Republic of the Philippines

Department of Education
Region V (Bicol)
Division of Catanduanes
Caramoran South District
Milaviga Integrated School
Caramoran, Catanduanes

THIRD QUARTER EXAM

APPLIED ECONOMICS 11

Name: _____________________________________ Score: _________

Grade/Section: _____________________ Date: __________

GENERAL INSTRUCTION:
 WRITE YOUR ANSWER CLEARLY. * FINISH THE TEST IN 1 HOUR.
 WRITE YOUR NAME. * NO ERASURES.
 DO NOT CHEAT.

I. Directions:
Find the best word inside the provided word pool that represents right descriptive word for each number.

Opportunity cost Economics Capital

Human needs Allocation Scarcity

__________________1. Is a condition where there are insufficient resources to satisfy all the need and
wants of a population.
_________________2. A man-made resources used in production of goods and services which include
machineries and equipment.
__________________3. Refers to the value of the foregone alternative.
__________________4. It can be portrayed as basic necessities for material survival.
__________________5. A social mechanism to respond to the economic problem of scarcity.
____ _____________6. Is the limited nature of resources. It is the basic economic problem.
______ ___________7. It is a science of making choices.

II. TRUE / FALSE

Write A if the statement is TRUE and B if the statement is FALSE.

_____8. Because of scarcity, there is a need for a man to make decisions in choosing how to maximize the
use of the scarce resources to satisfy as many wants as possible.
_____9. Economics is a social science because it studies human behavior just like psychology and
sociology.
_____10. The study of society and how people behave influence the world around them
_____11. Relative scarcity explains why there are some products that are very expensive in the
Philippines.
_____12. In making choices, trade – offs are involved.

1
 III. MULTIPLE CHOICE:

DIRECTIONS: Read the statement carefully.Choose the letter of the correct answer. Write your answer on
the space provided before each number.

13. _______________ The amount set for the product.

A. Cost C. Allocation
B. Tax D. Price

14. _______________ It refers to amount of goods that the producer is willing to sell.
A. Demand C. Price
B. Supply D. Cost

15. ________________, which means “holding other things constant” or “all else being equal”.
A. Ceteris Paribus C. Cost
B. Price D. None of the above

_____16. higher the price of a good the lesser the demand for that good and the lesser the price the
higher the demand.
A. Law of Demand C. Demand Curve
B. Law of Supply D. Demand Schedule

_____17. ______effect means that if the price of Product A increases the consumer will look for its
substitute and will cause decrease in quantity demanded for Product A.
A. Quantity Demanded C. Quantity Supplied
B. Curve D. Substitution

_____18. _____states that the quantity of products offered to be sold is directly related with the price. It
means that when the price increases the quantity supplied increases too and if the price decreases the
quantity supplied decreases too.
A. Law of Supply C. Supply Schedule
B. Supply Curve D. Law of Demand

_____19. _______a table that shows the price of a good and the quantity demanded for that good at a
given price within a given period.
A. Demand Schedule C. Supply Schedule
B. Supply Curve D. Demand Curve

_____20. ____a graphical representation that shows the relationship between the price of a good and the
quantity demanded for that good at a given price. It usually uses the information in the demand schedule.
A. Demand Schedule C. Supply Demand
B. Supply Curve D. Demand curve

_____21. ____table that shows the prices of a good and the quantity supplied at each price at a given
point of time
A. Supply Schedule C. Demand Curve
B. Supply Curve D. Demand supply

_____22. ____a graphical representation that shows the relationship between the price of a good and the
quantity supplied at a given point of time.
A. Supply Schedule C. Demand Curve
B. Supply Curve D. Demand Schedule

_____23. ______is a state wherein DEMAND is Equal to SUPPLY causing the price to remain the same.
A. Equilibrium C. Equilibrium Market
B. Market D. None of the above

2
_____24. When the quantity demanded is greater than the quantity supplied, _____exists. Later, this
would lead to price increase, an opportunity to make more profit.
A. Surplus C. Demand
B. Supply D. Shortage

_____25. When the quantity supplied is more than the quantity demanded, it results to_____. Eventually,
this will encourage sellers to lower their prices to eliminate the surplus.
A. Shortage C. Supply
B. Surplus D. Demand

