3rd Colegio de Naic Quarter Exam in APPLIED ECO GRADE 12 Name ___________________________________ Teacher: Mr. Arjay Perez Date ________________________ Score ________________________ I. Identify what is being asked. _________________________ 1. promotion of goods and services that are available for retail sale _________________________ 2. business activity associated with the sale of goods to the ultimate customer _________________________ 3. establishments typically concentrate on selling a single type or very limited range of merchandise _________________________ 4. comprised of a series of departments, each of which specializes in selling a particular grouping of products _________________________ 5. primarily involved in providing food to consumers _________________________ 6. retail outlet that sells a limited range of prepared and ready-to-eat food, bottled and fountain beverages, household staples, tobacco products, and periodicals _________________________ 7. provides professional support to its clients _________________________ 8. support the daily operation and activity of any business _________________________ 9. engaged in commercial activities which intended for individual needs _________________________ 10. linked to public services _________________________ 11. product that is sold to the global market _________________________ 12. product that is bought from the global market _________________________ 13. refers to the ability of the economy to produce goods and services at a lower opportunity cost compared to trade partners _________________________ 14. exchange of goods and services between countries _________________________ 15. allows rich countries to use their resources, whether labor,technology, or capital, more efficiently II. Write the letter of the correct answer on the space provided for. __________ 1. It is a business activity associated with the sale of goods to the ultimate customer. A. Merchandise C. Retail Trade B. Manufacturing D. Service Trade __________ 2. It is the promotion of goods and services that are available for retail sale. A. Merchandising C. Servicing B. Manufacturing D. Trading __________ 3. Below are the examples of retail trade business, EXCEPT. A. Online Store C. Motorcycle Trade B. Sari-Sari Store D. None of the above __________ 4. These are business firms engaged in offering goods and services directly to consumers. A. Service business C. Manufacturing business B. Retail business D. None of the above __________ 5. How many retail businesses were established and registered in 2017? A. 101,136 C. 123,487 B. 115,998 D. None of the above __________ 6. It refers to the ability of the economy to produce goods and services at a lower opportunity cost compared to trade partners. A. Opportunity Cost C. Economies of Scale B. Comparative Advantage D. International Trade __________ 7. It is the exchange of goods and services between countries. A. Comparative Advantage C. International Trade B. Economies of Scale D. Opportunity Cost __________ 8. He popularized the law of comparative advantage. A. Adam Smith C. Thomas Malthus B. Leonel Robbins D. David Ricardo __________ 9. The top gainer in the Philippine Exports in June 2020. A. Metal Components C. Chemical B. Mineral D. Coconut Oil __________ 10. The top gainer in the Philippine Imports in June 2020. A. Cereals C. Food and Live Animals B. Transport Equipment D. Mineral Fuels III. Write T if the statement is correct and F if it is not on the space provided for. ____________ 1. Social services include services in the sector of education, sanitation, medical facilities, housing, etc. ____________ 2. Service businesses are also known as tertiary industry or sector. ____________ 3. A total of 6,663 establishments in the formal sector of the economy were engaged in human health and social work activities in 2016. ____________ 4. Personal services include catering, hotel and accommodation, medicine, beauty clinic and spa, and any kind of artistic endeavor. ____________ 5. A service business is a company that provides merchandise to its customers. ____________ 6. Retail trade is the business activity associated with the sale of goods to the ultimate customer. ____________ 7. Retail enterprises can be either independently owned and operated or part of a "chain". ____________ 8. From an economic perspective, service businesses are also known as tertiary industry or sector. ____________ 9. International trade is the key to the rise of the global economy where supply and demand, and so with the prices, are affected by global events. ____________ 10. If a country cannot efficiently produce a good, it can obtain it by trading with another country that can produce more. IV. Enumerate the following 1-4. Four Typical Types of Retail Trade Business 5-7. Three Types of Business Services 8-12. Five effects of the global pandemic on the international trade and economic performance of the country 13-20. Name atleast 8 service business that operates in our municipality V. Answer the following questions comprehensively. ( 5 pts each ) 1. What is international trade? __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ 2. What is the importance of international trade on the economy? __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________
