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PREFINAL
COLLEGE DEPARTMENT
2 nd SEM, AY 2022 – 2023
EXAM

_ BAC 101 – MICROECONOMICS________

(Course Code & Title)
Student’s Name: _________________________Section: BSBA 101 Rating: ______
Instructor’s Name: __Salvador P. Serviño_________ Permit #: ________Room: Online
Date Taken: ____12-15 -22___Duration of the Examination: _1__Hours___30__Minutes

Section 1. – Enumerate and define (25 points)

Directions: Answers should be in a vertical order for easy checking.
1. Classifications of Economic Systems (9)
2. Factors of Production and payments (8)
3. Factors affecting demand (4)
4. Steps in formulating policy (3)

Section 2. – Definitions (2 points each = 40 points)

Directions: Answers should be in your own words.
1. Economics Defined
2. Microeconomics
3. Macroeconomics
4. Empirical economics
5. Opportunity cost
6. Barter economy
7. Policy
8. Cost-benefit or economic perspective
9. Law of demand
10. The law of supply
11. Gross Domestic Products (GDP)
12. GDP per capita 
13. market
14. substitution effect
 15. income effect
16. equilibrium price
17. Barter economy
18. Cross elasticity of demand
19. household
20. income

Section 3 – Essay (10 points each)

Directions: Answers should be in your own words not googled or copy-pasted.
1. Discus the law of supply and demand using graphs.
2. Demonstrate using a graph the Elasticity of Demand

Prepared by: Approved by: Noted by:

Salvador P. Serviño Analyn Banaag Obra-Soriano _______________

College Faculty Administrator School Director