Academia de Pulilan, Inc.

In affiliation with The City School International

Cut-cot, Pulilan, Bulacan
S.Y. 2020-2021
First Summative Exam in Economics
Name:________________________ Score____________
Grade/ Strand_____________ Teacher:_________________

I. Classify the following topics. Write MIC if it falls under Microeconomics ; MAC , if it is falls under
Macroeconomics.
____ 1. The inflation rate in the Philippines in the last quarter of 2019 was 4.8%.
____ 2. A P 840-billion deficit in the Philippine budget is expected in the year 2019.
____ 3. Prices of Toyota vehicles are predicted to go up in February.
____ 4. Onion prices in the past months have risen because producers hoarded their supplies in their
bodegas.
____ 5. Unemployment rate has dropped because of the increase in the number of OFWs.
____ 6. In the past year, Coca Cola was named the fastest selling product in the market.
____ 7. Rental on land could not be increased during the Christmas season.
____ 8. Prices of apples and grapes tend to increase during Christmas season.
____ 9. The Philippine economy grew at the rate of 7.8% in 2020.
____ 10. Philippine congress passed the value Added Tax Law to strengthen the Philippine tax system.
II. Described the type of economic system characterized in each of the following sentences.
_________ 11. Prices are based on demand and supply.
_________ 12. The government decides on what goods should be produced.
_________ 13. Ancient methods are used in deciding what goods to produce.
_________ 14. People enjoy freedom of choice in arriving at decisions on what to buy.
_________ 15. People have no freedom of choice in arriving at decisions on what to buy.
_________ 16. Economy is stagnant , making use of practices in the olden times.
_________ 17. Economy is backward because no new technology or production methods are
introduced.
_________ 18. It is the most democratic form of economic system .
_________ 19. People’s preferences are reflected in the prices they are willing to pay in the market.
_________ 20. It exist in primitive and backward civilizations.
III. Identify which resources is referred to by the following words.
______ 21. Entertainers
______ 22. Minerals
______ 23. Forest
______ 24. Marine resources
______ 25. Teachers
______ 26. Technology
______ 27. Production equipment
______ 28. Engineers
______ 29. Call center agents
______ 30. Business proprietor