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    APPLIED Periodical TEST 2nd Sem

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    1. This document appears to be a test in applied economics consisting of multiple choice, fill in the blank, and short answer questions. 2. The test covers topics in microeconomics and macroeconomics including scarcity, market structures, elasticity, supply and demand, and key economic terms. 3. It evaluates the test-taker's understanding of fundamental economic concepts through question types that require defining terms, classifying topics, and determining elasticity values based on price and quantity changes.

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    APPLIED Periodical TEST 2nd Sem

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    One Click
    202 views3 pages
    1. This document appears to be a test in applied economics consisting of multiple choice, fill in the blank, and short answer questions. 2. The test covers topics in microeconomics and macroeconomics including scarcity, market structures, elasticity, supply and demand, and key economic terms. 3. It evaluates the test-taker's understanding of fundamental economic concepts through question types that require defining terms, classifying topics, and determining elasticity values based on price and quantity changes.

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    APPLIED Periodical TEST 2nd sem

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    1. This document appears to be a test in applied economics consisting of multiple choice, fill in the blank, and short answer questions. 2. The test covers topics in microeconomics and macroeconomics including scarcity, market structures, elasticity, supply and demand, and key economic terms. 3. It evaluates the test-taker's understanding of fundamental economic concepts through question types that require defining terms, classifying topics, and determining elasticity values based on price and quantity changes.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    202 views3 pages

    APPLIED Periodical TEST 2nd Sem

    Uploaded by

    One Click
    1. This document appears to be a test in applied economics consisting of multiple choice, fill in the blank, and short answer questions. 2. The test covers topics in microeconomics and macroeconomics including scarcity, market structures, elasticity, supply and demand, and key economic terms. 3. It evaluates the test-taker's understanding of fundamental economic concepts through question types that require defining terms, classifying topics, and determining elasticity values based on price and quantity changes.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    of 3

    Name: _______________________________________ Score:________________

    Section:______________________________________ Date:________________

    Periodical Test in Applied Economics

    I. Modified True or False (2pts)

    Direction: Write TRUE if the statement is correct but if it’s false change the underlined word or group of
    words to make the whole statement true.

    ____________1. Scarcity is the insufficiency of resources to meet the wants of consumers

    and the insufficiency of resources of producers.

    ____________2. Owners of lands receive a payment known as wage.

    ____________3. Economics is the social science that involves the use of scarce resources to

    satisfy unlimited wants .

    ____________4. The owner of capital earns an income called Interest.

    ____________5. Microeconomics is a division of economics that is concerned with the

    overall performance of the entire company

    ____________6. Market Economy or System is the authoritative system where in decision-

    making is centralized in the government or a planning committee.

    ____________7. How to produce is a question on the production method that will be used to

    produce the goods and services.

    ____________8. Traditional Economy or System, the methods are stagnant and therefore not

    progressive.

    ____________9. Macroeconomics is concerned with the behavior of individual entities.

    ____________10. What to produce and how much is about the market for the goods. For whom will the
    goods and service be produced.

    II. Fill in the Blanks

    Direction: Fill the blank with the appropriate words written in the box. Write your anwers on the space
    provided.

    Income Albert maximize capital scarce social mankind wants opportunity

    material cost connected decisions risk Alfred rent Mershall

    scarcity Marshall interests science satisfy Choice Chosen wage

    1. ___________ ____________ described economics as study of ___________ in the ordinary business


    life. It examines part of the individual and social action that is most ______________ with the
    attainment and use of ___________ requisites of well-being
    2. ___________ and decision making, because of the presence of ___________, there is a need for man
    to make ______________ in choosing how to ___________ the use of the scarce resources to satisfy as
    many _______ as possible
    3. Land, soil and ________ ____________ that are found in nature and are not ________. Owners of
    lands receive payment known for _______
    4. Economic as _________ __________, studies how individuals make choices in allocating _______
    resources to _______ their unlimited wants.
    5. _________________ ________ refers to the value of the best foregone alternative.
    III. Classify the following topics. Write if it is Microeconomics or Macroeconomics

    1. The inflation rate in the Philippines in the last quarter of 2015 was 5.1% _____________
    2. Motorists complain for high gasoline prices.___________________________
    3. Garlic prices in the past months have risen because producers hoarded their supplies in their
    bodegas.__________________________________
    4. Philippine Economy was expanded more than 6.7% rate last year.__________________
    5. In June, when the school year starts, the number of consumers of school supplies normally goes up.

    B. Determine if the following value of the coefficient is Elastic, Inelastic & Unitary Elastic

    1. If the price of LPG increases by 10% and as a result the quantity demanded goes down by 12
    %.______________________________
    2. The price of cellphone load goes up by 5% and the quantity demanded goes down by
    3%________________________________
    3. The price of string beans goes down by 6% and as a result the quantity demanded goes up by
    6%___________________________
    4. The price of All Beverages goes up by 8% and the quantity demanded goes down by
    2%_________________________________
    5. The price of cigarettes goes down by 11% and as a result the quantity demanded goes up by
    11%______________________________

    IV. Definition of Terms. (2pts.)

    Direction: Define the given words based on Applied Economics.

    1. Elastic-_________________________________________________________________

    ______________________________________________________

    2. Perfect Competition-_______________________________________________________

    _________________________________________________________________

    3. Law of Demand-_________________________________________________________

    _________________________________________________________________

    4. Law of Supply-___________________________________________________________

    _________________________________________________________________

    5. Income Effect-__________________________________________________________

    ________________________________________________________________

    6. Market-_______________________________________________________________

    ________________________________________________________________

    7. Inelastic-_______________________________________________________________
    ________________________________________________________________

    8. Demand-_______________________________________________________________

    _________________________________________________________________

    9. Financial Market-__________________________________________________________

    __________________________________________________________________

    10. Labor Market-____________________________________________________________

    __________________________________________________________________

    11. Macroeconomics-_________________________________________________________

    ________________________________________________________________________
    12. Goods-__________________________________________________________________
    ________________________________________________________________________
    13. Services-________________________________________________________________
    14. Capital -_________________________________________________________________
    15. Labor-__________________________________________________________________

    Prepared by:

    HADASSA BATI CAMAYA

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