This document contains an exam on applied economics consisting of multiple choice and short answer questions. The multiple choice section tests knowledge of key economic terms and concepts. The short answer questions assess understanding of microeconomics vs macroeconomics topics, and the impact of events on supply and demand. Students are asked to draw and explain the 3 types of circular flow of economic activity. The exam evaluates a student's grasp of fundamental applied economic principles.
This document contains an exam on applied economics consisting of multiple choice and short answer questions. The multiple choice section tests knowledge of key economic terms and concepts. The short answer questions assess understanding of microeconomics vs macroeconomics topics, and the impact of events on supply and demand. Students are asked to draw and explain the 3 types of circular flow of economic activity. The exam evaluates a student's grasp of fundamental applied economic principles.
This document contains an exam on applied economics consisting of multiple choice and short answer questions. The multiple choice section tests knowledge of key economic terms and concepts. The short answer questions assess understanding of microeconomics vs macroeconomics topics, and the impact of events on supply and demand. Students are asked to draw and explain the 3 types of circular flow of economic activity. The exam evaluates a student's grasp of fundamental applied economic principles.
This document contains an exam on applied economics consisting of multiple choice and short answer questions. The multiple choice section tests knowledge of key economic terms and concepts. The short answer questions assess understanding of microeconomics vs macroeconomics topics, and the impact of events on supply and demand. Students are asked to draw and explain the 3 types of circular flow of economic activity. The exam evaluates a student's grasp of fundamental applied economic principles.
I. Choose your answer inside the box. Write the letter only.
a.rent b. investment c. savings d. oligopoly
e. market f. monopoly g. income h.poverty i.imperfect competition j. unemployment k. demand l. perfect competition m. market economy n. labor o. microeconomics p. land q. macroeconomics r. command economy s. economics t. scarcity u. capital v. Economics w. applied economics
_______1. It is a condition where there are not sufficient resources to satisfy all the needs and wants of a population. _______2. It is the application of economic theory and econometrics in specific settings with the goal of analyzing potential outcomes. _______3. It is the social science that involves the use of scarce resources to satisfy unlimited wants. _______4. It includes manmade resources used in the production of goods and services and also includes machines and equipment. _______5. It is an authoritative system wherein decision-making is centralized in the government. _______6. It refers to the physical, human effort exerted in production. _______7. It refers to the soil and natural resources which are found in nature and not man-made. _______8. It is a division of economics that is concerned with the overall performance of the entire economy. _______9. It is concerned on the behavior of individual entities such as the consumer, the producer and the resource owner. _______10. It is the most democratic form of economic system. _______11. It refers to the state of being extremely poor. _______12. It is a situation where people who are willing and able to work are seeking but cannot find jobs. _______13. It is the willingness of a consumer to buy a commodity at a given price. _______14. It exists when at least one of the requirements for perfect competition is absent in the market. _______15. It is consumed to fuel day-to-day expenditures. _______16. It is the portion of income earned that is not spent on consumption or taxes. _______17. It is a means of interaction between buyers and sellers for trading or exchange. _______18. It is a market where there is a sole producer of a product, for which there are no close substitutes. _______19. It is a market where a few sellers account for most of or total production. _______20. It is the payment for the use of land belonging to a landowner.
II. Classify the following topics. Write MIC if it falls under microeconomics; MAC, if it falls under macroeconomics. __________1. Philippine congress passed the Value Added Tax Law to strengthen the Philippine tax system. __________2. The Philippine economy grew at the rate of 6.3% in 2014. __________3. Prices of oranges and grapes tend to increase during the Christmas season. __________4. Rental on land could not be increased by landowners because of the Rent Control Law. __________5. In the past year, Coca Cola was named the fastest selling product in the market. __________6. Unemployment rate has dropped because of the increase in the number of OFW’s. __________7. Garlic prices in the past months have risen because producers hoarded their supplies in their bodegas. __________8. Prices of Toyota vehicles are predicted to go up in December. __________9. A Php. 340-million deficit in the Philippine budget is expected in the year 2015. __________10. The inflation rate in the Philippines in the last quarter of 2013 was 5.7%.
III. Indicate the effects of the given statements on the demand and supply of a good based on the following outcomes. Write the letter of your answer on the space provided. a. Shift to the right b. shift to the left c. no change
1. Well-received market innovation of a new cellphone
a. Demand for cellphones _______ b. Supply of cell phones _______ 2. Decrease in the price of good X a. Demand for good X _______ b. Supply of good X _______ 3. Anticipated increase in general price level of basic commodities a. Demand for basic commodities _______ b. Supply of basic commodities _______ 4. Government increases workers’ wages a. Demand for basic commodities _______ b. Supply of basic commodities _______ 5. Increase in death rates due to calamities a. Demand for basic commodities _______ b. Supply of basic commodities _______ 6. Migration of Filipinos to first world countries a. Demand for basic commodities _______ b. Supply of basic commodities _______ 7. New investments in the manufacturing of shoes a. Demand for shoes _______ b. Supply of shoes _______ 8. New discovery of gold mines in the country a. Demand for gold _______ b. Supply of gold _______ 9. Entry of sellers in the market for electronic gadgets a. Demand for electronic gadgets _______ b. Supply of appliances _______ 10. Improved technology in the manufacture of appliances a. Demand for appliances _______ b. Supply of appliances _______ IV. Draw the 3 types of circular flow of economic activity. Then, explain each type in 3-5 sentences. 5 points each.
