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Economics Final Exam
Economics Final Exam
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.
___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.
___6. It is the total market value of all final goods and services produced, within the territories of a
country, in one year.
___8. It denotes goods and services which are sold in the market.
___11. It is the summary indicator of how much output was produced by the economy.
___12. Involves calculating the sum of all expenditures incurred in the production of final goods.
___14. It is calculated by taking the difference between a firm's sales and the purchases from other
firms.
a. Producer c. Household
b. Circular flow d. Labor
___17. It refers to the qualitative and progressive changes that occur in the process.
___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.
II. Identification. Identify the following and write your answer on the space provided before
the number .
____________________2. The important factor of this model is the production of capital goods such as
machinery, buildings and other equipment.
____________________7. Is a profit-morivated organization where its capital stock is divided into shares.
____________________9. It refers to the fluctuations in total national output, income and employment.
III. State the most fitting Economic development theory in the following sentences below. Write
your answer on the space provided before the number.
____________________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.
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.
__________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.
__________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
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.
2. Classical Theory
3. Laissez Faire
4. Theory on Population
7. 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