Econ 1 - 1 Exercise On Chapter One Name: - Score: - Subject & Section: - Date
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nilo biaEcon 1 - 1 Exercise On Chapter One Name: - Score: - Subject & Section: - Date
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nilo biaECON 1 – 1
EXERCISE ON CHAPTER ONE
Name: _________________________________________________ Score: _______________
Subject & Section: _______________________________________ Date: ________________
Economic Systems:
Indicate which type of economy (Traditional, Command, Market, Mixed) is used by the following
countries.
_______________ 1. South Korea
_______________ 2. China
_______________ 3. Singapore
_______________ 4. Mongolia
_______________ 5. Hongkong
_______________ 6. Cuba
_______________ 7. United States of America
_______________ 8. Japan
_______________ 9. Afghanistan
_______________ 10. Sweden
Normative and Positive Economics:
Classify the following statements as either Normative or positive Economics.
__________ 1. A decline in income will lead to an increase in demand for generic brands of
supermarket food.
__________ 2. Pollution is the greatest economic problem.
__________ 3. If the government will increase the tax on liquors and wines, this will lead to a fall in
profit for the industry manufacturers.
__________ 4. Unemployment is more serious an economic problem than inflation.
__________ 5. Reduction in income tax will give the unemployed increased incentive to seek jobs.
__________ 6. The government is doing right to introduce a ban on smoking in public places.
__________ 7. The government should increase the minimum wage by 300% to reduce poverty.
__________ 8. Higher interest rates on loans will reduce debts.
__________ 9. Lower interest rates on savings will reduce deposits.
__________ 10. The retirement age among Filipinos should be raised to 70 to resolved ageing of
population.
Factors of Production/Economic Resources:
Indicate what kind of economic resources (Land, Labor, Capital, Entrepreneur) are the following:
_______________ 1. Management Resource
_______________ 2. Air
_______________ 3. Financial Resources
_______________ 4. Assets
_______________ 5. Animals
_______________ 6. Plants
_______________ 7. Human Resources
_______________ 8. Machine operator
_______________ 9. Natural Resources
_______________ 10. Risks taker
