LOURDES NATIONAL HIGH SCHOOL

Panglao, Bohol

3rd Quarter Performance Task 3-2

Applied Economics 12
nd
2 Semester School Year 2020 – 2021

Name: _________________________________________ Date: ___________________________

Grade & Section: ________________________________ Score: __________________________

Answer the following questions comprehensively.

1. Rice prices normally rise after a typhoon destroys some of the country’s prime rice growing land. “A
street talk” feature on a TV show sought people’s reaction to higher rice prices. Here is a typical
response: “I don’t like higher rice prices. I think the rice sellers just use the typhoon as an excuse to raise
prices.” How does this point of view differ from that of economists who use the model of demand and supply
to explain price changes?

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2. There is a shortage of rice in some regions in the Philippines, and a surplus occurs in some other regions.
Why do shortages and surpluses exist at the same time in different regions?

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Prepared by:

JOLLY ROY A. BERSALUNA

APPLIED ECONOMICS TEACHER
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SIGNATURE OVER PRINTED NAME OF PARENT/GUARDIAN