth Model

2. Harrod-Domar Model

3. Single Proprietorship

4. Partnership

5. Business Organization
6. Corporation

7. Stock Corporation

8. Non-stock Corporation

9. Business Cycle

10. Recession

III.

1.Theory on progress and poverty

2. Classical Theory

3. Laissez Faire

4. Theory on Population

5. Theory on Comparative Advantage

6. Karl Marx Theory

7. Innovation Theory

8. Keynesian Theory of Employment

9. Keynesian Theory of Employment

10. Innovation Theory

IV . True or False

1. Camba

2. Charline

3. Camba

4. Charline

5. Charline

6. Camba

7. Camba

8. Camba

9. Charline

10. Camba
 ONE WAY TABLE OF SPECIFICATION

TOPIC NO. OF DAYS/HRS. PERCENTAGE NO. OF ITEMS

ALLOCATION
National Income 3 .3 or 30% 15
Economic Growth and 3 .3 or 30% 15
Development
Business Organization 2 .2 or 20% 10
and Business Cycle
Taxation and Agrarian 2 .2 or 20% 10
Reform
TOTAL 10 100% 50