AP 9 Key Answer

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The document discusses topics related to economics including economic systems, factors of production, laws of production, and consumer rights.

The different types of economic systems discussed are traditional, market, command, capitalism, communism, socialism.

The four factors of production are land, labor, capital, and entrepreneurship.

Scientia Learning Institute

First Quarter Exam Review


USLS – IS Grade 9 AP

Name:_____________________________________ Score:___________

I. Identify the field of study in column B to which column A refers to. Write your answer in
the space provided.

__I____1. Science of numbers A. Biology


__A___2. Study of living things
B. Political Science
__D___3. Study of the composition of chemicals
C. Ethics
__B___4. Study of the government structure and
functions D. Chemistry
__J___5. Science about the study of physical
features of a country E. Statistics

__H___6. Study of matter and energy F. History


__G___7. Study of composition of society and social
institutions G. Sociology

__F___8. Science that study the struggle of man H. Physics


__C___9. Science that deals with the morality of man
I. Mathematics
__E___10. Science that is concerned with the
collection and analysis of numerical facts J. Geography
and data

II. Number the steps in Scientific Method from fist to last. Write the number in the space
provided.
__2___ Make assumptions or hypothesis.
__5___ Make conclusions and recommendations
__1___ Identify the issue or the problem to be analyzed.
__3___ Gather data and information.
__4___ Test hypothesis and data analysis
III. Identify what the statements refer to. Choose your answer in the box below and
write it in the space provided.

Shortage Scarcity Opportunity Cost


How to distribute the goods? Distribution Problems How to produce?
Hoarding What to Produce? How much to produce?
For whom are the goods to be produced?

1. Knowing the number of people who will receive the goods and
How to distribute the goods?
services of the economy, focuses on which economic question?
___ Hoarding _____2. It refers to intentional act of limiting the supply of goods in order to
increase the price.
___ Scarcity _____ 3. It is a natural condition of resources prevailing in almost all countries.
How much to produce? 4. It is an economic problem about the quantity of goods to be produce.
_Opportunity Cost _5. It refers to the value of alternative given up to obtain another item.
For whom are the goods to be produced? 6.
It is one of the basic economic problems about identifying the
people who will receive the goods and services of the economy.
_____ Shortage __7. It is a temporary condition of the economy regarding the lack of supply of
goods.
What to Produce? 8. It is an economic problem that is concerned with the kind of goods that
are needed by the economy.
Distribution Problems 9. It is the process of delivering the goods and services to different sectors
of the economy.
How to produce? 10. It is one of the economic activities that answers the question of how to
produce.
IV. Identify the needs, based on Maslow’s Hierarchy of Needs that the sentence is
referring to. Write your answer on the space provided.

Physiological Needs Security Needs Need for Belongingness


Self-esteem Self-actualization

___ Self-esteem ____1. Peter received recognition from his colleague.


Need for Belongingness 2. James was invited to attend a birthday party.

__Self-actualization _3. Danica works hard to achieve all her dreams for herself and her
family.
___ Security Needs__4. Companies offer health insurance to their employees.
Physiological Needs _5. Elisa spends her income on basic needs of her family.

V. TRUE OR FALSE. Write T if the statement is true and F if it is false.


__T___1. Needs are things which are necessary to survive.
__F___2. Things like perfume, watches, jewelry, magazines, TV sets, cars, and smartphones
are some human needs.
__F___3. Needs are the things people consume to satisfy their desires and pleasures.
__ T__4. Abraham Harold Maslow is the proponent of the Hierarchy of Human Needs.
__ T__5. Maslow’s Hierarchy of Human Needs underscores that each individual has different
needs and that a man must be satisfied first before considering other higher needs.
VI. MULTIPLE CHOICE. Encircle the letter of the correct answer.

