COLUMBAN COLLEGE BASIC EDUCATION DEPARTMENT - MAIN

No. 1 Mt. Apo Street, New Asinan

2200 Olongapo City, Philippines
Tel. Nos. (047) 222-3329, 224-1581-82; Fax No. (047) 222-7782
E-Mail Address: columban_college_inc@yahoo.com
Website: www.columban.edu.ph

Grading Period : 3rd Periodical Examination Subject Teacher’s Signature : Ms. Amelia B.
Regida

Examination Date : January 18 - 19, 2018 Recommending Approval : Ms. Dolvina Abasta

Subject : ABM 12 Applied Economics Approved by : Dr. Segundo C.

Redondo Jr.

NAME :________________________________YEAR AND SECTION : __________ Score : ______/70 pts.

Test I. Test I. Picture Interpretation : ( 15 pts. )

Learning
Competencies

ABM_AE12-Ie-
h-1 to

ABM_AE12-Ie-
h-8

This photo was taken December 28, 2017 ( Plaza Miranda St. Angeles City )

Test II. Essay : How would you response to the following situations ? Reply using appropriate
business or economics usage . You can use or design charts or figure comfortably. Use the
extra sheets if necessary . Choose only one ( 20 points ).

A. Assume that your family’s budget is only P 400 a day . Figure out with the help of your
mother what it can buy. How much can you set aside for monthly rental or housing loan
ABM_AE12- repayment with the foregoing budget ? Imagine the kind of house your family can afford to
Ie-h-8 rent with the amount in the foregoing ? How would you compare this house with what you see
in the slum areas ?

B. If you were to advise President Duterte on how to cope with the issues on poverty and
unemployment to improve the lives of the Filipino people , What would you tell him and why ?

Test III. Multiple Choice. Select the best answer ( s ) . ( 40 pts. )

1.In the event of an increase in the international price of oil that encouraged the central bank to
accept lower real interest rates, inflation would most likely __________
A) fall

1
 COLUMBAN COLLEGE BASIC EDUCATION DEPARTMENT - MAIN
No. 1 Mt. Apo Street, New Asinan
2200 Olongapo City, Philippines
Tel. Nos. (047) 222-3329, 224-1581-82; Fax No. (047) 222-7782
E-Mail Address: columban_college_inc@yahoo.com
Website: www.columban.edu.ph
B) increase
C) remain the same
ABM_AE12- D) fluctuate
Ie-h-8
2.2 2.Monetarists believe that a reduction in _____________can be achieved by reducing ________
Contemporary A) unemployment, prices
Economic B) inflation, wages
Issues Facing C) unemployment, wages
the Filipino D) inflation, the quantity of nominal money
Entrepreneur
a. Investment 3. We would normally expect the size of the labor force to be __________ than the number of
and interest workers willing to accept job offers at any real wage rate
rate A) smaller
B) larger
C) the same size
ABM_AE12- D). extra large
Ie-h 6 Labor 4.What is the measure of how consumers react to a change in price ?
migration and A) Equilibrium price
the Overseas B) scarcity
Filipino C) elasticity
Worker (OFW) D) Marginal

5. What is an economic system that relies on habit, custom, or ritual to decide questions of
production and consumption of goods and services
A) Traditional system
B) capitalism
ABM AE12-Ia- C) socialism
d-1-3 D) barter system
6. When a consumer buys a car from a dealership, this is an example of what?
Revisiting Microeconomics Macroeconomics Home Economics
Economics as A) Traditional system
a social B) capitalism
science 1.2 C) socialism
Economics as D) barter system
an applied
7.What is the point at which the quantity demanded and the quantity supplied are equal
called?
Efficiency Equilibrium price Production possibilites Elasticity
A). efficiency
ABM AE12-Ia- B).equilibrium price
e-5- 6 C).production possibilities
D). elasticity
Prices of basic
commodities 8.What are two goods that are bought and used together? 
b. Labor A).complementary goods
supply B).market system
C).monopolistic competition
ABM AE12-Ia- D).efficiency
d-1-3

Revisiting
Economics as
a social
science 1.2
2
 COLUMBAN COLLEGE BASIC EDUCATION DEPARTMENT - MAIN
No. 1 Mt. Apo Street, New Asinan
2200 Olongapo City, Philippines
Tel. Nos. (047) 222-3329, 224-1581-82; Fax No. (047) 222-7782
E-Mail Address: columban_college_inc@yahoo.com
Website: www.columban.edu.ph
Economics as 9. KIA Manufacturing Company is well know manufacturer of automobiles. The machines and
an applied robots at the KIA plant are an example of what .
science 1.3 A).specialization
Basic B).economic technology
economic C).capital
problems D).price of related goods

ABM_AE12- 10. What is the desire to own something have the ability and willingnes to pay for it called ?
Ie-h-5 A). demand
ABM_AE12- B). capital
Ie-h- 6 C). opportunity cost
D). allocation
Prices of
a.basic 11. What is payment made by an employer to an employee ?
commodities A). wage
b. Labor B). marginal
supply C). profit
D). interest

12. What is called when you have limited quantities of resources used to meet unlimited
wants ?
A). scarcity
B). profit
C). chattel mortgage
D). specialization

13. What is a social and political philosophy based on that belief that democratice means
should be
Used to evenly distribute wealth throughout a society .
A). capitalism
B). socialism
C). microeconomics
D). traditional system

14. What is the study of economic behavior and decision making of small units,such as
individuals,
Families and businesses called ?
A). economic statistics
B). economics
C). microeconomics
D). macroeconomics
15. What is the concentration of the productive efforts of individuals and firms on a limited
number of
Activities ?
A). free enterprise
B). socialism
C). factor of production
D). specialization

16. What is an economic or productive factor required to accomplish an actiivity ?

A). wage
B). resources
C). specialization
3
 COLUMBAN COLLEGE BASIC EDUCATION DEPARTMENT - MAIN
No. 1 Mt. Apo Street, New Asinan
2200 Olongapo City, Philippines
Tel. Nos. (047) 222-3329, 224-1581-82; Fax No. (047) 222-7782
E-Mail Address: columban_college_inc@yahoo.com
Website: www.columban.edu.ph
ABM_AE12-Ie- D). traditional system
h- 5
17. The best definition for T.R.A.I.N. Law , R stands for ?
Contemporary A). Recollection
Economic B). Resources
Issues Facing C). Ratification
the Filipino D). Reform
Entrepreneur 18. In currency exchange BND means ?
a. Investment A). Better Not Die
and interest B). Brunei Dollars
rate b. C). Bury and Die Later
Rentals c. D). Bangladesh dinar
Minimum 19. In currency exchange QR means ?
wage d. Taxes A). Quality resources
B). Quantitative resources
C). Question And Repeat
D).
20. Labor means
A). wage
B). resources
C). specialization
D). traditional system

GOOD LUCK and GOD BLESS!!! 