Economics Third Grading Exam

Republic of the Philippines
Department of Education
Region VI – Western Visayas
Schools Division of Iloilo
SANTA BARBARA NATIONAL COMPREHENSIVE HIGH SCHOOL
Santa Barbara, Iloilo
_____ Grading Unit Assessment/___Semester
Teacher: CLAIRE S. JUAREZ
Subject: APPLIED ECONOMICS
I. Direction: Choose the correct answer from the choices given. No erasure of answer/s. Encircle the correct answer.
1. What is scarcity?
A. The act of being afraid.
B. The excess of a product that hasn't been sold.
C. The inability to satisfy the unlimited wants and needs of people.
D. The amount of goods and services consumers want.
2. Which of the statements below is a positive microeconomic statement?

A. The minimum wage should be raised B. he deficit should be reduced
C. Workers earning less than the minimum wage should be given a raise D. The unemployment rate is too high
3. The basic economic problem of all economies is essentially one of deciding how to make the best use of
A. unlimited resources to satisfy unlimited wants B. limited resources to satisfy unlimited wants
C. unlimited resources to satisfy limited wants D. limited resources to satisfy limited wants
4. The most fundamental economic problem is

A. How individuals maximize utility B. How society allocates resources fairly
C. Income equity and disparity between rich and poor D. Income security, employment, and price
stability
5. Scarcity requires that individuals must

A: Trade up to their comparative advantage B: Compete for unlimited resources
C: Make choices among limited resources D: Cooperate to allocate resources
6. Which of the following is a microeconomic topic?

A: The reasons for a decline in average prices B: The reasons why Kathy buys less orange juice
C: The cause of why total employment may decrease D: The effect of the government budget deficit on inflation
7. Which of the following is an issue in macroeconomics? The

A: purchasing decisions that an individual consumer makes
B: effect of an increase in the tax on cigarettes on cigarette sales
C: hiring decisions that a business makes
D: effect of increasing the money supply on inflation
8. The study of the behavior of firms, individual markets, and households is called:
A. normative economics. B. positive economics. C. macroeconomics. D. microeconomics.
9. The study of the behavior of the overall economy is called:

A. normative economics. B. positive economics. C. macroeconomics. D. microeconomics.
10. The three fundamental questions of economic organization are:

A. when, for whom, and how. B. how, what, and for whom C. who, how, and when D. what, who, and why
11. The _______ of a decision is the value of the good or service forgone.
A. opportunity cost B. efficiency C. economics D. scarcity
12. Economics is the study of

A. production technology B. consumption decisions
C. how society decides what, how, and for whom to produce D. the best way to run society
13. The opportunity cost of a good is

A. the time lost in finding it B. the quantity of other goods sacrificed to get another unit of that good
C. the expenditure on the good D. the loss of interest in using savings
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14. A market can accurately be described as
A. a place to buy things B. a place to sell things
C. the process by which prices adjust to reconcile the allocation of resources D. a place where buyers and sellers meet
15. In a free market __________ ___________

A. governments intervene B. governments plan production
C. governments interfere D. prices adjust to reconcile scarcity and desires
16. In the mixed economy

A. economic problems are solved by the government and market
B. economic decisions are made by the private sector and free market
C. economic allocation is achieved by the invisible hand
D. economic questions are solved by government departments
17. Microeconomics is concerned with

A. the economy as a whole B. the electronics industry
C. the study of individual economic behavior D. the interactions within the entire economy
18. Macroeconomics is the study of ___________________

A. individual building blocks in the economy B. the relationship between different sectors of the economy
C. household purchase decisions D. the economy as a whole
19. The items that consumers buy are called ...

A. Private property B. Factors of production C. Producer goods D. Consumer goods
20 . Things that are needed to produce goods and services are called ...
A. Efficient use of resources B. Factors of production C. Economic systems D. Private property
21. Three basic types of economic systems are ...

A. Natural resources, labour, capital
B. What to produce, how to produce, who will receive the goods and services
C. Free enterprise, centrally planned economy, mixed economy D. Government, business, consumers
22. Competition occurs if ...

A. Two or more businesses try to sell the same type of goods or services to the same customer
B. Government agencies are the only producers of goods or services
C. One business has the approval to sell the total production of one type of good or service
D. One large business owns all the natural resources needed to produce some particular product
23. Canada's economy is referred to as a mixed economy because …

A. Producers can produce whatever they wish
B. Businesses can act independently without government interference
C. Government is involved in regulating and owning some businesses
D. Government owns all businesses
24. In a free market __________ ___________

A. governments intervene B. governments plan production
C. governments interfere D. prices adjust to reconcile scarcity and desires
25. People's wants and needs are ___.