1. Poor families are satisfied with small and simple houses while rich families can afford
beautiful and pompous houses. What factor that affects wants and needs is this?
A. Education B. Income C. Age D. Taste and Preference
2. A car is not a need of a janitor, clerk, or laborer but to businessman, executive, or manager,
it may be needed. What factor is this?
A. Education B. Income C. Profession D. Taste and Preference
3. Teenagers have different needs and wants compared to adult. The food they eat, clothes
they like to wear, and TV programs they like to watch are not the same as old people prefer.
What factor is this?
A. Education B. Income C. Age D. Taste and Preference
4. As a person grows older, his needs and wants change. What factor that affect wants and
needs is this?
A. Education B. Income C. Age D. Taste and Preference
5. The needs of men differ according to educational attainment.
A. Education B. Income C. Age D. Taste and Preference
6. This type of economy answers problems based on customs, traditions, beliefs, and norms
of society.
A. Traditional B. Market C. Command D. Capitalism
7. This type of economy make individuals and private sectors decide to answer WHAT?,
HOW? and FOR WHOM? to produce questions in the economy.
A. Traditional B. Market C. Command D. Capitalism
8. This type of economy lets the government decide in addressing the economic problem.
A. Traditional B. Market C. Command D. Capitalism
9. It is an economic system in which the ownership of factors of production is in the hands of a
group or individuals.
A. Communism B. Mercantilism C. Socialism D. Capitalism
10. This economic system is described as combination of capitalism and communism.
A. Communism B. Mercantilism C. Socialism D. Capitalism
11. It is an economic system in which the state controlled and owned all the industries and
resources of the country.
A. Communism B. Mercantilism C. Socialism D. Capitalism
12. The goods and services used by consumers for their personal, and household need, such
as food, clothing, shelter, devices, cosmetics, drugs, and others are called _____________.
A. Consumer products B. Consumer C. Economy D. Products
13. Consumer must be properly informed regarding the present condition of the commodities in
the market. What consumer right is this?
A. Basic Needs B. Security C. Choose D. Organize
14. All consumers can choose the products they like to buy. What consumer right does the
statement refer to?
A. Choose B. Proper Information C. Security D. Clean and Orderly Env.
15. Consumers can organize to have participation in formulation of social and economic
policies. What consumer right is it?
A. Security B. Organize C. Choose D. Basic Needs
16. What factor of production encompasses all natural resources used in the production of a
good?
A. Labor B. Land C. Capital D. Entrepreneur
17. It is the tools and machinery used to produce goods or services.
A. Labor B. Land C. Capital D. Entrepreneur
18. A person who has managerial ability and willingness to accept risk in doing business.
A. Labor B. Land C. Capital D. Entrepreneur
19. It refers to all the works that laborers and workers perform at all levels, except the
entrepreneur.
A. Labor B. Land C. Capital D. Entrepreneur
20. This shows the relationship of physical inputs and physical outputs of a business or
production.
A. Fixed Input B. Production Function C. Wages D. Profit
21. This stage shows the increase in the total production as the number of workers increase.
The marginal product of the 2nd worker is more than the 1st worker.
A. Decreasing Returns B. Increasing Returns C. Negative Returns
22. The Principle of Diminishing Return occur in this stage. Total production increases as
workers re added; but the marginal product decreases although it is still positive.
A. Decreasing Returns B. Increasing Returns C. Negative Returns
23. The addition of the 9th and 10th workers has caused reduction in the total product because
the marginal product has become negative and total product has decreased.
A. Decreasing Returns B. Increasing Returns C. Negative Returns
24. The invention of different devices during the Industrial Revolution paved for a new process
in production.
A. Mechanization B. Law of Variable Proportion C. Law of Diminishing Returns
25. This applies to a short run production period where there is only one variable input while all
the other inputs are constant.
A. Mechanization B. Law of Variable Proportion C. Law of Diminishing Returns
26. Total production increases as workers are added but the marginal product decreases
although it is still positive.
A. Mechanization B. Law of Variable Proportion C. Law of Diminishing Returns
27. When production is low, it is also low; when production is high, it is also high.
A. Fixed Cost B. Variable Cost C. Total Cost D. Marginal Cost
28. It is the cost for every additional product to be made.
A. Fixed Cost B. Variable Cost C. Total Cost D. Marginal Cost
29. It is the total expenses in producing goods services.
A. Fixed Cost B. Variable Cost C. Total Cost D. Marginal Cost
30. It is the sum of all the expenses for the payment of the fixed input.
A. Fixed Cost B. Variable Cost C. Total Cost D. Marginal Cost

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