EDEN INTEGRATED SCHOOL

SENIOR HIGH SCHOOL

1ST SEMESTER – GENERAL ACADEMIC STRAND
First Quarter Examination
Applied Economics
S.Y. 2018-2019

Name: ________________________________________________ Date: __________________________

I. MULTIPLE CHOISE: Choose the letter of the correct answer. Write your answer before the number.
___1. The wise production and use of wealth to meet the demands or needs of the people.
a. Economics b. Microeconomics c. Macroeconomics d. Oikonomos
___2. A situation wherein the amount of something available is insufficient to satisfy the desire for it.
a. Wants b. Needs c. Scarcity d. Shortage
___3. Without these we cannot live.
a. Wants b. Needs c. Scarcity d. Shortage
___4. A value that will purchase a finite quantity, weight, or other measure of a good or service.
a. Resources b. Free Goods c. Price d. Wages
___5. From the Greek words “Oikos” meaning household and “nomos” meaning management.
a. Macroeconomics b. Microeconomics c. Economics d. surplus
___6. A rise in the general price level of goods and services in an economy over a longer period of time,
resulting in a decline in the value of money and purchasing power.
a. Inflation b. deflation c. price stability d. Labor Supply
___7. It implies avoiding both prolonged inflation and deflation.
a. Inflation b. deflation c. price stability d. Labor Supply
___8. The amount of product that a buyer is willing and able to buy at a specified price.
a. Law of supply b. Law of demand c. Demand d. Supply
___9. The amount of product that a producer is willing to sell at a specified price.
a. Law of supply b. Law of demand c. Demand d. Supply
___10. Quantity rises as price rises, other things are constant or alternately.
a. Law of supply b. Law of Demand c. Demand d. Supply
___11. Quantity rises as price falls, other things constant.
a. Law of supply b. Law of Demand c. Demand d. Supply
___12. A concept in which opposing dynamic forces cancel each other out.
a. Demand b. Supply c. Equilibrium d. Curve
___13. The graphic representation of the relationship between price and quantity demanded/Supply.
a. Demand b. Supply c. Equilibrium d. Curve
___14. It represent when the slope goes down in a graph.
a. Demand b. Supply c. Equilibrium d. Curve
___15. It represent when the slope goes up in a graph.
a. Demand b. Supply c. Equilibrium d. Curve
___16. The utility that could have been gained by choosing an action’s best alternative.
a. Self Interest-Motive c. Opportunity Cost
b. Economic Value d. Utility
___17. An economic system based on public ownership and central planning.
a. Traditional Economy c. Mixed Economy
b. Command Economy d. Market Economy
___18. Production decisions are made in both private market and by government
a. Traditional Economy c. Mixed Economy
b. Command Economy d. Market Economy
___19. A set of arrangements between buyers and sellers of a certain item.
a. Price b. Business c. Market d. Household
___20. Defined as the total market value of all final products produce in a year.
a. Growth Rate b. Gross National Income c. Gross Domestic Product d. Disposable Income
___21. The total market value of all final goods and services.
a. Growth Rate b. Gross National Income c. Gross Domestic Product d. Disposable Income
___22. The following are factors that can affect supply and demand except one
a. Financial Performance c. Management
b. Social Awareness d. Endorser
___23. A reasonably interchangeable good or material bought and sold freely as an article of commerce.
a. Prize b. Commodity c. Incentive d. Gift
 ___24. The following are the determinant shifts in the supply curve except one
a. Change in technology c. Change number of producer
b. Change in input prices d. Change in Taxes
___25. The following are the determinant shifts in the demand curve except one
a. Change in consumer taste c. Change in the number of buyers
b. Change in producers income d. Change in consumer expectations
___26. A situation of diffused, impersonal competition among sellers who compete to sell their goods and
among buyers who use their purchasing power to acquire the available goods.
a. Price b. Business c. Market d. Household
___27. There is a Homogeneous product.
a. Monopoly b. Oligopoly c. Perfect Competition d. Monopolistic Competition
___28. It is a market structure in which there is only a single seller of the product.
a. Monopoly b. Oligopoly c. Perfect Competition d. Monopolistic Competition
___29. The products are substitutes, but are not exactly alike.
a. Monopoly b. Oligopoly c. Perfect Competition d. Monopolistic Competition
___30. A market dominated by a small number of strategically interacting firms.
a. Monopoly b. Oligopoly c. Perfect Competition d. Monopolistic Competition
II. TRUE or FALSE: Write A if the statement is correct and B if not. Write your answer before the number.
___31. The Law of Demand states that, if all other factors remain equal, the higher the price of a good, the
less people will demand that good.
___32. The Law of Supply demonstrates the quantities that will be sold at a certain price.
___33. In Law of Supply, producers supply more at a higher price because selling a higher quantity at higher
price increases revenue.
___34. Time is not important to supply because suppliers must, but cannot always, react quickly to a change
in demand or price.
___35. When supply and demand are equal the economy is said to be at equilibrium.
___36. Disequilibrium occurs whenever the price or quantity is not equal.
___37. Excess supply states that, if the price is set too high, excess supply will be created within the
economy and there will be allocate inefficiency.
___38. Excess demand is created when price is set above the equilibrium price.
___39. On the demand curve, a movement denotes a change in both price and quantity demanded from one
point to another on the curve.
___40. A shift in a demand or supply curve occurs when a good’s quantity demanded or supplied changes
even though price remains the same.
III. ESSAY. Your essay will be graded based on the following criteria:
Content 4
Organization 3
Language Forms 2
Neatness of Work 1
10
Give at least 3 situations showing that you can use what you have learned in Applied Economics in your
daily life.

Prepared by: Checked by:

Jamielor N. Balmediano,T1 Severino T. Morales Jr.
Teacher Principal II