NABUNTURAN NATIONAL COMPREHENSIVE HIGH SCHOOL

Applied Economics
Final Examination
October 19-20, 2017

Name:_______________________________ Score:__________________
Grade & Section:______________________ _ Date: __________________
Test I. DIRECTIONS. Identify what is asked in each item. Write the letter of your answer on the
space provided before the number.

_____1. It is the willingness of the consumer to buy a commodity at a given price.

a. Supply b. Demand c. Equilibrium d. Function of demand
_____2. When price increases, the quantity demanded of the good decreases.
a. Function of demand b. Function of supply c. Law of demand d. Law of supply
_____3. When price increases, the quantity supplied of the good increases.
a. Function of demand b. Function of supply c. Law of demand d. Law of supply
_____4. It refers to the quantity of goods that a seller is willing to offer for sale.
a. Supply b. Demand c. Equilibrium d. Law of supply
_____5. Which does not belong of the non-price determinants of demand?
a. Technology b. Income c. Prices of related goods d. Number of consumer
_____6. How would you define perfect competition?
a. There are many buyers and sellers c. both a & b
b. Homogeneous product is sold by sellers d. none of the above
_____7. Which of the following describe the monopolistic competition?
a. Perfect mobility b. Single seller c. Sell differentiated products d. Many buyers
_____8. What would happen of the supply when the price increases?
a. decreases b. increases c. equal to the price d. equal to the demand
_____9. What would be the result if the demand and supply are equal?
a. There is an equilibrium price c. There is a decrease of price
b. There is an increase of price d. None of the above
_____10. What function should be used to determine the quantity of demand?
a. Qd = 6 – D/2 b. Qd = 6 – P/2 c. Qd = 6 – Q/2 d. Qd = 6 – S/2
_____11. What tools should be used in evaluating a business?
a. SWOT Analysis b. Environmental Analysis c. Industry Analysis d. all of the above
_____12. How can you identify if the business is a Medium business?
a. Total assets of 500,000 to 1,000,000 c. Total assets of 60,000,000 above
b. Total assets of 1,500,000 to 15,000,000 d. Total assets of 15,000,001 to 60,000,000
_____13. Foreign currencies are used to:
a. Trade with other country c. Buy local product
b. Convert into Philippine peso d. Exchange to other country
_____14. The government protects the workers through the imposition of:
a. Foreign currency exchange b. Minimum wages c. Population growth d. Trading
_____15. What are taxes for:
a. Public goods and services c. both a & b
b. Providing better place to live in d. none of the above
_____16. Philippines are left behind from other country because of:
a. Inadequate infrastructure b. Corruption c. Crime rate d. all of the above
_____17. SWOT analysis can help identify the businesses?
a. Risk and rewards b. Profitability c. Duration of the business d. Forces
_____18. How would you determine that the business is a corporation?
a. Unlimited liability b. Limited liability c. Easy and inexpensive d. Lack of continuity
_____19. What would be the result if you are using Porter’s Five Forces Competitive Analysis?
a. Identify the strengths and weaknesses c. Determine the profitability
b. Determine the competitiveness and attractiveness d. Identify the opportunities
_____20. What possible solution would you suggest to make our country competitive?
a. Provide technology & skills c. Import more products
b. Impose higher cost of products d. Impose higher tax
 Test II. DIRECTIONS: Read the questions carefully. Choose your answer from the box. Write
your answer on the space provided before the number.
Industry Production Gawad kalinga program New products
Service Employment Output Businesses
Agriculture, Fishery & Taxes Bureau of Internal Household
Forestry Revenue
_______________21. In this sector we can reaps the fruits of natural resources.
_______________22. Produces intangible supporting & complementing production.
_______________23. Government can benefit the establishment of new businesses through:
_______________24. A new business can offer to the consumer.
_______________25. The impact of the business on households.
_______________26. Businesses have a big participation on the community like:
_______________27. Use of economic resources to create goods and services.
_______________28. The product created as a result of the combination of input in the
production process.
_______________29. For employed workers, the taxes are regularly withheld by the employers
and remitted to:
_______________30. Become instruments for society to have a better place to live in.
Test III. DIRECTIONS. Write T if the statement is true and F if the statement is false. Write your answer
on the space provided before the number.
____31. Because of higher wages abroad, some doctors prefer to migrate and work in foreign countries.
____32. We need foreign currencies to trade with other countries.
____33. In region XI, the minimum wage is ₱ 414.00 with COLA of ₱15.00.
____34. Sole proprietorship is easy and inexpensive to register.
____35. Less expensive to set up corporation.
____36. In partnership, easy to find a suitable partner.
____37. Environmental analysis includes a thorough study of PESTEL.
____38. New businesses means employment opportunities for the Filipino.
____39. Savings is building up capital for more future production and consumption.
____40. We pay taxes for government to provide public goods and services.
Test IV. ENUMERATION
A. Enumerate five types of taxes: B. Enumerate the Porter’s Five Forces
of Competitive Position Analysis
41. 46.
42. 47.
43. 48.
44. 49.
45. 50.

Test V. DIRECTIONS. Using the following demand and supply functions, solve for the demand and
supply schedule at a given prices, identify the equilibrium price and put it in a graph. (10 points)
Qd=60 – P/2 Qs= 5 + 5P GRAPH
Prices Qd Qs
₱0
2
4
6
8
10
12
14
16

“Intelligence plus character – that is the goal of true education”

GOOD LUCK & MABUHAY….
ANGELITA A. JANDAYAN