Maindang National High School

Maindang, Cuartero, Capiz

Applied Economics
3nd Quarter Examination
January 10-11, 2019

Name: ____ Date: ______ ____

Course/Section: __________________________ Score:__________________________

Part I. Multiple Choice

Directions: Encircle the letter that corresponds to the correct answer.

1. The following statement supports the concept of ceteris paribus except:

a.All other things held constant
b. A device to analyze the relationship between two variables
c. As it should be
d.All else equal
2. It refers to the basic and central economic problem confronting every
individual and society.
a.Oikos c. Nomus
b. Scarcity d. Household
3. This broadly refers to all resources found in the nature and are, therefore,
not man-made.
a. Entrepreneurship c. Labor
b. Land d. Capital
4. This refers to any form of human effort exerted in the production of goods
and services.
a. Capital c. Population
b. Labor d. Entrepreneurship
5. These are man-made goods used in the production of other goods and services.
a. Land c. Labor
b. Distribution d. Capital
6. It refers to a person who organizes, manages, and assumes the risks of a
firm, develops a new idea or product, and turns it into a successful
business.
a. Entrepreneurship c. Labor
b. Land d. Capital
7. It refers to the productive and proper allocation of resources.
a. Economics c. Equity
b. Effectiveness d. Efficiency
8. Which refers to the attainment of goals and objectives?
a. Effectiveness c. Economics
b. Efficiency d. Equity
9. It refers to justice and fairness.
a. Equipment c. Effectiveness
b. Efficiency d. Equity
10. It is the forgone value of what you give up when you make choices.
a. Macroeconomics c. Market Economy
b. Opportunity cost d. Microeconomics
11. It pertains to the quantity of a good or service that people are ready to
buy at given prices within a given time period, when other factors besides
price are held constant.
a. Supply c. Demand
b. Market d. Quantity
12. It refers to the graphical representation showing the relationship between
price and quantities demanded per time period.
a. Demand function c. Demand curve
b. Supply curve d. Supply
13. It shows the relationship between demand for a commodity and the factors
that determine or influence this demand.
a. Demand c. Demand schedule
b. Demand Curve d. Demand function
14. It is generally understood as a “state of balance.”
a. Market c. Equilibrium
b. Supply d. Demand
15. The goods that complement each other are known as_______.
a. Substitute goods c. Complementary goods
b. Merit goods d. Public goods
Part II. Identification
Directions: Fill in the blanks with the correct answers.
1._______________is the of economics that studies the behavior of the economy
as a whole.
2._______________is the science that studies chemical and physical processes.
3._______________is the study or discipline that aims to explain human
behavior.
4._______________is the study of economics relative to real-life situations.
5._______________means “all other things held constant.”
6.If there is no scarcity, there should also be no_________________.
7. The Greek word oikos means __________________.
8._______________refers to economics “as it should be.”
9._______________is the science that manages limited resources in demand.
10. Economics comes from the Greek term___________________.
11. ______________is a place where buyers and seller meet.
12. ______________state that if the price goes up, the quantity demanded goes
down.
13. ______________generally pertains to a balance that exists when quantity
demanded equals quantity supplied.
14. ______________is a condition in the market where the quantity supplied is
greater than the quantity demanded.
15. ______________is a condition in the market in which demand is higher than
supply.

Part III. Graph Analysis

Directions: Write your answer on the space provided.

Choices:
a. Point A d. Point B-C g. Point D j. Point E-F
b. Point C e. Point B h. Point F
c. Point A-B f. Point D-E i. Point E

____1. At what point does a consumer want to buy 16 to 19 units of goods?

____2. At what point does a consumer want to buy units of goods at a price of
10?
____3. At what point does a consumer want to buy 45 units of goods?
____4. At what point does a consumer want to buy units of goods at a price of
27?
____5. At what point does a consumer want to buy units of goods at a price of
18?
____6. At what point does quantity supply changes from 30 to 42?
____7. A producer wants to sell his units of goods at a price of 17 at what
point?
____8. A producer wants to sell his units of goods at a price of 60 at what
point?
____9. Quantity supplied is 79 at what point?
____10. A producer wants to sell his units of goods at a price of 55 at what
point?

Part IV. Enumeration

Directions: List down your answers in the spaces provided.

What are the four factors of production?

1. __________________________________________________
2. __________________________________________________
3. __________________________________________________
4. __________________________________________________
What are the 3 E’s in economics?
1. __________________________________________________
2. __________________________________________________
3. __________________________________________________
What are the four basic economic questions?
1. __________________________________________________
2. __________________________________________________
3. __________________________________________________
4. __________________________________________________
What are the four major sectors of macroeconomics?
1. __________________________________________________
2. __________________________________________________
3. __________________________________________________
4. __________________________________________________
Forces that cause the demand curve to change
1. __________________________________________________
2. __________________________________________________
3. __________________________________________________
4. __________________________________________________
5. __________________________________________________
Forces that cause the supply curve to change
1. __________________________________________________
2. __________________________________________________
3. __________________________________________________
4. __________________________________________________
5. __________________________________________________

Part V. Essay
Directions: Answers the questions thoroughly

1.Based on your personal observation, briefly discuss the current status

of the Philippine economy.

2. How can you apply economics in your daily life?

Prepared by:

Jayram B. Javier

Checked:
Maria Lida I. Derafera
AP Coordinator