NAME:________________________________________ SECTION: _____________________________________

DATE: __________ SCORE: ________

Genius is nothing but a greater aptitude for patience. -Benjamin Franklin

GENERAL INSTRUCTIONS : Read the instructions and each item carefully before answering. Erasures are not allowed. I. IDENTIFICATION. Identify what is being described. (10pts) _______________________________ 1. Refers to the economically active population of a country. _______________________________ 2. Number one Disciple group in the Philippines when it comes to college courses. _______________________________ 3. All employed persons who express the desire to have additional hours of work in their present job or an additional job. _______________________________ 4. Energy we get from the heat of the earth. _______________________________ 5. Used to test hypothesis regarding the relationship among economic variables. _______________________________ 6. These are produced goods that are used to factor inputs for further production. _______________________________ 7. The ability to read and write a simple message in any dialect. _______________________________ 8. Knowledge and skills embodied in a country's labour force. _______________________________ 9. Region in the Philippines with the lowest population density. _______________________________ 10. Considered to be the most important resource of a country. _______________________________ 11. Refers to the population per square kilometre. _______________________________ 12. The chronicler of the Magellan expedition. _______________________________ 13. It was the only centre of commerce in the Philippines until it expanded to the south. _______________________________ 14. It is the allocation of the total product among members of society. _______________________________ 15. The ultimate end of economic activity. II-A. TRUE OR FALSE. Write MAVERICKS if only the first sentence is correct, write HEAT if only the second statement is correct, write CELTICS if only the 3rd statement is correct, write LAKERS if all statements are correct, and write BULLS if no statement is correct. (20pts) ___________________1. Economics is the systematic study of how man uses the resources available to him to satisfy his needs. Economics can't be used to explain why some countries fare better than others. The term Economics comes from the Latin word oikonomia. ___________________2. The sciences can be divided into two: natural and physical. The study of economics can be divided into two: macroeconomics and microeconomics. Economics is a natural science dealing with resources, wants, and needs. ___________________3. Microeconomics looks at economy in the household level. Microeconomics looks at economy as a whole. Economics doesn't look at the age, education, and religion factors of society. ___________________ 4. Ethics is the study of how people act and how they learn. History is important in economy because it looks at the understanding of ancient fossils. Sociology helps economists by providing them the knowledge on ancient economic data. ___________________ 5. Upward-sloping curves have negative slopes. Downward-sloping curves have positive slopes. The study of economy involve the use of mathematics. ___________________ 6. Natural resources can be classified into 3 different groups. A rice field can be classified as alienable land. DENR is the primary government agency which takes care of the country's natural resources. ___________________7. The Philippines consists of 7,107 islands. There are more alienable lands than forest lands in the Philippines. The region in the Philippines with the largest percentage of forest land is CAR. ___________________ 8. Inland water resources in the Philippines comprise about 200,000 hectares of lakes. 2,157 types of fish are found in the Philippine waters. About 5% of the labour force of the Philippines is involved in the fishing industry.

___________________9. The mining industry does not contribute to the foreign exchange reserves of the country. Mining operations seldom affect the revenue of the government. The Philippines is one of the leading producers of gold in the world. ___________________10. A country will be able to log indefinitely if people will cut faster than the forest can regenerate. Renewable resources are those which can be regenerated after a few years. Oil is considered as a renewable resource. II-B. Write TRUE if the statement is correct. If it is not, change the underlined word to make it true. (5pts) ___________________1. Knowledge and skills of workers is more important than the number r of workers in determining economic performance. ___________________ 2. A large labour force does not guarantee a high level of production. ___________________ 3. A high level of human capital means that each person in the working age bracket must support a large number of persons in the dependent age bracket. ___________________ 4. The primary purpose of in constructing a graph is to present economic information clearly illustrate the relationship among economic variables. ___________________ 5. The factor of production that refers to the time and human effort exerted in the process of production is capital.

III. Identify what is being described by re-arranging the letters in the parenthesis. _________________________________ 1. Considered to be one of the most expensive shells in the world. (LYORG FO HTE ESA) _________________________________ 2. One of the world's largest eagles which lives in the Philippine rainforests. (KMYNOE GEIANT AELEG) _________________________________ 3. World's smallest commercial fish. (RINSANAPA) _________________________________ 4. World's tiniest shell. (DPIMIUS) _________________________________ 5. Smallest bat in the world which is found in the country. (HPNIEIPLIP MBAOBO ATB) _________________________________ 6. One of the world's largest shell. (CTNIDARA SIGGA)

IV. Compute what is being asked. Show your solutions and box your answers. (10 pts) Given that there are 35,550,000 Filipinos employed while 25,050,000 are unemployed. Find: a. number of Filipinos in the labour force b. employment rate c. unemployment rate