FIRST PERIODICAL TEST

Applied Economics

Name:____________________________________________ Date:_______________
Year/ Section:_____________________________________ Score:______________

I. Fill in the blanks.

1. Quantities of a particular good or service consumers are willing and able to

buy is called _______________.
2. When price goes up demands goes ________________.
3. A good that can be used in place of another is called ________________.
4. These things are often sold or used together which is ________________.
5. More people more _______________.
6. The amount of a product that is offered for sale at all possible prices in
market is what we called _________________.
7. OFW stands for ______________.
8. Before, the chief means of trading was _______________.
9. SSS stands for _______________.
10. When price goes up, supply goes ________________.
11. The law of demand describes how price affects ________________.
12. The law of supply describes how price affects ________________.
13. Philippine currency exists as both _____________ and ______________
14. When income goes up, consumers buy ________________.

II. Choose your answer inside the box provided.

Direct Demand Demand Curve Normal Goods

Derived Demand Supply Curve Giffen Goods
Complementary goods Substitute goods Inferior Goods
Medium of exchange Unit of Account Store of Value
Standard of Deferred Payments Demand Deposits

1. Goods whose demand goes up when the consumer’s income increases.

2. It shows the relationship between the price of a good and the quantity
demanded.
3. It enables us to use the value of something that we earn today to make a
purchase at a later date.
“I recommend you avoid cheating. You can cheat to pass the exams, but your
skills will remain underdeveloped. How could you get a good profession in the
future?”
 4. Money is being used as the common benchmark to state the prices of
goods that everyone can understand.
5. Goods are a pair of goods consumed together.
6. Goods whose demand falls when the consumer’s income increases.
7. Money is used as a standard for specifying future payments for current
purchases.
8. These are sometimes called intermediate goods.
9. Goods whose demand moves in same direction as price
10. Goods and services that satisfy consumer desires.

III. Enumerate the following.

a. 5 Determinants of Demand.
b. 5 Determinants of Supply.
c. 7 Types of Money
d. 4 Functions of Money
e. 2 Types of Migration
f. 8 Negative Effects of Migration
g. 2 Positive Effects of Migration
1. 7 causes of Migration

IV. Answer the following briefly.

1. What is the history of money? 10 points

2. In economic perspective, why OFW is considered as Philippine hero? 10
points

Prepared by: Approved by:

JOSHUA N. BUGAOISAN JENNIFER O. ANDRES

Instructor School Director

“I recommend you avoid cheating. You can cheat to pass the exams, but your
skills will remain underdeveloped. How could you get a good profession in the
future?”