ENZO NICOLAI T.

TEVES HIGH SCHOOL

1st Periodical Test
APPLIED ECONOMICS

Name:_____________________________ Grade & Section:___________ Score:_______

I. Read the question/selection carefully and choose your answer from the given choices inside the
box.
Quantity Demanded Economics Macroeconomics Monopolistic competition
Market Structure Unemployment Poverty Law of demand
Applied Economics Firm Resources Climate Change
Law of supply Corruption Entrepreneur Opportunity Cost
Perfect Competition Scarcity Microeconomics Applied Science

_______________1. The study of how individuals and societies make decisions about ways to use scarce
resources to fulfill wants and needs.
_______________2. The study of economics in relation to real world situations, as opposed to the theory
of economics.
_______________3. A discipline that is used to apply existing scientific knowledge to develop more practical
applications, for example: technology or inventions.
_______________4. The things used to make other goods.
_______________5. A situation wherein the amount of something available is insufficient to satisfy the
desire for it.
_______________6. It deals with the functioning of individual industries and the behaviour of individual
economic decision-making units such as firms and household.
_______________7. It looks at the economy as a whole and examines the factors that determine national
output or product.
_______________8. The best alternative that people forego, or give up, when making a choice or decision.
_______________9. Occurs when a person is unable to find work.
_______________10. Refers to the state or condition in which people do not have the minimum standard of
life deemed accepted by the society.
_______________11. Is any significant long-term change in the expected patterns of average weather of a
region (or the whole Earth) over a significant period of time.
_______________12. Refers to dishonest or fraudulent behavior by people with power such as managers.
_______________13. An organization that transforms resources (inputs) into products (outputs). Firms are
the primary producing units in a market economy.
_______________14. A person who organizes, manages, and assumes the risks of a firm, taking a new idea or
a new product and turning it into a successful business.
_______________15. the amount (number of units) of a product that a household would buy in a given time
period if it could buy all it wanted at the current market price.
_______________16. states that there is a negative, or inverse, relationship between price and the quantity
of a good demanded and its price.
_______________17. States that there is a positive relationship between price and quantity of a good
supplied.
_______________18. It pertains to the nature and different degrees of competition prevailing in the market
for goods and services.
_______________19. is characterized by a big number of buyer and sellers but unlike a perfect competition,
the product offered in this market is slightly different from the other.
_______________20. A perfectly competitive market or simply competitive market is a market with many
buyers and sellers trading similar products such that each buyer and seller takes the market price as given.
II. Matching Type: Match Column A with Column B. Write your answer on the space provided.

Column A Column B

_____21. Natural Resources (Water, oil, tress) a. Stuff

_____22. Physical and Intellectual (manpower) b. Inferior Goods
_____23. Tools, Machinery, Factories c. Complements
_____24. Goods and Services d. Market Product
_____25. Tangible (you can touch it) products we can buy e. Income
_____26. Goods for which demand falls when income rises. f. Labor
_____27. Are goods that “go together” g. Input Market
_____28. are the markets in which goods and services are h. Goods
exchanged. i. Capital
_____29. Are the markets in which resources used to produce j. Land
products, are exchanged.

III. Analyze what factors of production the following pictures represent.

30. 31. 32.

33. 34. 35.

IV. Make a sample demand and supply schedule.

36-39 (4 pts. ) Demand Schedule

40-43 (4 pts.) Supply Schedule

V. Illustrate the circular flow of economic activity. (5 pts.)

Prepared by:

SYLVI A. RIZALDO
SST-11