Republic of the Philippines

Department of Education
Region III
Schools Division of Aurora
MANGGITAHAN NATIONAL HIGH SCHOOL
Brgy. Manggitahan Dilasag Aurora
FIRST QUARTER ASSESSMENT
SY: 2020- 2021

APPLIED ECONOMICS 12

NAME:________________________________ SCORE:____________
YR/ SECTION:__________________________ DATE:______________

DIRECTION: Select the best answer to the following multiple choice question.

1. The reason why people have to practice economics.

a. Applied economics c. Social Science
b. Scarcity d. Economics
2. Social science that involves the use of scarce resources to satisfy unlimited wants.
a. Applied Economics c. Social Science
b. Economics d. Scarcity
3. This will happen if the good is scarce compared to its demand.
a. Total scarcity c. relative scarcity
b. Median scarcity d. absolute scarcity
4. Occurs when supply is limited.
a. Total Scarcity c. Relative Scarcity
b. Median Scarcity d. absolute scarcity
5. Refers to the value of the best foregone alternative.
a. Cost c. choice and decision-making
b. Opportunity cost d. economic resources
6. Known as the factors of productions, the resources used to produced goods and services.
a. Land resources c. economic resources
b. Labor resources d. capital resources
7. Division of economics that concerned with the overall performance of the entire performance of the entire economy.
a. Economic system c. microeconomics.
b. Macroeconomics d. price theory
8. An interaction between buyers and sellers of trading or exchange.
a. Demand c. supply
b. Market d. barter
9. The willingness of a consumer to buy a commodity at a given price.
a. Demand c. supply
b. Market d. barter
10. Motorists are always on the lookout for changes in oil prices. When gasoline prices are expected to increase, motorists
tend to fill up their gas tank before the price increase. What does the situation used under the non-price determinants
of demand?
a. Income c. taste
b. Prices of related goods d. expectation
11. An increase in the demand for one good leads to a decrease in the demand for the other goods. This situation normally
implies to the substitute goods like sugar and artificial sweetener.
a. Income c. taste
b. Prices of related goods d. expectation
12. If consumer income decreases, the capacity to buy decreases and the demand will also decreases even when price does
remain the same.
a. Income c. taste
b. Prices of related goods d. expectation
13. Felt when a change in price of a good changes demand due to alternative consumption of substitute goods.

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 a. Income c. taste
b. Prices of related goods d. expectation

II. Decide what kind of Economy does each statement implies. Choose your answer below.

a. MICRO A. MACRO B.B.MICRO

MACRO

______ 14. . Prices of apples and grapes tend to increase during the Christmas season.

______15. The Philippine economy grew at a rate of 10.5% in 2018.

______16. Philippine congress passed the Value Added Tax Law to strengthen the Philippine Tax System.

______17. In the past year, Coca Cola was named the fastest selling product in the market.

______18. A P340-billion deficit in the Philippine budget is expected in the year 2020.

A. Complete the table using the Demand Functions

Qd = 600- 40P Qd = 950 – 25P

PRICE DEMAND
31. 8
32. 240
33. 10
34. 80
35. 15

PRICE DEMAND
36. 20
37. 325
29. 29
34. 100
38. 0

31. a. 250 b. 230 c. 235 d. 280

32. a. 5 b. 7 c. 9 d. 6

33. a. 400 b. 200 c. 300 d. 100

34. a. 13 b. 12 c. 11 d. 12

35. a. 50 b. 0 c. 30 d. 60

36. a. 430 b. 425 c. 450 d. 445

37. a. 25 b. 24 c. 23 d. 28

38. a. 220 b. 218 c. 223 d. 225

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 39. a. 32 b. 34 c. 33 d. 30

40. a. 35 b. 36 c. 37 d. 38

ANSWER KEY

1. B 21. B 41. B

2. B 22. A 42. A

3. C 23. A 43. C

4. D 24. A 44. A

5. B 25. A 45. A

6. C 26. B 46. D

7. B 27. B 47. A

8. B 28. A 49. B

9. A 29. B 50., A

10. A 30 C

11. B 31. D

12. A 32. C

13. D 33. B

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 14. B 34. A

15. C 35. B

16. D 36. C

17. B 37. A

18. A 38. D

19. A 39. B

20. B 40. D

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