Applied Economics

Hermosa National High School

Culis, Hermosa, Bataan

1st Summative Test in Applied Economics

Choose the letter of the best answer.

_____1. It is the consistent study of the process of making decisions and choices is the process of
allocation.

A. Social Science B. Economics C. Applied Science D. Science

TRUE OR FALSE

_____2. Economics as an applied science uses scientific method of inquiry. This systematic or scientific
method is being used in the study of society and its components.
_____3. What makes economics an applied science is the formulation of general theories through testing,
mainly using data from the past. In simpler definition, it is the study of observing how theories work in
practice.
_____4. As a social science, economics pertains to the study on how society creates its material wealth,
how it makes this wealth available to its people with minimum difficulties, and how it expands its wealth.\
_____5. Economics becomes a powerful tool to reveal the true and complete situation in order to come up
with things to do.
_____6. Economics as a study of wealth implies wealth utilization for individual’s satisfaction and
society’s welfare. As people produce or consume, whether it is wealth- getting or wealth-using, they make
decisions which are based on alternative choices.
_____7. Jeremy Bentham and other political and social philosophers of the mid nineteenth century are
credited with the founding of the economics that has evolved to be the discipline of economics.
_____8. Social science can be described study of the various modes and aspects of human interactions in
a group as these people aspire to preserve their group as a social unit, to make it stable, and to promote its
growth, expansion, and development.\
_____9. Economics is a study of wealth
_____10. Allocations distribute unlimited resources.
_____11. Individual needs and wants are certain.
_____12. Allocations distribute unlimited resources.
_____13. Economics is a social science because it studies human behavior just like psychology and
sociology
_____14. As people produce or consume, whether it is wealth- getting or wealth-using, they make decisions
which are based on alternative choices.
_____15. Economics as a social science, In simpler definition, it is the study of observing how theories
work in practice.

PERFORMANCE TASK

Essay:

1. Explain why Economics is considered as Social Science.

______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________

2. Explain why Economics is considered as an Applied Science.

______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________