APPLIED ECONOMICS

QUARTER 1
SUMMATIVE ASSESSMENT 1

NAME: _______________________________________           SCORE: __________

GRADE/SECTION: _____________________________                          DATE:  ___________
Test I. Multiple Choice
Directions: Write your answer on the space provided below.
______1. Which of the following defines as a social science which deals with the proper allocation of scarce resources to satisfy
the unlimited human wants?
A. Economics B. Politics C. Social Science D. Scarcity
______2. Which of the following are also known as factors of production or inputs?
A. Economics Scarcity C. Applied Economics
B. Economics Resources D. None of the above
______3. Why do you think there is scarcity of resources?
A. Man’s wants are unlimited C. Man’s wants are enough
B. Man’s wants are limited D. Man’s wants are satisfied
______4. Which of the following is an economic resource that includes natural resources?
A. Land B. Labor C. Capital D. Entrepreneur
______5. Why do you think economics is a social science?
A. Human nature C. Experimentation
B. Natural resources D. Plants and animals
______6. Which of the following is not part of the economic resources?
A. Land B. Labor C. Foreign Exchange D. Scarcity
______7. This refers to the dollar and dollar reserves that the economy has.
A. Land B. Labor C. Foreign Exchange D. Scarcity
______8. It is also known as human resources.
A. Land B. Labor C. Foreign Exchange D. Scarcity
______9. Which brand of economics deals with the economic behavior of individual units such as the consumers, firms, and the
owners of the factors of production?
A. Microeconomics C. Applied Economics
B. Macroeconomics D. Social Economics
______10. Which brand of economics deals with the economic behavior of the whole economy or its aggregates such as
government, business and households. An aggregate is composed of individual units?
A. Microeconomics C. Applied Economics
B. Macroeconomics D. Social Economics
______11. It is the application of economic theory and econometrics in specific settings with the goal of analyzing potential
outcomes.
A. Microeconomics C. Applied Economics
B. Macroeconomics D. Social Economics
______12. Macroeconomics deals with the following except:
A. Gross National Product C. National Income
B. Employment D. Price of rice
______13. Which of the following does the word economic is most closely associated with?
A. free B. scarce C. unlimited D. unrestricted
______14.Economics is important so that we may able to:
A. Understand problems facing the citizens and family
B. Help the government promote growth and improve quality of life
C. Analyze fascinating patterns of social behavior
D. All of the above
______15. Man’s mental and physical efforts exerted in production:
A. Land C. Entrepreneur
B. Labor D. Capital
Test II. Essay
1. Why is economics a study of social science? (1pt)
________________________________________________________________________________________________________
________________________________________________________________________________________________________
2. If you were to advise the President of the Philippines on how to cope with the issues on poverty and unemployment to improve
the lives of the Filipino people, what would you tell him and why? (4pts)
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________

Prepared by:

JEANNE PAULINE J. OABEL

Teacher I

Checked by:

NERISSA G. PASATIEMPO
Teacher I/ SHS Coordinator

Noted by:

EVELYN R. PALAMBIANO
Principal I

APPLIED ECONOMICS
QUARTER 1
SUMMATIVE ASSESSMENT 1
NAME: _______________________________________           SCORE: __________
GRADE/SECTION: _____________________________                          DATE:  ___________
Test I. Multiple Choice
Directions: Write your answer on the space provided below.
______1. Which of the following defines as a social science which deals with the proper allocation of scarce resources to satisfy
the unlimited human wants?
A. Economics B. Politics C. Social Science D. Scarcity
______2. Which of the following are also known as factors of production or inputs?
A. Economics Scarcity C. Applied Economics
B. Economics Resources D. None of the above
______3. Why do you think there is scarcity of resources?
A. Man’s wants are unlimited C. Man’s wants are enough
B. Man’s wants are limited D. Man’s wants are satisfied
______4. Which of the following is an economic resource that includes natural resources?
A. Land B. Labor C. Capital D. Entrepreneur
______5. Why do you think economics is a social science?
A. Human nature C. Experimentation
B. Natural resources D. Plants and animals
______6. Which of the following is not part of the economic resources?
A. Land B. Labor C. Foreign Exchange D. Scarcity
______7. This refers to the dollar and dollar reserves that the economy has.
A. Land B. Labor C. Foreign Exchange D. Scarcity
______8. It is also known as human resources.
A. Land B. Labor C. Foreign Exchange D. Scarcity
______9. Which brand of economics deals with the economic behavior of individual units such as the consumers, firms, and the
owners of the factors of production?
A. Microeconomics C. Applied Economics
B. Macroeconomics D. Social Economics
______10. Which brand of economics deals with the economic behavior of the whole economy or its aggregates such as
government, business and households. An aggregate is composed of individual units?
A. Microeconomics C. Applied Economics
B. Macroeconomics D. Social Economics
______11. It is the application of economic theory and econometrics in specific settings with the goal of analyzing potential
outcomes.
A. Microeconomics C. Applied Economics
B. Macroeconomics D. Social Economics
______12. Macroeconomics deals with the following except:
A. Gross National Product C. National Income
B. Employment D. Price of rice
______13. Which of the following does the word economic is most closely associated with?
A. free B. scarce C. unlimited D. unrestricted
______14.Economics is important so that we may able to:
A. Understand problems facing the citizens and family
B. Help the government promote growth and improve quality of life
C. Analyze fascinating patterns of social behavior
D. All of the above
______15. Man’s mental and physical efforts exerted in production:
A. Land C. Entrepreneur
B. Labor D. Capital

Test II. Essay

1. Why is economics a study of social science? (1pt)
________________________________________________________________________________________________________
________________________________________________________________________________________________________
2. If you were to advise the President of the Philippines on how to cope with the issues on poverty and unemployment to improve
the lives of the Filipino people, what would you tell him and why? (4pts)
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________
________________________________________________________________________________________________________

Prepared by:

JEANNE PAULINE J. OABEL

Teacher I

Checked by:

NERISSA G. PASATIEMPO
Teacher I/ SHS Coordinator

Noted by:

EVELYN R. PALAMBIANO
Principal I