SIENA COLLEGE OF SAN JOSE

City of San Jose Del Monte, Bulacan

Economics with LRT

Prelim Exam (1st Sem)

NAME: _________________________________________________________________________ DATE: ___________

COURSE: ____________________ __________________________________Instructor: DEXTER P.ALCANTARA, MBA

READ & FOLLOW the instructions carefully. Write legibly. Any forms of ERASURES, SUPER-IMPOSITION of words renders
an answer INCORRECT.

I. Identification.

_________________________1. It is the value of a good in terms of money.

_________________________2. Is a set of economic institutions that dominates a given economy?
__________________________3. It is a small group of people who control and run a particular country or
organization.
__________________________4. It is an economic system in which the factors of production and
distribution are owned and managed by the state.
__________________________5. It Is an economic system in which the factors of production and distribution are
owned and managed by private individuals or corporations.
__________________________6. is the schedule of various quantities of commodities which buyers are willing and
able to purchase at a given price, time and place.

__________________________ 7. is the branch of social science that deals with the production and distribution and
consumption of goods and services and their management.

__________________________8. is that branch of economics that deals with the economic behavior of the whole
economy such as government, business.
__________________________9. It is an economic system in which the major industries are owned and managed
by the state while the minor industries belong to the private sector.
__________________________10. It is a mechanism through which buyers(demand/consumers) and sellers
(supply/firms) set prices and exchange goods and services.
.
II .Multiple Choice. Letter answer on the space provided. NO ERASURES.

_______1. Which of following is not an economic system?

a. Federalism b. Communism c. Socialism d. Capitalism
_______2. Which of following is not a description of capitalism?
a. Market economy b. Command economy c. Free-enterprise d. Laissez Faire
_______3. Which of following is a description of communism?
a. Market economy b. Laissez Faire c. Free-enterprise d. Command economy
_______4. Which of following is an essential characteristic of communism?
a. Private property b. Free competition c. Presence of central planning d. Profit motive
_______5. It is an economic system in which the major industries are owned and managed by the state while the minor
industries belong to the private sector.
a. Federalism b. Communism c. Socialism d. Capitalism
_______6. Which of following is an essential characteristic of capitalism?
a. Private property b. No Free competition c. Presence of central planning d. No Profit motive
______7. It is the branch of social science that deals with the production and distribution and consumption of goods and
services and their management.
a. Economics b. Macroeconomics c. Microeconomics d. Econometrics
_______8. It is that branch of economics that deals with the economic behavior of individual units such as consumers,
firms and the owners of the factors of production.
a. Economics b. Macroeconomics c. Microeconomics d. Econometrics
_______9. Which of the following is not a goal of economics?
a. Economic growth b. Economic freedom c. Economic security d. Under Employment
_______10. Which of the following is not a factor determined by demand?
a. Income b. Price expectation c. Prices of related goods d. Taste and preferences
I. Essay.

1. Discuss in your own words the relevance of an economic system in a society?

2. Discuss and explain the pros and cons of Socialism.

3. Discuss how the law of demand needs to be managed in terms of the yield of our Agricultural
crops such as fruits and vegetables.