SUBJECT APPLIED ECONOMICS
NAME
(Surname, First Name, MI)
SECTION
SUMMATIVE TEST
Multiple Choice. Direction: Choose the letter of the
correct answer. Encircle your answer.
1. Which is true about Economics as a social science?
A. Scarce resources and limited needs drive
choice
B. Economics explains and predicts economic
events
C. The scientific method is based on the normative
analysis
D. Economic hypotheses lead directly to
predictions
2. Which is true on the value of an economic theory in
practice? It is determined by___________________
A. how accurate the assumptions
B. how well the theory can be represented by a
graph
C. how well the theory can predict or explain
D. how economical the model
3. Business ethics refers to any behavior by businesses
that may__________________
A. be illegal.
B. violates social or moral standards.
C. result in the maximization of profits.
D. All of the above.
4. Businesses have responded to incentives for ethical
behavior by doing. ALL except_________
A. lobbying for the abolition of laws that require
ethical behavior.
B. appointing “ethics officers” to monitor ethical
manners of employees.
C. providing training sessions in ethical behavior for
employees.
D. establishing codes of ethical behavior for
employees.
5. Which of the following is not an economic agent in
your locality?
A. Producer
B. Consumer
C. Public Sector
D. All of the above.
Picture Analysis. Direction: Do this independently. The
picture shows the different factors in the production of
goods. This will help you become creative in your
analysis on the application of resources you need in the
production of goods that are most needed in the
society. Please determine the resources and explain
the implication of it in our economy.
1st SEM QUARTER 1 WEEK 6
DATE
MRS. CHRISTINE JOY T.
TEACHER
CALUPIG
True or False. Directions: Write TRUE if the statement
is correct and FALSE if incorrect. Write your answer
before the number.
________1. The upward slope of the supply curve
illustrates the law of demand— ―higher price leads
to a higher quantity supplied, and vice versa‖
________2. The downward slope of the demand
curve illustrates the law of supply—the inverse
relationship between prices and quantity
demanded.
________3. Time is important to supply because
suppliers must react quickly to a change in
demand or price.
________4. A shift in a demand or supply curve
occurs when quantity demanded or supplied
changes even though price remains the same.
________5. The law of supply says that ―at higher
prices, sellers will supply more of economic goods.
Solving Problem and Critical Thinking Analysis
(5pts)
Directions: Before you begin writing, read the
passage carefully and plan what will you say. Your
essay should be as well organized and carefully
written as you can make it.
1. In December, the price of ―hamon rises
and the number of ―hamon sold also rises.
Is this a violation of the law of demand?
Justify your answer.
2. Suppose that you are deciding what to do
on a weekend. Here are your options, from
the least valued to the most valued: (1) visit
your aunt and stay in here place all
weekend; (2) work on and finish a class
project all weekend; (3) play computer
games all weekend. What is the opportunity
cost to you of playing computer games all
weekend?
3. Making purchases in a Tayabas public
market or SM Primark supermarket saves
you money. So why do sometimes make
purchases in a convenience store (7-
Eleven, Mini Stop) or a nearby sari-sari store
that normally charges higher prices than
public market or a supermarket?
References:
Applied Economics, G. Carnaje, Vibal Group, Inc. 2016 pp 1-44
Applied Economics, R. Dinio, G.Villasis, Rex Book Store, Manila City, 2017
pp. 1-26
Applied Economics, E. Basilla, Jr., Futurebuilder Publicaions, 2018 pp 1-64
Image by Brianna Gilmartin © The Balance 2019
https://www.thebalance.com/factors-of-production-the-4-types-and-
who-owns-them-4045262
DepEd-NCR