Matariah Adventist Learning Center

1st Semester Final Exam

Commerce – Senior 3-Art

Academic Year: 2023 – 2024
Teacher: Angela Zarsuri
Full name: ____________________________________________________________________________________________
ID number: _________________________________________________________ Date: _____________________________
Score: ____________

Choose the correct answer (alternative question)

1. The main branches of commerce are: (1 point)
a) Buying, selling and aids to trade b) Home trade and foreign trade
c) Production and exchange d) Production and consumption
2. Differentiate between the following as used in commerce: (3 points)
a) Free goods and economics goods
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b) Producer goods and consumer goods

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c) Private goods and free goods

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3. The provision of services falls under the production is called: (1 point)
a) Primary b) Secondary
c) Commercial d) Tertially
4. The main advantage of specialization is that it: (1 point)
a) Leads to production of more goods b) Promotes development of skills and knowledge
c) Saves times d) Allows constant use of machinery
5. Which of the following factors of production earns profits? (1 point)
a) Entrepreneur b) Labour
c) Capital d) Land
6. Interest is the payment/reward for the services of? (1 point)
a) Entrepreneur b) Capital
c) Land d) Labour
7. The demand for goods and services is determined by the following factors except the: (1 point)
a) Level of technology b) Level of income
c) Prices of other goods d) Tastes of consumers
8. Demand can be defined as the quantity of goods and services that: ( 1 point)
a) Satisfy human wants b) Are desired by consumers
c) Consumers are willing to buy at a given d) Are brought to the market at a given price
price
9. Land as a factor of production is rewarded: (1 point)
a) Rent b) interest
c) Profit d) Wages
10. Specialization is most desired because it: (1 point)
a) Bring about goods and services b) Earns profits to the producer
c) Encourages mass production within a d) Shortens the training period of the work
short time
11. Which of the following may not influence a consumer’s decision to buy a given commodity?
(1 point)
a) Income of the seller b) Tastes and preferences
c) Prices of the commodity d) Income of the sellers

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12. Define the term exchange: (2 point)

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13. Suppose we have the following market supply and demand schedules for bicycles: (3 points)

Quantity Quantity
Price
Demanded Supplied
100 70 30
200 60 40
300 50 50
400 40 60
500 30 70
600 20 80

a) Plot the supply curve and the demand curve for bicycles in Exhibit 1

Price

Quantity

b) What is the equilibrium price and equilibrium quantity of bicycle?