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Salunayan High School

Salunayan, Midsayap, Cotabato

December 06, 2018
I. Classify the following topics. Write MIC if it falls under Microeconomics; MAC, if it
falls under Macroeconomics.
_______1. The inflation rate in the Philippines in the last quarter of 2013 was
_______2. A P340-billion deficit in the Philippine budget is expected in the
years 2015.
_______3. Prices of Toyota vehicles are predicted to go up in December.
_______4.Garlic prices in the past months have risen because producers
hoarded their supplies in their bodegas.
_______5. Unemployment rate has dropped because of the increase in the
number of OFW’s.
_______6. In the past year, Coca Cola was named the fastest selling product in
the market.
_______7. Rental on land could not be increased by landowners because of
the Rent Control Law.
_______8. Prices of apples and grapes tend to increase during the Christmas
_______9. The Philippine economy grew at the rate of 5.8% in 2013.
_______10. Philippine congress passed the Value Added Tax Law to
strengthen the Philippine tax system.
II. Describe the type of economic system characterized in each of the following
_______________11. Prices are based on demand and supply.
_______________12. The government decides on what goods should be produced.
_______________13. Ancient methods are used in deciding what goods to produce.
_______________14. People enjoy freedom of choice in arriving at decisions on what
to buy.
_______________15. People have no freedom of choice in arriving at decisions on
what to buy.
_______________16. Economy is stagnant, making use of practices in the older
_______________17. Economy is backward because no new technology or
production methods are introduced.
_______________18. It is the most democratic form of economic system.
_______________19. People’s preference is reflected in the prices they are willing to
pay in the market.
_______________20. It exist in primitive and backward civilizations.
III. Identify which resource is referred to by the following words.
__________________21. Entertainers
__________________22. Minerals
__________________23. Forests
__________________24. Marine resources
__________________25. Teachers
__________________26. Technology
__________________27. Production equipment
__________________28. Engineers
__________________29. Call center agents
__________________30. Business proprietor
1. Why economics is deeply rooted in the concept of scarcity?
2. In what way is applied economics important in tackling economic issues or
problems of the country?