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    APPLIED ECONOMICS 1St Periodical Exam 2020-2021

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    Aries Sunga
    This document is a practice exam in Economics for a student. It contains 15 multiple choice identification questions testing economic concepts like scarcity, opportunity cost, and elasticity. It also contains 4 calculations to compute the arc elasticity of demand based on quantity and price data given for two points on a demand curve. The exam is identifying foundational economic concepts and testing the student's understanding of elasticity through practical calculations.

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    APPLIED ECONOMICS 1St Periodical Exam 2020-2021

    Uploaded by

    Aries Sunga
    206 views1 page
    This document is a practice exam in Economics for a student. It contains 15 multiple choice identification questions testing economic concepts like scarcity, opportunity cost, and elasticity. It also contains 4 calculations to compute the arc elasticity of demand based on quantity and price data given for two points on a demand curve. The exam is identifying foundational economic concepts and testing the student's understanding of elasticity through practical calculations.

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    This document is a practice exam in Economics for a student. It contains 15 multiple choice identification questions testing economic concepts like scarcity, opportunity cost, and elasticity. It also contains 4 calculations to compute the arc elasticity of demand based on quantity and price data given for two points on a demand curve. The exam is identifying foundational economic concepts and testing the student's understanding of elasticity through practical calculations.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    206 views1 page

    APPLIED ECONOMICS 1St Periodical Exam 2020-2021

    Uploaded by

    Aries Sunga
    This document is a practice exam in Economics for a student. It contains 15 multiple choice identification questions testing economic concepts like scarcity, opportunity cost, and elasticity. It also contains 4 calculations to compute the arc elasticity of demand based on quantity and price data given for two points on a demand curve. The exam is identifying foundational economic concepts and testing the student's understanding of elasticity through practical calculations.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Academia de Pulilan, Inc.

    In affiliation with The City School International Inc.


    Cut-cot, Pulilan, Bulacan
    S.Y. 2020-2021
    First Periodical Exam in Economics
    Name:________________________ Score____________
    Grade/ Strand_____________ Teacher:_________________

    I. Identification: Write the correct answer on the blanks. X2


    Relative Scarcity 1. Is when a good is scarcs compared to its demand.
    Scarcity 2. Is a condition where there are insufficient resources to satisfy all the needs and wants
    of a population .
    Opoortunity Cost 3. Refers to the value of the best foregone alternative.
    Economic Resources 4. Also known as factors of production, are the resources used to produce goods and
    services.
    Command Economy 5. This is the authoritative system wherein decision-making is centralized in the
    government or a plannning committee.
    Macroeconomics 6. Is a division of economics that is concerned with the overall performance of the
    entire economy.
    Labor Market 7. Is where workers offer services and look for jobs, and where employers loook for
    workers.
    Demand 8. Is the willingness of a consumer to buy a commodity .
    Goods Market 9. Is the common type of market because it is where we buy consumers goods.
    Income Effect 10. Is felt when a change in the price of a good changes
    Consumer’s real income or purchasing power.
    Supply 11. Refers to the quantity of goods that a seller is willing to offer for sale.
    Equilibrium 12. Is a state of balance when demand is equal to supply.
    Unitary Elastic 13. A change in determinant will lead to a proportionately equal change in demand and
    supply.
    Arc Elasticity 14. The value of elasticity is computed by choosing two points on the demand curve and
    comparing the percentage changes in the quantity and the price on those two points.
    Cost of Production 15. Refers to the expenses incurred to produce the good.

    II. Compute the Elasticity of Demand


    1. Q2 = 123 2. Q2 = 83 3. Q2 = 567 4. Q2 = 75
    Q1 = 78 Q1 = 47 Q1 = 275 Q1 = 64
    P2 = 245 P2 = 216 P2 = 321 P2 = 77
    P1 = 98 P1 = 145 P1 = 145 P1 = 92

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