Colegio de Dagupan

Dagupan City
Humanities and Languages
Introduction to Economics with TAR
SEMI-FINAL EXAMINATION
GENERAL DIRECTION: Read the instructions carefully before
answering the questions. Wrong spelling is wrong and avoid
erasures.
I.

MULTIPLE CHOICE: Choose the letter of the correct answer.

1. The law penalizes fraudulent advertising, mislabeling or

misbranding of any product.
a. Act. No. 3940

b. R.A. No. 71

c. P.D. 1674

2. All articles on sale or retail shall have a price tag. This is

under _____.
a. P.D. 1572

b. P.D. 1674

c. R.A. No. 71

3. The excess of income over current disposal expenditure is

called ____.
a. savings

b. credit

c. interest

4. The means of production are owned by private individuals and

firms that produce for profit.
a. state socialism

b. market socialism c. capitalism

5. Which of the following countries is not a welfare state?

a. Sweden

b. Hungary

c. Great Britain

6. Payment for the use of a factory or building plus the land on

which it stands.
a. economic rent

b. commercial rent

c. rent

7. Capital which can be used once.

a. fixed

b. special

c. circulating

8. It does not require skills or training to perform the job,

only physical strength and common sense.
a. skilled

b. semi-skilled

c. unskilled

9. Interest charged by the owner of the capital who is willing

and able to use the same in his business.
a. explicit

b. imputed

c. gross

10. A temporary refusal to work by majority of the employees as

a result of industrial dispute.
a. collective bargaining b. strike

c. lock out

11. The total market value of all final goods and services
productions during a year regardless of where the output is
produced.
a. GNP

b. per capita

c. GDP

12. GNP= C+I+G+ net export, C refers to ___.

a. consumers expenditures

b. consumption expenditures

c. customers expenditures
13. The proportion of the measured labor force that is not
employed.
a. underemployed

b. unemployed

c. brain drain

14. The IMF was established on ____.

a. December 25, 1945

b. December 27, 1954

c. December 27, 1945

15. The law created the Central Bank of the Philippines.

a. RA 7156

b. RA 7653

c. RA 265

16. The law that sets a price ceiling on prime commodities.

a. PD 1674

b. PD 1572

c. RA 71

17. All sales promotion campaign must have a definite period.

This is also known as ___.
a. Dep. Admin. Order No.4

b. Act 3940

c. PD 1674

18. This law created the Bangko Sentral ng Pilipinas.

a. RA 7652

b. RA 7563

c. RA 7653

19. Market socialism is also known as ____.

a. authoritarian socialism

b. regulated market economy

c. free enterprise
20. Capital which can be utilized in various purposes without
incurring additional expenses on the part of the owner.
a. free

b. fixed

c. circulating

II. IDENTIFICATION. Identify what is being asked in the following

questions.
1. Electricians, machinists, plumbers are examples of what type
of physical labor?
2. It is also known as land rent.
3. Ordinary interest paid on loans.
4. The method used by labor unions in presenting their demands
to their employers.
5. The process of hearing and settling a dispute between the
two parties by the decision of a third party known as the
labor arbiter.
6. The estimated income of a person in a year.
7. It is a way of computing national income by adding up the
peso value at current market prices of all financial goods
and services.
8. The situation wherein there is a sustained rise in the
weighted average of all prices and not just a one-time
increase.
9. The basic means of production are owned and operated by the
government except family farms, service businesses and small
production enterprises.
10.
The means of production are predominantly in private
hands except for few basic industries.

III.TRUE OR FALSE. Write trulalu if the statement is true and

eklavu if is contrary to facts and well-established rules and
principles in economics.(X2)

1. Government in welfare states is democratically elected.

2. Capital can be accumulated through savings.
3. The income of the underground economy is included in the GDP
but not in the GNP.
4. GNP is an accurate indicator of economic development.
5. Consumption habits vary and men have different set of needs
thus equitable allocation of resources is possible.
IV. ENUMERATION. Enumerate the following.
1-7. G7
8-10. Characteristics of land as a factor of production
11-14. Sections of Macroeconomics
15-16. Types of labor
17-20. Give at least consumers rights

Prepared by:
IBAAN, Jocelyn C.