_____26. The term ____ is used to define “the change in behavior of the sellers or buyers because of the
change in price and/or other determinants of supply and demand.
A. Elasticity C. Perfectly elastic
B. Fixed Cost D. Inelastic

_____27. _____ the percentage change in quantity demanded is lesser than the percentage change in
price. It has less than 1 elasticity coefficient.
A. Elastic C. Perfectly elastic
B. Inelastic D. Perfectly inelastic

_____28. _____The percentage change in quantity demanded is greater than the percentage change in
price. It has more than 1 elasticity coefficient.
A. Inelastic C. Elastic
B. Price D. Perfectly elastic

_____29. ____refers to the fixing of prices by the government. By restricting prices below or above their
equilibrium level, the government creates shortage or surplus.
A. Elastic C. Price
B. Control D. Price Control

_____30. _____are those that remain unchanged at all levels of transaction. Fixed cost may include
salary, rent of building, etc.
A. Elastic C. Cost
B. price D. Fixed Cost

Goodluc
k!
Prepared by:

SHEENA T. MARQUEZ
Subject Teacher

3
1. Scarcity
2. capitaL
3. Opportunity cost
4. Human Needs
5. Allocation
6. Scarcity
7. Economics
8. A
9. A
10. A
11. B
12. A
13. D. Price
14. B. Supply
15. A. Ceteris Paribus
16. A. Law of Demand
17.D. Substitution
18.A. Law of Supply
19. A. Demand Schedule
20. D. Demand curve
21. A. Supply Schedule
22. B. Supply Curve
23. C. Equilibrium Market
24. D. Shortage
25. B. Surplus
26. A. Elasticity
27. B. Inelastic
28. C. Elastic
29. D. Price Control
30. D. Fixed Cost

Republic of the Philippines

Department of Education
Region V (Bicol)
4
 Division of Catanduanes
Caramoran South District
Milaviga Integrated School
Caramoran, Catanduanes

THIRD QUARTER EXAM

MATH 8

Name: _____________________________________ Score: _________

Grade/Section: _____________________ Date: __________

GENERAL INSTRUCTION:
 WRITE YOUR ANSWER CLEARLY. * FINISH THE TEST IN 1 HOUR.
 WRITE YOUR NAME. * NO ERASURES.
 DO NOT CHEAT.

Directions:
Find the best word inside the provided word pool that represents right descriptive word for each
number.

Opportunity cost Economics Capital

Human needs Allocation Scarcity

____________________1. Is a condition where there are insufficient resources to satisfy all the need and
wants of a population.
_____________capital_______2. A man-made resources used in production of goods and services
which include machineries and equipment.
___________Opportunity cost_________3. Refers to the value of the foregone alternative.
_______________Human Needs_____4. It can be portrayed as basic necessities for material survival.
_____________Allocaion_______5. A social mechanism to respond to the economic problem of scarcity.
____Scarcity________________6. Is the limited nature of resources. It is the basic economic problem.
_________Economics___________7. It is a science of making choices.

Write A if the statement is TRUE and B if the statement is FALSE.

__a____8. Because of scarcity, there is a need for a man to make decisions in choosing how to maximize
the use of the scarce resources to satisfy as many wants as possible.
___A___9. Economics is a social science because it studies human behavior just like psychology and
sociology.
____A__10. The study of society and how people behave influence the world around them
_____B_11. Relative scarcity explains why there are some products that are very expensive in the
Philippines.
5
_____A_12. In making choices, trade – offs are involved.

MULTIPLE CHOICE:

DIRECTIONS: Read the statement carefully.Choose the letter of the correct answer. Write your answer on
the space provided before each number.

11. ___Demand____________ It refers to the number of goods that the consumer is willing to buy.
A. Supply C. Price
B. Demand D. Cost

12. ____Equilibrium___________ It is the point of intersection between the supply and the demand
curves.
A. Market C. Equilibrium
B. Supply D. Demand

13. ____price___________ The amount set for the product.

