Test Paper Applied Econ

Department of Education
Region III
Division of City of San Fernando
Panipuan High School
City of san Fernado
First Periodical Test

APPLIED ECONOMICS
School Year 2017-2018
Name:_______________________ Date: ______________

Grade & Section:_______________ Score:______________
I. MATCHING TYPE. Read the statement below and match the correct answer given
on the box. Write the correct letter on the blank provided before the number.
a. INPUT k. ESSENTIAL GOODS

b. CAPITAL GOODS l. CONSUMPTION
c. MANUFACTURING GOODS m. PRODUCTION
d. CONSUMER GOODS n. GOODS
e. WEALTH o. DISTRIBUTION
f. EXCHANGE p. OPPORTUNITY COST
g. LUXURY GOODS q. TRADE-OFF
h. ECONOMIC GOODS r. MICROECONOMICS
i. EQUITY s. EFFICIENCY
j. MACROENVIRONMENT t. SCARCITY
____ 1. It refers to the basic and central economic problem confronting every society. It is the
heart of the study of the economics and the reason behind its establishment.
____ 2. anything that yields satisfaction to someone, anything that is used to satisfy a person’s
wants and desires. This may be tangible and intangible.
____ 3. These are goods that involve physical transformation of commodity such as conversion of
leather into shoes, and this type of production takes place in the factory.
____ 4. It refers to goods which yield satisfaction directly, such as soft drinks and food.
____ 5. These are used to satisfy the basic needs of man such as food, shelter and medicine.
____ 6. These are goods used in the production of other goods and services, examples:
machinery, equipment and the likes.
____ 7. These are goods man may do without, but are used to contribute to his comfort and
wellbeing.
____ 8. These are goods which is both useful and scarce, it has a value attached to it and a price
has to be paid for its use.
____ 9. It refers to a branch of economics that deals with the behavior of individual components
such as household, firm and individual owner of production.
____ 10. It refers to a branch of economics that deals with the behavior of economy as a whole
with the view of understanding the interaction between economic aggregates such as
employment, inflation and national income.
____ 11. It refers to anything that has functional value usually in money, which can be traded for
goods and services.
____ 12. This refers to the direct utilization or usage of the available goods and services by
the buyer or the consumer sector.
____ 13. It is defined as the formation by firms of an output. It is the combination of the four (4)
factors of production.
____ 14. This is the process of trading goods and services for money or its equivalent.
____ 15. This is the process of allocating or apportioning scarce resources to be utilized by the
household, the business sector, and the rest of the world.
____ 16. It refers to the foregone value of the next best alternative. It is the value of what is
given- up when one makes choice.
____ 17. It refers to a situation in which more of one good thing can be obtained only giving up of
another thing.
____ 18. It refers to the productivity and proper allocation of economic resources.
____ 19. It means justice and fairness.
____ 20. These are commodities or services that are used to produce goods and services.
II. ENUMERATION. Enumerate what is ask.
The four basic economic problems

21 Factors affecting Demand
22. 34.
23. 35.
24. 36.
37.
Goals of economics 38.
25. 39.
26.
27. Factors affecting Supply
28. 40.
29. 41.
30. 42.
31. 43.
32. 44.
33. 45.
III. MULTIPLE CHOICE. Read the question carefully and encircle the best answer.
46. It is where the buyers and sellers meet. It is the place where they both trade or exchange goods
or services – in other words, it is where the transactions take place.
a. Market c. Bazaar
b. Trade fair d. Sale Shop
47. Refers to the number or amount of goods and services desired by the consumers at various
prices in a particular period of time.
a. Supply c. Needs
b. Demand d. Wants
48. States that as the price increases, quantity demanded decreases and as the price decreases
quantity demanded increases. If other factors remain constant.
a. Law of market c. Law of supply

b. Law of demand d. Law of equilibrium
49. It refers to a good for which demand a every price increases when income rise or vice versa.
a. Normal goods
b. Improper goods
c. Inferior goods
d. Substitute goods
50. This refers to goods that go together or cannot be used without the other.
a. Normal Goods c. Complementary goods

b. Substitute goods d. Go-together goods
51. It is defined as the maximum units/quantity of goods or services producers can offer.
a. Supply c. Equilibrium
b. Demand d. Price off
52. Refers to the amount of quantity goods and producers are willing and able to supply at a given
price at a given period of time.
a. Quantity supplied c. Supply

b. Quantity demanded d. Demand
53. States that as the price increases, quantity supplied increases and as the price decreases quantity
supplied decreases. If other factors remain constant.
a. Law of market c. Law of supply

b. Law of demand d. Law of equilibrium
54. It is a condition in the market where the quantity supplied is equal to quantity demanded. It is
generally agreement of the buyer and seller at a particular price and a particular quantity.
a. Market equilibrium c. Supply equality

b. Demand equality d. Balance market
55. It is a condition in the market which the demand is greater than the supply.
a. Over Supply c. Market Equilibrium

b. Shortage d. Surplus
56. Those characteristics of the market that significantly affect the behavior and interaction of
buyers and sellers.
a. Market supply c. Market structure

b. Market equilibrium d. Market
57. In this structure, many and small sellers, so that no one can affect the market.
a. Perfect completion c. Monopoly

b. Oligopoly d. Monopolistic completion
58. This structure has a single seller: the firm and industry are synonymous.

59. In this structure, multiple firms produce similar products
60. In this market structure, entry is hard: economies of scale, huge capital investment may be the
barriers to enter.
“For God so loved the world, he gave His begotten son, whoever believes in Him will not be
perish.” - John 3:16
Prepared by:
JOHN NATHANIEL M. ROQUE, MBA

Master Teacher II
Noted by:
DAISY M. ARCIAGA
Principal I

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Department of Education

First Periodical Test

Name:_________ Date:

a. INPUT k. ESSENTIAL GOODS

II. ENUMERATION. Enumerate what is ask.

The four basic economic problems

a. Law of market c. Law of supply

a. Normal Goods c. Complementary goods

a. Quantity supplied c. Supply

a. Law of market c. Law of supply

a. Market equilibrium c. Supply equality

a. Over Supply c. Market Equilibrium

a. Market supply c. Market structure

a. Perfect completion c. Monopoly

a. Perfect completion c. Monopoly

JOHN NATHANIEL M. ROQUE, MBA

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