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Republic of the Philippines
Department of Education National Capital Region Schools Division Office of Taguig/Pateros Tipas National High School Palingon, Tipas Taguig City Long test Applied Economics - Senior High School
Name : ______________________________Year & Section ______ Date ____ Score ____
I. Multiple Choice. Select the best answer. Write your answer in the space provided.
____ 1. What explains economics pertains to the study of how society creates its material wealth, makes it available to its people with minimum difficulties, and expands its wealth. a. anthropology b. political science c. psychology d. social science ____ 2. What is the process of combining inputs to make something for consumption? a. consume b. production c. combination d. manufacturing ____ 3. What makes economics? a. Making money b. Making decisions c. Government controlling resources d. Private sector controlling resources ____ 4. What goods are for the consumption of the ultimate consumer? a. Luxury goods b. Essential goods c. Consumer goods d. Capital goods or Industrial goods ____ 5. Why do we need to allocate our resources properly? a. Because nothing is fee b. Because we need to pay for it. c. Because the government instructs us. d. Because we only have limited resources to satisfy our needs and wants. ____ 6. What is a model for understanding the tradeoffs an economy must make when dedicating its scarce resources? a. Supply curve b. Demand curve c. Price elasticity d. Production Possibilities frontier ____ 7. What are the examples of luxury goods? a. Building, equipment, and machinery b. Medicines, foods, and water c. Toothpaste, soap, and lotion d. Perfume, expensive cars, and laptops ____ 8. Who is involved in the production of which receives wages? a. Land as a factor of production b. Labor as a factor of production c. Capital as a factor of production d. Entrepreneurship as a factor of production ____ 9. What refers to insufficient resources to supply all the desires and needs of individuals? a. Scarcity b. Development c. Multiple use ___________________________________________________________________________________________________________________________________________________________________________________________ d. Partially replaceable
____ 10. Who produces goods and demands productive factors?
a. Producers b. Consumers c. Government d. The public sectors ____ 11. The physical effort of the manpower to produce the basic needs of the consumers, describe which factor of production? a. Land b. Labor c. Capital d. Entrepreneur ____ 12. What factor of production is the initiative and creativity to produce something new? a. Land b. Capital c. Labor d. Entrepreneur ____ 13. What kind of goods or products is the equipment of the coffee shop to produce cups of coffee? a. Capital goods b. Consumer goods c. Economic goods d. Either consumer goods or capital goods ____ 14. Which of the following best describes economics as a social and an applied science? a. The study of human personalities b. The study of products we need to survive c. The study of how buyers make choices when there is limited supply d. The study of how customers make choices when there is unlimited supply of resources. ____ 15. What are examples of customers’ basic needs? a. Iced tea b. Expensive bags c. Water and shelter d. Laptop and cellphones ____ 16. An increase in the price of electricity bill will force you to: a. increases your demand for stereos and videos. b. increases your demand for kerosene heaters and coal. c. increases your demand for TVs and the use of gadgets. d. increases your demand for light bulbs and air conditioning. ____ 17. The market demand curve for Apple shows the a. effect on market supply of a change in the demand for apple b. quantity of an apple that consumers like to buy at different prices. c. effect of advertising expenditures on the market price of an apple. d. marginal cost of producing and selling different quantities of an apple. ____ 18. Economies experience an increase in unemployment and a reduction in activity during a recession. How does recession affect the market demand for new cars? a. Demand for new cars either has or no shift b. Demand for new cars shifts to the right. c. Demand for new cars shifts to the left. d. Demand for new cars has no shift ____ 19. The market supply curve for gasoline shows the a. effect on market demand of a change in the supply of gasoline. b. quantity of gasoline that firms offer for sale at different prices. c. quantity of gasoline that consumers are willing to buy at different prices. d. quantity of gasoline that consumers are unwilling to buy at different prices.
____ 20. If Toyota produces a car faster than people want to buy, there is a. excess demand and the price can be expected to increase. b. an excess supply of cars and prices can be expected to increase. c. an excess supply of cars and prices can be expected to decrease. d. an excess demand for cars and price can be expected to decrease. . Enumeration: Classification of goods 21._________ 22._________ 23._________ 24._________ 25._________ Two fields of economics 26.________ 27.________ Four basic economic problems 28. ________ 29. ________ 30. ________ 31. ________
