SENIOR HIGH SCHOOL DEPARTMENT

THIRD QUARTER EXAMINATION

Applied Economics

Name: ____________________________________________ Date:___________Strand: ____________ Section___________

I. Classify the following topics. Write MIC if it falls under Microeconomics; MAC, if it falls under Macroeconomics.
1. ________ The inflation rate in the Philippines in the last quarter of 2013 was 4.8%.
2. ________A ₱ 340-billion deficit in the Philippine budget is expected in the year 2015.
3. ________Prices of Toyota vehicles are predicted to go up in December.
4. ________Garlic prices in the past months have risen because producers hoarded their supplies in their bodegas.
5. ________Unemployment rate has dropped because of the increase in the number of OFWs.
6. ________In the past year, Coca Cola was named the fastest selling product in the market.
7. ________Rental on land could not be increased by landowners because of the Rent Control Law.
8. ________prices of apples and grapes tend to increase during Christmas season.
9. ________The Philippine economy grew at the rate of 5.8% in 2013.
10. ________Philippine congress passed the Value Added Tax Law to strengthen the Philippine tax system.
II. Describe the type of economic system characterized in each of the following sentences.
_______________________1. Prices are based on demand and supply.
_______________________2. The government decide on what goods should be produced.
_______________________3. Ancient methods are used in deciding what goods to produce.
_______________________4. People enjoy freedom of choice in arriving at decisions on what to buy.
_______________________5. People have no freedom of choice in arriving at decisions on what to buy.
_______________________6. Economy is stagnant, making use of practices in the olden times.
_______________________7. Economy is backward because no technology or production methods are introduced.
_______________________8. It is the most democratic form of economic system.
_______________________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.
III. Indicate the effects of the given statements on the demand and supply of a good based on the following outcomes.
Write the phrase of your choice on the space provided before each demand and supply. (2 points each)
a. Shift to the right b. Shift to the left c. No Change
1. Well –received market innovation of a new cellphone.
Demand for cellphones _________________________________
Supply of Cellphones _________________________________
2. Decrease in the price of good X
Demand for good X _________________________________
Supply of good X _________________________________
3. Anticipated increase in general price level of basic commodities
Demand for basic commodities ___________________________
Supply of basic commodities ___________________________
4. Government increases workers’ wages
Demand for basic commodities ___________________________
Supply of basic commodities ___________________________
5. Increase in death rates due to calamities
Demand for basic commodities ___________________________
Supply of basic commodities ___________________________
6. Migration of Filipinos to first world countries
Demand for basic commodities ___________________________
Supply of basic commodities ___________________________
7. New invests in the manufacturing of shoes
Demand for shoes ___________________________
Supply of shoes ___________________________
8. New discovery of gold mines in the country
Demand for gold ___________________________
Supply of gold ___________________________
9. Entry of sellers in the market for electronic gadgets
Demand for electronic gadgets ___________________________
Supply of electronic gadgets ___________________________
10. Improved technology in the manufacture of appliances.
Demand for appliances ___________________________
Supply of appliances ___________________________
IV. State the Law of Demand and the Law of Supply ( 5 points)
Differentiate Economics and Applied Economics (5 points)

Applied Economics [2nd Semester- SY:2016-2017]

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