A. Cost C. Allocation
B. Tax D. Price

14. _____supply__________ It refers to amount of goods that the producer is willing to sell.
A. Demand C. Price
B. Supply D. Cost

15. ___________________ Ceteris paribus, which means “holding other things constant” or “all else
being equal”.
A. Ceteris Paribus C. Cost
B. Price D. None of the above

16. law of demand higher the price of a good the lesser the demand for that good and the lesser the
price the higher the demand.
A. Law of Demand C. Demand Curve
B. Law of Supply D. Demand Schedule

17. Substitution effect means that if the price of Product A increases the consumer will look for its
substitute and will cause decrease in quantity demanded for Product A.
A. Quantity Demanded C. Quantity Supplied
B. Curve D. Substitution

18. law of supply states that the quantity of products offered to be sold is directly related with the price. It
means that when the price increases the quantity supplied increases too and if the price decreases the
quantity supplied decreases too.
A. Law of Supply C. Supply Schedule
B. Supply Curve D. Law of Demand

19. Demand Schedule –a table that shows the price of a good and the quantity demanded for that good
at a given price within a given period.
A. Demand Schedule C.Supply Schedule
B. Supply Curve D. Demand Curve

6
20. Demand Curve – a graphical representation that shows the relationship between the price of a good
and the quantity demanded for that good at a given price. It usually uses the information in the demand
schedule.
A. Demand Schedule C. Supply Demand
B. Supply Curve D. Demand curve

21. Supply Schedule - table that shows the prices of a good and the quantity supplied at each price at a
given point of time
A. Supply Schedule C. Demand Curve
B. Supply Curve D. Demand supply

22. Supply Curve - a graphical representation that shows the relationship between the price of a good and
the quantity supplied at a given point of time.
A. Supply Schedule C. Demand Curve
B. Supply Curve D. Demand Schedule

23. Equilibrium market is a state wherein DEMAND is Equal to SUPPLY causing the price to remain the
same.
A. Equilibrium C. Equilibrium Market
B. Market D. None of the above

24. When the quantity demanded is greater than the quantity supplied, shortage exists. Later, this would
lead to price increase, an opportunity to make more profit.
A. Surplus C. Demand
B. Supply D. Shortage

25. When the quantity supplied is more than the quantity demanded, it results to surplus. Eventually, this
will encourage sellers to lower their prices to eliminate the surplus.
A. Shortage C. Supply
B. Surplus D. Demand

26. the term elasticity is used to define “the change in behavior of the sellers or buyers because of the
change in price and/or other determinants of supply and demand.
A. Elasticity C. Perfectly elastic
B. Fixed Cost D. Inelastic

27. Inelastic - The percentage change in quantity demanded is lesser than the percentage change in
price. It has less than 1 elasticity coefficient.
A. Elastic C. Perfectly elastic
B. Inelastic D. Perfectly inelastic

28. Elastic - The percentage change in quantity demanded is greater than the percentage change in
price. It has more than 1 elasticity coefficient.
A. C. Elastic
B. D.

29. Price Control – refers to the fixing of prices by the government. By restricting prices below or above
their equilibrium level, the government creates shortage or surplus.
A. C.
B. D. Price Control

30. Fixed Cost are those that remain unchanged at all levels of transaction. Fixed cost may include
salary, rent of building, etc.
A. C.
B. D. Fixed Cost

7
 Goodluc
k!
Prepared by:

SHIELLA D. DIWATA
Subject Teacher

1. Scarcity
2. capitaL
3. Opportunity cost
4. Human Needs
5. Allocation
6. Scarcity
7. Economics
8. A
9. A
10. A
11. B
12. A
11. B. Demand
12. C. Equilibrium
13. D. Price
8
14. B. Supply
15. A. Ceteris Paribus
16. A. Law of Demand
17.D. Substitution
18.A. Law of Supply
19. A. Demand Schedule
20. D. Demand curve
21. A. Supply Schedule
22. B. Supply Curve
23. C. Equilibrium Market
24. D. Shortage
25. B. Surplus
26. A. Elasticity
27. B. Inelastic
28. C. Elastic
29. D. Price Control
30. D. Fixed Cost

 WRITE YOUR ANSWER CLEARLY. * FINISH THE TEST IN 1 HOUR.

 WRITE YOUR NAME. * NO ERASURES.
 DO NOT CHEAT.