A. limited B. unlimited C. the same as resources D. Scarce
II. Direction: Write TSAKTO if the statement is true and write SALA if the statement is wrong.
1. Macroeconomics and Microeconomics are to branches of biology.
2. Macroeconomics is concerned with the behaviour of individual entities.
3. Between the choice of rice and hamburger, choosing rice to eat during lunch time become s my need rather than
having my wants.
4. I am thirsty during recess time and I chose water for my drinks instead of coke. This choice is considered fulfilling
what I need rather than what I want.
5. Microeconomics is concerned with the overall performance of the entities of the economy.
6. Economics is a social science because it studies human behaviour.
7. The practice of economics happens when there is a limited ability to buy goods and services due to income
constraints.
8. Relative scarcity is when a good is scarce compared to its demand.
9. Absolute scarcity is when supply is unlimited.
10. The basic economic problems of society faced with basic questions such as what to produce and how much, hot to
produce, and for whom to produce.
11. Economics studies how individuals make choices in allocations scarce resources to satisfy their unlimited wants.
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12. The insufficiency of resources to meet the wants of consumers is called scarcity.
13. The study of economics involves the use of unlimited resources to satisfy unlimited wants.
14. How to produce is a question on the production method that will be used to produce goods and services.
15. I have 100 pesos allowance today. I want to buy Fries pa more which costs P120.00. My allowance is not enough
so instead of buying Fries Pa more I opted to buy Hamburger which only costs P95.00. With my choice, I am
practicing economics.
16. The statement, " A cut in income tax rates spurs growth in the economy." is an example of a positive economic
statement.
17. Jessica Campbell is considering two possible jobs after graduation. One pays P350,000.00 per year, but requires a
move to California. The other pays P300,000.00 per year for a similar job, but is nearby. If Jessica chooses the
nearby job, the opportunity cost of the decision would be P300,000.00.
18. A command economy decides resource allocation by government planning
19. Economics is the study of production technology.
20. The opportunity cost of a good is the time lost in finding it.
III. Direction: Classify the following topics. Write MICRO if it falls under Microeconomics ; MACRO if it falls
under Macroeconomics.
1. Philippine congress passed the Value Added Tax to strengthen the Philippine tax system.
2. The implementation of Tax Reform for Acceleration and Inclusion (TRAIN) in our country this 2018.
3. A P340 billion deficit in the Philippines budget is expected in the year 2015.
4. The inflation rate in the Philippines in the last quarter of 2013 was 4.8%.
5. In the past year, Coca Cola was named the fastest selling product in the market.
6. Prices of Toyota vehicles are predicted to go up in December.
7. Rental on land could not be increased by land owners because of the Rent Control Law.
8. Prices of apples and grapes tend to increase during the Christmas season.
9. The Philippine economy grew at the rate of 5.8% in 2013.
10. Garlic prices in the past months have risen because producers hoarded their garlic supplies in their bodegas.
11. Unemployment rate has dropped because of the increase in the number of OFWs.
12. In Santa Barbara, the price of 1 string of sitaw is Php2.50.
13. The Philippine law regarding free education in college will benefit more students.
14. The budget of the country this 2018 is 3.4 trillion.
15. The inflation rate this 2018 will increase by 2.5%.
IV. Direction: Describe the type of economic system characterized in each of the following sentences. Write
Traditional if it falls under Traditional Economy, Command it falls under Command economy, and Market if it
falls under Market Economy.
1. People enjoy freedom of choice in arriving at decisions on what to buy.
2. Ancient methods are used in deciding what goods to produce.
3. Economy is stagnant, making use of practices in the olden times.
4. Economy is backward because no new technology or production methods are introduced.
5. It is the most democratic form of economic system
6. People have no freedom of choice in arriving at decisions on what to buy.
7. Prices are based on demand and supply.
8. The government decides on what goods should be produced.
9. People’s preferences are reflected in the prices they are willing to pay in the market.
10.It exists in primitive and backward civilizations.
V. Direction: Identify which resource is referred to by following words. (LAND, LABOR, CAPITAL)
1. Entertainers 2. Minerals 3. Forests

4. Marine Resources 5. Teachers 6. Technology
7. Product Equipment 8. Engineers 9. Call Center Agents
10. Businessman 11. Fish 12. Teacher
13. Nickel 14. Machinist 15. Janitor
16. Ocean 17. Doctor 18. Computer
19. Building 20. Cashier
V. Direction: Answer the question briefly. (5pts)
1. If you were to advise the President of the Philippines on how to cope with the issues on poverty and
unemployment to improve the lives of the Filipino people, what would you tell him and why?

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Republic of the Philippines

2. Which of the statements below is a positive microeconomic statement?

4. The most fundamental economic problem is

5. Scarcity requires that individuals must

6. Which of the following is a microeconomic topic?

7. Which of the following is an issue in macroeconomics? The

9. The study of the behavior of the overall economy is called:

10. The three fundamental questions of economic organization are:

12. Economics is the study of

13. The opportunity cost of a good is

15. In a free market __________ ___________

16. In the mixed economy

17. Microeconomics is concerned with

18. Macroeconomics is the study of ___________________

19. The items that consumers buy are called ...

21. Three basic types of economic systems are ...

22. Competition occurs if ...

23. Canada's economy is referred to as a mixed economy because …

24. In a free market __________ ___________

25. People's wants and needs are ___.

1. Entertainers 2. Minerals 3. Forests

V. Direction: Answer the question briefly. (5pts)

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