SENIOR HIGH SCHOOL

3rd QUARTER EXAMINATION

APPLIED ECONOMICS

MISSION VISION

To produce self-motivated and self-directed individual who aim for Bestlink College of the Philippines is committed to provide and promote
academic excellence, God-fearing, peaceful, healthy, productive and quality education, with a unique, modern and research-based curriculum
successful citizens. with delivery systems geared towards excellence.

Multiple Choice: Read each sentence/situation carefully and select the correct answer among the choices.
1. Economics is derived from a greek word "oikonomia" which means ____________________.

A. Social management B. Economic management C. Household management D. Political management

2. It is also termed as human resources.

A. Land C. Capital

B. Entrepreneur D. Labor

3. All of the following are examples of human wants EXCEPT:

A. Watch C. Clothes

B. Perfume D. Smartphone

4. What is the meaning of “scarcity of resources”?

A. Minimum resources C. Slight resources

B. Excess resources D. Shortage of resources

5. It refers to the allocation of products among the factors of production.

A. Distribution C. Exchange

B. Production D. Consumption

6. Macroeconomics deals with all of the following EXCEPT:

A. Price of rice C. Gross National Product

B. Employment D. National income

7. What do unlimited wants mean?

A. Partial C. Infinite

B. Fractional D. Limited

8. Why is Economics a science?

A. It can predict the future C. It measures the quantity of output

B. It conduct experiment in a laboratory D. It undergoes observation and experimentation

9. All aspects of _________________ can be described by a study of economics.

A. Market C. Production function

B. Country's economy D. Consumption of individuals

10. As a social science, Economics can be more ___________.

A. Changeable C. Unpredictable

B. Predictable D. Unchangeable

11. What is the basic economic problem that has something to do with the problem of distribution?

A. How much to produce? C. For whom to produced?

B. How to produce? D. What to produced?

12. What is the basic economic problem where once the goods are produced, how shall they be distributed?
A. How to produce? C. For whom to produced?

B. How much to produce? D. What to produced?

13. What is the basic economic problem where goods and services to be produced are based on the needs of the needs of the consumers?

A. For whom to produced? C. How to produce?

B. What to produced? D. How much to produce?

14. It is the study of economics in relation to real world situations as opposed to the theory of economics.

A. Microeconomics C. Economics

B. Macroeconomics D. Applied economics

15. Because of scarcity, people and economists must make decisions over how to:

A. Stagnation of resources C. Import resources

B. Allocate resources D. Export resources

16. What do you call the process of producing creating goods needed by the households to satisfy their needs?

A. Exchange C. Distribution

B. Production D. Consumption

17. This is the international medium of currency world situation as opposed to the theory of economics.

A. Enterprise C. Dollar

B. Production D. Peso

18. It deals with the economic behavior of individuals.

A. Microeconomics C. Applied economics

B. Macroeconomics D. Economics

19. Which of the following is about the marketing of goods and services to different economics outlet.

A. Consumption C. Production

B. Exchange D. Distribution

20. It deals with the economic behavior of the whole economy.

A. Macroeconomics C. Economics

B. Microeconomics D. Applied economics

21. This pertains to the activities of the government regarding taxations, borrowing, and expenditures.

A. Distribution C. Public finance

B. Production D. Exchange

22. It talks about the human efforts for it to be mental.

A. Labor C. Capital

B. Land D. Entrepreneur

23. What is the process of transferring goods and services to a person or persons in return for something?

A. Labor C. Distirbution

B. Capital D. Exchange

24. This refers to the proper utilization of economics goods.

A. Distribution C. Production

B. Exchange D. Consumption

25. What is something that you don’t need but you would like to have?

A. Needs C. Economics

B. Wants D. Applied economics

26. It is a science that deals with sound thinking and reasoning.

A. Logic C. Geometry

B. Mathematics D. Statistics

27. What is the science that deals with numbers and operations?

A. Mathematics C. Statistics

B. Logic D. Geometry

28. This refers to the proper utilization of economic goods.

A. Distribution C. Consumption

B. Production D. Exchange

29. It is the study of the uses of scarce resources that have alternative resources.

A. Wants C. Needs

B. Economics D. Applied economics

30. What is the table showing the quantities of a product that would be purchased at various prices at a given time and place?

A. Demand curve C. Law of demand

B. Supply curve D. Law of supply

31. It is a graph of the demand schedule.

A. Demand curve C. Law of demand

B. Supply curve D. Law of supply

32. Which of the following can show the quantity of items seller would offer for sale at different prices.

A. Market demand C. Market supply

B. Demands schedule D. Supply schedule

33.It is defined as the number of items that sellers are willing and able to sell in the market at different prices.

A. Market demand C. Supply curve

B. Market supply D. Demand curve

34. What shows the relationship between the price of an item and the number of unit sellers will offer for sale?

A. Law of supply C. Supply curve

B. Law of demand D. Demand curve

35. It states that seller will offer more of an item at a high price and less at low price.

A. Supply curve C. Law of supply

B. Demand curve D. Law of demand

36. What is another term use for equilibrium?

A. Stable C. Balance

B. Static D. None of the above

37. According to the market equilibrium, a higher price will result to _______.

A. Surplus C. Constant supply

B. Shortage D. Constant demand

38. It Introduces the equilibrium price of demand and supply.

A. Alfred Marshall C. David Ricardo

B. Adam Smith D. None of the above

39. It reflects the desire of consumers for a commodity.

A. Supply C. Demand

B. Supply schedule D. Market

40. What does the ceteris paribus assume?

A. Price factor is constant C. Non-price factors is not constant

B. Price factor is not constant D. Non-price factors is constant

41. It pertains to the relation between quantity and price.

A. Demand C. Supply

B. Microeconomics D. Macroeconomics

42. It is defined as the number of items that sellers are willing and able to sell in the market at different prices.

A. Demand C. Supply

B. Microeconomics D. Macroeconomics

43. It describes the rationing effect of prices.

A. Market demand C. Law of demand

B. Market supply D. Law of supply

44. What is simply the sum of all individual demand?

A. Market demand C. Law of demand

B. Market supply D. Law of supply

45. This shows the different quantities that are offered for sale at various price.

A. Market C. Supply schedule

B. Demand schedule D. Income

46. It reflects the quantities of goods and services demanded by a consumer or an aggregate af consumers of any given price.

A. Market C. Supply schedule

B. Demand schedule D. Income

47. What do you call the schedule of quantities of good and services that people will buy at different prices?

A. Change in demand C. Supply

B. Change in supply D. Demand

48. It pertains to a shift in the supply curve.

A. Change in demand C. Supply

B. Change in supply D. Demand

49. It reflects the relationship between prive and quantity purchases of t-shirts during the given period of time.

A. Change in demand C. Supply

B. Change in supply D. Demand

50. The schedule of quantities of goods and services that sellers are willing to sell at different prices.

A. Change in demand C. Supply

B. Change in supply D. Demand

ANSWER KEY (APPLIED ECONOMICS)

1. C
2. D
3. C
4. D
5. A
6. A
7. C
8. D
9. B
10. B
11. D
12. C
13. B
14. D
15. B
16. B
17. C
18. A
19. D
20. A
21. C
22. A
23. D
24. D
25. A
26. B
27. A
28. C
29. B
30. C
31. A
32. D
33. B
34. C
35. C
36. C
37. A
38. A
39. C
40. A
41. A
42. C
43. C
44. A
45. C
46. B
47. D
48. B
49. A
50. C