FINAL EXAMINATION

ECON 101: PRINCIPLES OF ECONOMICS

College of Arts and Sciences, AMA Computer Colleges Makati, Inc.
Name: Section: 25GB, 25HB 1st 2018 Score: SET A
GENERAL INSTRUCTIONS:

(1) NO Permit, NO Exam.

(2) Use a blue/black ink pen to answer; Do NOT use pencil (No erasures).
(3) Using whitener/ liquid eraser or any form of erasures is not allowed. It will be confiscated and no longer returned back.
(4) Please write ONLY your name and section here on the test questionnaire; ALL answers must be written on the ANSWER SHEET. If you put any
writings on the questionnaire you will have a deduction of 20 points in your score.
(5) The use of mobile phones is strictly prohibited.
(6) Any form of communication, verbal or nonverbal, will be considered cheating. Cheating is equivalent to ZERO.
(7) For any question, concern, or problem, asks the proctor and NOT your classmate.

TEST I. IDENTIFICATION. Analyze the statement and write the correct answer. 10 pts.
1. Refers to the nature and degree of competition in the market for goods and services.
2. It is a market form in which a single firm controls the supply if singles commodity which has no close
substitutes.
3. The term “oligoi” means _______.
4. The term “pollein” means ______.
5. It is the study of particular markets, and segments of the economy.
6. The term “micros” means______.
7. The term “macros” means ______.
8. It is a part of income that spent on good and services yielding direct satisfaction.
9. Refers to the amount that households and business spend on items that are used to make more goods
and services or capital goods.
10. It deals with the performance, structure and behavior of the entire community, of a nation, a region, or
entire world.

I. MULTIPLE CHOICE. Choose the best answer. 20 pts.

1. It refers to a set of conditions in which buyers and sellers meet each other for the purposes of exchange.
a. market structure b. market c. economics d. Unlimited wants

2. It is the type of monopoly if the supply of a commodity is localized in a single place.

a. natural b. legal c. public d. private

3. It is the type of monopoly for the purpose of maximizing profits. Owned by individuals or organizations and
classified as simple and discriminating.

a. natural b. legal c. public d. private

4. Refers to the market situation with a relatively large number of sellers offering similar but not identical
products and not perfect substitutes.

a. Monopoly b. monopolistic competition c. assumptions of monopoly

5. It a market situation with few enough sellers of homogeneous products.
a. oligopoly b. perfect oligopoly c. partial oligopoly d. full oligopoly

6. Refers to the inherent power of the government, exercised through legislature, to impose burdens upon the
subject and objects.
a. taxation b. tax c. tax evasion d. tax avoidance

7. Refers to the taxpayer of illegal means to reduce tax payment and punishable by law.
a. taxation b. delinquent tax payer c. tax evasion d. tax avoidance

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8. An agrarian reform as “the redistribution of lands, regardless of crops or fruits produced, to farmers and
regular farm workers who are landless”.
a. R.A. No. 6657 b. R.A. No. 6667 c. R.A. No. 5766 d. R.A. No. 6656

9. It us an autonomous and duly registered association of persons, with a common bond of interest, who have
voluntarily joined together to achieve their social, economic and cultural needs.
a. service cooperative b. cooperative c. consumer cooperative d. credit cooperative

10. It is a tool to investigate “cause and effect” relationship.

a. economics b. economic cycle c. economic model d. economic theory

11. Father of Economics.

a. William Smith b. William Fajardo c. Adam Smith d. Adam Fajardo

12. It occurs in regular patterns, usually on an annual basis, and caused by predictable changes in demand.
a. structural unemployment b. seasonal unemployment c. frictional unemployment

13. Refers to temporary unemployment associated with adjustments in a changing dynamics.

a. structural unemployment b. seasonal unemployment c. frictional unemployment

14. Refers to unemployment that occurs when workers are not qualified for the jobs that are available.
a. structural unemployment b. seasonal unemployment c. frictional unemployment

15. Which is NOT belong?

a. factor market b. businesses c. factor market d. households e. financial market

16. Which is NOT belong?

a. Land b. Labor c. Capital d. Food

17 Economics deals with people

a. Correct b. Incorrect c. Maybe d. Not at all

Complete the following ACRONYMS.

18. MDG’s
19. CARL
20. DOF

TEST III. ENUMERATION. 10 pts.

1-4) 4 Examples of Excise tax
5-7) 3 Primary Types of Taxation
8-10) 3 Aspects of Agrarian Reform

Prepared by: Verified by: Noted by:

PROF. LORNA T. TRINIDAD ENGR. EMMANUEL P. TRINIDAD

Instructor OIC- Academic Dean

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FINAL KEY ANSWER IN ECON 101
40pts

TEST 1. (10 pts)

1. Market structure
2. Monopoly
3. Few
4. To sell
5. Microeconomics
6. Small
7. Large
8. Consumption
9. Investment
10. Macroeconomics

TEST II. CHOOSE THE CORRECT ANSWER. 20 pts.

1. A
2. B
3. D
4. B
5. A
6. A
7. C
8. A
9. B
10. C
11. C
12. B
13. C
14. A
15. E
16. D
17. B
18. MDG’s – millennium development goals
19. Comprehensive Agrarian Reforms
20. DOF – Department of Finance

TEST 111. Enumeration. 10 pts.

1-4. Example of excise tax

1. Income tax
2. vat
3. estate tax
4. donor ‘s tax
5-7. Primary types of taxation
5. individual income tax
6. Passive income
7. Corporation tax
8-10. Aspects of agrarian Reforms
8. Economic aspect
9. Socio-cultural aspect
10. Religious and moral, legal, political,