SECOND QUARTER EXAMINATION

ECONOMICS – HIGH SCHOOL 1/2

Name : ____________________________________________ Score : _________________

Teacher : Mrs. Armelou Magsipoc Date : _________________

I. Choose the letter of the best answer.

1. Quantity of a commodity in the market that an individual wants to purchase in a given
period of time.

a. supply c. demand
b. market d. equilibrium

2. An increase in demand is shown when the demand curve _______________.

a. shifts to the right c. shifts to the left

b. does not change d. none of the above

3. A decrease in demand is shown when the demand curve ________________ .

a. shifts to the right c. shifts to the left
b. does not change d. none of the above

4. The law of demand states that as price decreases, quantity demanded __________ .

a. supply c. demand
b. market d. equilibrium

5. Quantity demanded will decrease if the price of a good or service _____________.

a. supply c. demand
b. market d. equilibrium

6. A shift of the demand curve happens when there is a change in _______________ .

a. income c. price of related goods

b. taste d. all of the above
7. As the price of ice cream increases, the demand for ice cream cone _______________ .

a. increases c. decreases
b. does not change d. none of the above

8. If the price of sampaloc used for sinigang goes up, the demand for kamias will _____.

a. increases c. decreases
b. does not change d. none of the above

9. The demand for a currently available cellular phone model will _____________ if a new
model is about to come out.

a. not change c. increases

b. decreases d. none of the above

10. Because you are expecting to receive a higher salary next month, your consumption of
goods and services today will ___________ .

a. not change c. increases

b. decreases d. none of the above
II. Draw if the demand will increase and if the demand will decrease.
1. Francis lost his job. _______
2. Mussels coming from Cavite are affected by red tide. ________
3. The price of substitute goods decreased. ________
4. Mayet will receive her 13th month pay soon. ________
5. As a result of a completion of a new condominium, the number of residents of Barangay
Maybunga increased. _______

III. Define the following concepts using your own words. (3pts each)

1. Supply __________________________________________________________________
__________________________________________________________________

2. Equilibrium ____________________________________________________________
____________________________________________________________

3. Law of Demand ____________________________________________________________

____________________________________________________________

4. Law of Supply ____________________________________________________________

____________________________________________________________

IV. Examine the graph and answer the questions that follow.

PRICE

QUANTITY
1. At Php 40 , quantity demanded is ___________________ .
2. At Php 70, quantity supplied is _____________________ .
3. The equilibrium price is ________________ .
4. The equilibrium quantity is _____________ .
5. If the price floor is set at Php 70, the supply is _______________ .
6. At Php 80, excess supply is _____________________ .
7. If the price ceiling is set at Php 20, the shortage is __________.
8. At the price of ______________ , quantity demanded is 50.
9. At Php 50, quantity supplied is ___________ and quantity demanded is ___________.
10. At Php 50, quantity supplied is ___________ and quantity demanded is __________ .