APPLIED ECONOMICS

LAS ( Week 5)

Name:_________________________________ Date:__________
Section:________________ Parent’s Signature____________

Write the letter of the correct answer on the space provided.

_____1.  It is a condition that there is a direct relationship between the price of a       good and the
quantity supplied of that good.   
A.  Law of Demand                       C.  Supply Schedule                         B.  Law of Supply          D.  Surplus  
_____2.  It means that all other related variables except those that are being  studied at the moment
and are held constant.
A. Ceteris Paribus        B. Income Effect          C.  Market Equilibrium    D.  Substitution Effect 
_____3.   It is a type of price where quantity demanded is equal to quantity supplied.
A. Economic price        B. Equilibrium price     C. Normal price               D. Unique price 
_____4.   There are Filipinos affected behaviours in buying an item when they see it       in the
commercial on television. What is this term?    
A. Advertisement         B. Demand                        C. Preferences            D. Value of Money 
_____5.   It called as behaviour of Filipinos to buy an item. What is this term?   
A. Durable items          B. Higher Price                  C. Less valuable         D. Not suitable for them 
_____6.  It called as behaviour of the Filipinos in buying product that is affordable.      What is this term? 

A. Advertisement          B. Preferences                 C. Supply                    D. Value of Money 

_____7.  When there is an increase of price for white sugar, customers switch to      brown sugar as an
alternative. What type of good is the scenario      classified?    
A. Complement goods     B. Important goods       C. Substitute goods     D. Valuable goods
_____8.   Which type of market structures which is more competitive and many       sellers/producers
competing each other with the same products?    
A. Monopoly                      B. Monopolistic competition     C. Oligopoly                      D. Perfect competition 
_____9.   Which type of market structures which is less competitive and only one       few firm enjoys the
activity in the market?  
  A. Monopoly                    B. Monopolistic competition       C. Oligopoly                   D. Perfect competition  
_____10.  The following are the causes of migration except:       
A.   Higher Salary              B.   Poverty                                      C. Prosperity                  D. Unemployment           

_____ 11.  Which organizational characteristics that establishes interrelationships        between the
buyers and sellers in a particular market?  
A. Market Structures        B. People                                          C. Products                  D. Seller  
_____12.  It can increase the cost of business operations and can threaten the         profitability of
business enterprises at their initial stage of operations.    
A. Cost of Sales                    B. Expenditures                               C. Price                      D. Taxes       
_____13.  It is the amount of foreign currency per unit of local currency.       
  A. Baht                                  B. Dollar                                            C. Exchange rate     D. Yen         
_____14.  It is an essential ingredient in maintaining economic development, social         order and
political stability.        
A. Executive order                  B. Law and order                C. Peace and order                D. Policy maker      
_____15. It is defined as the ability of any player in the market to significantly influence       the price in
the market and the quantity to be produced or sold.       
A. Market                                  B. Market Structures         C. Products                              D. Seller