LAAK NATIONAL HIGH SCHOOL

SENIOR HIGH SCHOOL DEPARTMENT

APPLIED ECONOMICS
PARALLEL ASSESSMENT
Module 1 & 2

Name: ________________________________ Strand: ___________ Date: ____________ Score: __________

MODULE 1.

WORD BANK. Write your answers using alphabet in the space provided before the questions from the
word bank below. NO need to use separate sheet. Use this paper as your answer sheet.
a. labor b. essential goods c. luxury goods d. entrepreneur e. capital goods f. labor
g. scarcity h. applied science i. macroeconomics j. social science k. intangible goods l. microeconomics

________ 1. This field of economics has two types of policies for pursuing these goals: monetary policy and
fiscal policy.
________ 2. It uses the scientific method in its explanations, which consists of observing reality and
presenting questions and problems to arrive at the formulation of theories and models.
________ 3. What goods are used to satisfy the basic needs of man?
________ 4. What goods are considerably rendered by doctors, engineers, doctors and other professionals?
________ 5. What goods man may do without, but may give comfort and satisfaction?
________ 6. The physical effort of the manpower to produce the protective devices of the frontliners
describes which factor of production?
________ 7. The computers of the production manager in an office are what kind of goods or products?
________ 8. The great ideas, concepts and drive of the production managers to produce something new
describe which factor of production?
________ 9. What characteristic of resources when there are insufficient resources to supply all the desires
and needs of individuals?
________ 10. It focuses on the behavior of individual economic units and the functioning of markets. Its
perspective focuses on parts of the economy: individuals, firms, and industries.

ENUMERATION. Answers on the bank provided below.

studies the behavior of individual economic units looks at the economy as a whole
focuses on parts of the economy: individuals, firms, and focusing on goals like productions; standard of living,
industries unemployment, and inflation
studies the functioning of markets

11-13. Give the three microeconomic perspectives on the economy.

14-15. Give the two macroeconomic perspectives on the economy

11.
_____________________________________________________________________________________________________
12.
_____________________________________________________________________________________________________
13.
_____________________________________________________________________________________________________
14.
_____________________________________________________________________________________________________

Sir Zac | Parallel Assessment | Applied Economics

15.
_____________________________________________________________________________________________________

LAAK NATIONAL HIGH SCHOOL

SENIOR HIGH SCHOOL DEPARTMENT

APPLIED ECONOMICS
PARALLEL ASSESSMENT

Name: ________________________________ Strand: ___________ Date: ____________ Score: __________

MODULE 2.

Part I. TRUE or FALSE

Directions: Please write TRUE if the statement is correct and FALSE if the statement is incorrect.
_______________ 1. Scarcity in goods and services happens if the resources in the production are
inadequate or scarce.
_______________ 2. Customers must choose among several alternatives if scarcity exists.
_______________ 3. Income inequality is the gap in income that exists between the rich and the poor
customers willing to buy the same products.
_______________ 4. Shortage of goods and services is an economic problem; and shortages are always
constant
_______________ 5. The Build Build Build Program by the government aims to help improve the
infrastructure projects and other programs of the country.

Part II. Directions: Please read carefully. Despite the limited resources and scarcity of products for our
consumption, today, we still want to achieve maximum satisfaction. We make use as few resources as
possible, allocate our resources where they are best suited, and use the appropriate technology or
materials and produce the right goods and services.

Given the resources below, please select the most efficient products that could be produced to maximize
production and help the economy.

Sir Zac | Parallel Assessment | Applied Economics

 LAAK NATIONAL HIGH SCHOOL
SENIOR HIGH SCHOOL DEPARTMENT

APPLIED ECONOMICS
PARALLEL ASSESSMENT Choice
Answer Key
1.
Name: ________________________________ 2.
Strand: ___________ Date: ____________
Score: __________ 3.
4.
MODULE 1.
5.

WORD BANK. Write your answers using alphabet 6.

in the space provided before the questions from
7.
the word bank below. NO need to use separate
sheet. Use this paper as your answer sheet. 8.
9.
a. labor b. c. d. e. f. labor
essenti luxury entrepr capital 10.
al goods eneur goods
goods
g. h. i. j. social k. l.
scarcit applied macroe science intangi microe
y science conomi ble conomi
cs goods cs

1. I
2. H
3. B
4. K
5. C
Sir Zac | Parallel Assessment | Applied Economics
 6. F
7. E
8. D
9. G
10. L

ENUMERATION. Answers on the bank provided below.

studies the behavior of individual economic units looks at the economy as a whole
focuses on parts of the economy: individuals, firms, and focusing on goals like productions; standard of living,
industries unemployment, and inflation
studies the functioning of markets

11. studies the behavior of individual economic units

12. studies the functioning of markets
13. focuses on parts of the economy: individuals, firms, and industries
14. looks at the economy as a whole
15. focusing on goals like productions; standard of living, unemployment, and inflation

LAAK NATIONAL HIGH SCHOOL

SENIOR HIGH SCHOOL DEPARTMENT

APPLIED ECONOMICS
PARALLEL ASSESSMENT
Answer Key

Name: ________________________________ Strand: ___________ Date: ____________ Score: __________

MODULE 2.

Part I. TRUE or FALSE

Directions: Please write TRUE if the statement is correct and FALSE if the statement is incorrect.

1. True
2. True
3. True
4. False
5. True

Part II. Directions: Please read carefully. Despite the limited resources and scarcity of products for our
consumption, today, we still want to achieve maximum satisfaction. We make use as few resources as

Sir Zac | Parallel Assessment | Applied Economics

possible, allocate our resources where they are best suited, and use the appropriate technology or
materials and produce the right goods and services.

Given the resources below, please select the most efficient products that could be produced to maximize
production and help the economy.

1. Public cars
2. Gasoline
3. SUVs
4. Bread
5. Doormat
6. Fresh fruits
7. Fresh vegetables
8. Cooking oil
9. Electric fan
10. PPEs

LAAK NATIONAL HIGH SCHOOL

SENIOR HIGH SCHOOL DEPARTMENT

APPLIED ECONOMICS
PARALLEL ASSESSMENT
Answer Key

Name: ________________________________ Strand: ___________ Date: ____________ Score: __________

MODULE 1.

WORD BANK. Write your answers using alphabet in the space provided before the questions from the
word bank below. NO need to use separate sheet. Use this paper as your answer sheet.
1. I
2. H
3. B
4. K
5. C
6. F
7. E
8. D
9. G
10. L

Sir Zac | Parallel Assessment | Applied Economics

ENUMERATION. Answers on the bank provided below.

11. studies the behavior of individual economic units

12. studies the functioning of markets
13. focuses on parts of the economy: individuals, firms, and industries
14. looks at the economy as a whole
15. focusing on goals like productions; standard of living, unemployment, and inflation

MODULE 2.

Part I. TRUE or FALSE

1. True
2. True
3. True
4. False
5. True

Part II.

1. Public cars
2. Gasoline
3. SUVs
4. Bread
5. Doormat
6. Fresh fruits
7. Fresh vegetables
8. Cooking oil
9. Electric fan
10. PPEs

Sir Zac | Parallel Assessment | Applied Economics