Name: ________________________ Score: _____________

Grade Level: ___________________ Date: ______________

FINAL EXAM
Applied Economics
Prepared by: Efren Saycon

I. Multiple Choice: Underline your chosen answer in each item.

1. If buyers and sellers of a commodity are confined to certain region as province, it is ( a. Local Market
b. Regional market c. International market d. Short period market)

2. ( a. General market b. Specialized market c. Regional market d. International market) when

different types of products are transacted at the same time in a market, it is called?

3. Type of market that needs not show the whole of their product as they only send samples through
their agents. (a. General market b. Specialized market c. Long period market d. Marketing by
samples)

4. Type of market that production are exchange. (a. Stock market b. Bullion market c. Product market
d. Illegal market)

5. Type of market when buyers and sellers are spread across the geographical boundary of a nation.
(a. Local market b. National market c. Long period market d. International market)

6. Type of market when only one product or any special product is transacted in the market. (a. General
market b. Marketing by grading c. Specialized market d. Stock market)

7. (a. Bullion market b. Stock market c. Product market d. Illegal market) stock and shares, bonds
are bought and sold in this type of market.

8. (a. Short period b. Very short period market c. Long period market d. Very long period market)
supply of product in this market can be increased but we cannot make any change in production plant
according to changed demand.

9. Type of market when goods are transacted in market under certain rules and norms.
(a. Product market b. Bullion market c. Illegal market d. Legal market)

10. Type of market when product is first graded according to its quality and when put forth for selling.
(a. Marketing by samples b. Marketing by grading c. Product market d. General market)

II. True or False: Write “T” if the statement is true and “F” if it is false. Then write a brief explanation
after the statement if your answer is F just to stand your answer. (2 points each)

______1. Effects of migration for sending countries may experience both gains and losses in the long
term but may stand to gain over the short term.

______2. Fluctuation in exchange rate decreases our exports competitiveness.

______3. Fluctuation in exchange rate reduces imports.

______4. Effect of oil increase may affect the prices of goods made with petroleum products.

______5. With the increase rates of unemployment other economy factors are significantly affected
such as the income per person.

______6. The increase of unemployment, the government and the nation will celebrate.

______7. Countries that have no peace and order have good communities and economic development.

______8. Seek information is the first step in decision making process of a manager.
______9. Feasibility study is a business planning tool that consists of assessing the strengths and
weaknesses of a business.

______10. A cost benefit tool is a common type of strategic decision making tool that consists of
assessing the cost and potential benefits.

III. Identification: Identify the correct answer in each given statement.

__________1. It is a market structure in which there is only a single seller of the product.
__________2. It is a market structure that midway between perfect competition and monopoly.
__________3. It is a market structure in which there are few seller of a product selling identical or
differentiated products.
__________4. A place where there are many buyers and sellers.
__________5. It is a market structure where there are large numbers of sellers and buyers.
__________6. It is therefore understood as those characteristics of a market that influence the behavior
and result of the firms working in that market.
__________7.It is the permanent movement of persons from one geographical location or region to
another.
__________8. It is a phenomenon that occurs when a person who is actively searching for employment
is unable to find work.
_________9. It is the increase or decrease in the value of currency as against the other currency at
international level.
_________10. It is the process of creating a mission, objectives and then creating and implementing
strategies to fulfill the mission and work toward objectives.

IV. Enumeration: Give your answers in each item question.

A. What are the steps in the decision-making process of a manager? ( In order)

1.
2.
3.
4.
5.
6.

B. Give the decision-making tools and techniques for strategic planning.

7.
8.
9.
10.