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    Applied Economics ST 1

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    Joshua Germoso
    This document is a 20 question summative test on applied economics. It covers topics like scarcity, economic systems, macroeconomics, microeconomics, gross domestic product, and more. Students are asked multiple choice questions to test their understanding of these core economic concepts. The test also asks questions about specific policies and issues related to the Philippine economy under President Duterte, including the TRAIN law.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Applied Economics ST 1

    Uploaded by

    Joshua Germoso
    16 views2 pages
    This document is a 20 question summative test on applied economics. It covers topics like scarcity, economic systems, macroeconomics, microeconomics, gross domestic product, and more. Students are asked multiple choice questions to test their understanding of these core economic concepts. The test also asks questions about specific policies and issues related to the Philippine economy under President Duterte, including the TRAIN law.

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    Applied Economics St 1

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    This document is a 20 question summative test on applied economics. It covers topics like scarcity, economic systems, macroeconomics, microeconomics, gross domestic product, and more. Students are asked multiple choice questions to test their understanding of these core economic concepts. The test also asks questions about specific policies and issues related to the Philippine economy under President Duterte, including the TRAIN law.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    16 views2 pages

    Applied Economics ST 1

    Uploaded by

    Joshua Germoso
    This document is a 20 question summative test on applied economics. It covers topics like scarcity, economic systems, macroeconomics, microeconomics, gross domestic product, and more. Students are asked multiple choice questions to test their understanding of these core economic concepts. The test also asks questions about specific policies and issues related to the Philippine economy under President Duterte, including the TRAIN law.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    APPLIED ECONOMICS

    GENERAL ACADEMIC STRAND 12


    SUMMATIVE TEST #1
    Name: _____________________________________ Score: _________________
    Grade & Section: ___________________ Parent's Signature:_______
    DIRECTIONS: Read and analyze each item carefully. Write the letter of your answer on the space provided before the number.
    _____1. Which refers to the study of man’s activities and efforts to use the limited resources for the satisfaction of the unlimited
    needs and wants?
    A. Economics C. Scarcity
    B. Limited Resources D. Social Science
    _____2. Which conditions means there are insufficient resources to satisfy all the needs and wants of a population?
    A. Economics C. Scarcity
    B. Limited Resources D. Social Science
    _____3. Which of situations below means the goods are scarce compared to its demand?
    A. Absolute Scarcity C. Relative Scarcity
    B. Limited Resources D. Scarcity
    _____4. Which situation explains that the supply of goods is limited in our country?
    A. Absolute Scarcity C. Relative Scarcity
    B. Limited Resources D. Scarcity
    _____5. Which refers to the study of group of people that has a common objective, race, goal and interest?
    A. Economics C. Scarcity
    B. Limited Resources D. Social Science
    _____6. Which refers to the study of small units of the economy focuses on individual buyers and sellers?
    A. Economics C. Microeconomics
    B. Macroeconomics D. Opportunity Cost
    _____7. Which refers to a physical and mental exertions of man to produce goods and services?
    A. Capital C. Land
    B. Entrepreneur D. Labor
    _____8. Which refers to the overall performance of the entire economy?
    A. Economics C. Microeconomics
    B. Macroeconomics D. Opportunity Cost
    _____9. Which of the following is NOT TRUE about market economy?
    A. Prices are based on demand and supply.
    B. People enjoy freedom of choice in arriving at decisions on what to buy.
    C. People have no freedom of choice in arriving at decisions on what to buy.
    D. People s preferences are reflected in the prices they are willing to pay in the market.
    _____10. Which type of economic system is centralized in the government or in a planning committee?
    A. Command Economy C. Mixed Economy
    B. Market Economy D. Traditional Economy
    _____11. Which of the following is NOT a characteristic of Traditional Economy?
    A. Ancient methods are used in deciding what goods to produce
    B. Economy is stagnant, making use of practices in the olden times
    C. It is existing in primitive and backward civilization
    D. It is the most democratic form of economic system
    _____12. Which economics refers to the real situation of the economy?
    A. Economic System C. Normative Economics
    B. Econometrics D. Positive Economics
    _____13. What kind of economics focuses in policy formulation that helps to attain the ideal situation of the economy?
    A. Economic System C. Normative Economics
    B. Econometrics D. Positive Economics
    _____14. Which refers to the market value of final products, both sold and unsold produce by the resources of the economy in a given
    period?
    A. Final Product C. Gross National Product
    B. Gross Domestic Product D. Intermediate Product
    _____15. Which refers to the resources that are used to produce goods and services?
    A. Economic Resources C. Normative Economics
    B. Economic System D. Positive Economics
    _____16. Which of the following is the main concern of Applied Economics?
    A. How scarcity is eliminated.
    B. How to make money in the stock market
    C. How individuals, institutions and society make choices under conditions of scarcity.
    D. The supply and demand of society
    _____17. Which refers to a natural phenomenon wherein one set the limit in the production of goods and services needed by man?
    A. Absolute Scarcity C. Scarcity
    B. Limited Resources D. Unlimited Needs & Wants

    _____18. Which refers to the principal cause of economic problem?


    A. Absolute Scarcity C. Scarcity
    B. Limited Resources D. Unlimited Needs & Wants
    _____19. The following are the identified economic problem of our society under President Rodrigo Duterte, EXCEPT:
    A. Drug related war C. The TRAIN Law
    B. Government Official War D. The Reproductive Health Bill
    _____ 20. Train Law is identified issue that can affect Philippine economy. Which of the following is the effect of Train Law?
    I. It increase inflation rate, increases the prices of basic goods and services
    II. It lowers the income tax of the employees serve as additional income for their families.
    III. The government generate income from train law
    IV. Train law does not affect the Philippine Economy
    A. I only C. I, II, III only
    B. II & I only D. I, II, III & IV

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