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I. Identification. Write the word or words best describe the sentence.
1. This Greek word means household or one who manages household.
2. He was the British economist who wrote the book, The General Theory of Employment, Interest
and Money.
3. He was the Scottish moral philosopher and the pioneer of political economy who popularized the
economic concept of “invisible hand”
4. This refers to the limited nature of society’s resources.
5. They are the ones that produce goods and services using inputs, such as labor, land and capital.
6. This refers to the Latin phrase which literally means, “all other things being equal”.
7. This answers the question, “how much is the wanted product or service?”
8. This refers to the study of how societies use scarce resources to produce valuable commodities
and distribute them among different people with various needs.
9. This refers to a visual model of the economy that shows how money flows through markers
among household firms.
10. They are the ones who own the factors of production and consume all the goods and services
that firms produce.
11. This refers to the extent to which goods and services are preferred by consumers.
12. This refers to the increment in the utility or the added satisfaction upon consuming another
amount of the same good.
13. This law states that we will get less extra output when we add additional doses of an input while
holding other inputs fixed.
14. This form of market structure exists when a single firm is the sole producer of a product for
which there are no close substitutes.
15. This refers to an agreement in which two or more persons combine their resources in a business
with a view to make a profit.
16. This measure to the total market value of all final goods and services produced by permanent
residents of a nation within a given period of time.
17. Under this phase of business cycle, employees prefer to set aside some wages and reduce their
consumption.
18. This refers to the lower turning point of a business cycle, where a contraction turns into an
expansion.
19. This refers to a speed-up in the pace of economic activity.
20. This refers to a fall in the general level of prices.
II. Modified True or false. Write TRUE if the statement is correct and write the
word/s that would make the sentence correct.
1. Perfect competition is rare in the real world, but the model is important because it helps analyse
industries with characteristics similar to pure competition.
2. Stock refers to the share of ownership in a corporation.
3. Voluntary unemployment occurs when workers are moving between jobs, careers and locations.
4. In limited partnership. All member share the management of the business and each is personally
liable for the debts and obligations of the business.
5. Invisible underemployed workers are those who work for less than 40 hours a week
6. Net Exports refer to the income of OFWs less income of Transnational Corporations.
7. Mixed Income refers to the combination of wages, salaries, and profits of the self-employed
individuals.
8. Money refers to anything that serves as a commonly accepted medium of exchange or means of
payment.
9. Fiscal policy pertains to the control over the money supply in the circulation.
10. According to the acceleration principle, the stock of capital depends on the level of income or
production.
11. Exports refer to goods and services that are produced abroad and sold domestically.
12. A charge is an involuntary fee levied on corporations or individuals that is enforced by a level of
government in order to finance government activities.

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13. Land reform refers to any effort, on the part of the government, to solve the problems of low
productivity, landless tenants and poverty among the tillers of the soil
14. Land distribution refers to the program of granting certificates of titles to farmer for the land they
are tilling.
15. Agrarian reform program is designed to bring about improvements in all the institutions
surrounding farm life and other group measures necessary to make the work of the tenant, farm
worker and owner-cultivator a success.
III. Enumeration
Enumerate what is being asked by the following statements.
1. Give the five (5) determinants of demand
2. Give the five (5) determinants of supply
3. Give the five (5) advantages of corporations
4. Give the five (5) factors that should be considered in computing GNP under the expenditure
approach.
IV. Essay. Answer the question/statement in not more than 5 sentences.
1. Define and discuss the concepts of globalization and free market policy.
2. Discuss the main functions of taxation.
3. Differentiate land reform from agrarian reform.

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I. Identification. Write the word or words best describe the sentence. 1. This Greek word means household or one who manages household. 2. He was the British economist who wrote the book, The General Theory of Employment, Interest and Money. 3. He was the Scottish moral philosopher and the pioneer of political economy who popularized the economic concept of “invisible hand” 4. This refers to the limited nature of society’s resources. 5. They are the ones that produce goods and services using inputs, such as labor, land and capital. 6. This refers to the Latin phrase which literally means, “all other things being equal”. 7. This answers the question, “how much is the wanted product or service?” 8. This refers to the study of how societies use scarce resources to produce valuable commodities and distribute them among different people with various needs. 9. This refers to a visual model of the economy that shows how money flows through markers among household firms. 10. They are the ones who own the factors of production and consume all the goods and services that firms produce. 11. This refers to the extent to which goods and services are preferred by consumers. ...
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