Republic of the Philippines

Department of Education
Region XIII
Division of Agusandel Sur
MABUHAY NATIONAL HIGH SCHOOL
Prosperidad District VI
School ID 304721

SENIOR HIGH SCHOOL

School Year: 2019-2020

QUARTERLY EXAMINATION IN
APPLIED ECONOMICS

Name:___________________________________ Date:______________
Year & Section: ___________________________ Score:_____________

TEST I. MULTIPLE CHOICES

Directions: Read the following questions carefully and choose the letter of the best answer. Write the letter of your
choice on the blank provided before each number.

____1. Mr. Mirafuentes invited by his friends to play basketball but he refused and decided to study his lessons for the upcoming
examinations, which of the following refers to the opportunity cost of the decision he made?

A. Playing basketball
B. Watching TV
C. Studying lessons
D. Sleeping

____2. What branch of economics focuses on how individual consumers and producers make their decisions?

A. microeconomics C. applied economics

B. macroeconomics D. social science
____3. What branch of economics which deals with the overall economy?

A. microeconomics C. applied economics

B. macroeconomics D. social science
____4. Which of the following major divisions of economics deals with the government activities regarding taxation, borrowings, and
expenditures?

A. Consumption C. Public Finance

B. Distribution D. Exchange

____5.Which of the following is an example of intermediate goods?

A. shampoo B. sardines C. guitar strings D. Polo shirts

____6. Which of the following major divisions of economics deals with the marketing of goods and services to different economic
outlets?

A. Consumption C. Public Finance

B. Distribution D. Exchange

____7. What major factors of production which can represent monetary resources used by companies?

A. Land C. labor
B. capital D. entrepreneurs

____8. Applied economics is important and helpful for three key reasons EXCEPT?

A. It gives a true picture of an economic condition.

B. It determines what steps can be taken to improve current economic situation.
C. It teaches how to avoid recurrence of a negative situation.
D. It doesn’t guarantee economic growth.
____9.Which of the following may resolve the problem in the occurrence of surpluses?

A. Increase the supply of goods C. Increase the price of goods

B. Increase the demand by lowering the price of goods D. None of the proceeding

____10. Which of the following statements shows shortage in the market?

A. The price of mango rises from ₱90.00 to ₱120.00.

B. The price of camote lowers from ₱40.00 to ₱20.00
C. Gaisano Mall of San Francisco offers midnight sale on selected items.
D. Wastage of goods in most of the households.
____11. What major factors of production which one cannot utilize this without paying for it in the form of rent or lease?

A. Land C. labor
B. capital D. entrepreneurs
____12. Which of the following is one of the factors that may differentiate food consumption, demand for housing and clothing?

A. taste C. environment
B. income D. all of the proceeding

____13. In what definitions of economics refers to the study of how individuals, businesses, governments, and nations make choices
on allocating resources to satisfy their wants and needs?

A. Applied economics C. Allocation

B. Social science D. Wealth

____14. It refers to the transfer of goods and services to a person in return for something?

A. Consumption C. Exchange
B. Distribution D. Production
____15.Which of the following types of resources refers to the qualities of human beings?

A. Natural resources C. Physical resources

B. Human resources D. Man-made resources
____16. Which of the following major divisions of economics deals with spending money for goods and services to yield direct
satisfaction?

A. Consumption C. Public Finance

B. Distribution D. Exchange
____17. Which of the following major divisions of economics deals with the creation of goods needed by households?

C. Consumption C. Public Finance

D. Distribution D. Production
____18. Which of the following statements illustrates tradition, the third mechanism of allocation?

A. Parents scolding their children to finish their food for other children from Africa and other poorer countries have nothing
to eat.
B. Taking care of the erderly in our homes instead of sending them to home for the aged.
C. Sharing foods and helping those who are in great need.
D. All of the proceeding

____19.It is the study of economics in relation to real world situations?

A. Applied economics C. Political science

B. Social science D. Anthropology
____20.They are organizers and coordinators of other factors of production?

A. Land C. labor
B. capital D. entrepreneurs

TEST II. MATCHING TYPE

Directions: For each of the following items, fill in the letter of the appropriate Key Term from the preceeding list.
Write the correct answer in the blanks.
KEY TERMS

A. Raw materials F. oikanomia K. Social science P. Market system

B. Intermediate goods G. The Wealth of the Nations L. Resources Q. Command system
C. Final goods H. Surplus M. Human wants R. Tradition
D. Money I. interest N. Scarcity S. Shortage
E. Physical resources J. Dollar O. Allocation T. The General Theory of
Employment, Interest and Money
U. Human needs
_____21. The demand is greater than the available supplies.
_____22. Expanded human needs.
_____23. Increase of supplies.
_____24. Analyse how markets organized economic life and produced rapid economic growth.
_____25. New approach to economics, to help government monetary and fiscal policies tame the worst ravages of business
cycle.
_____26. Income derived from capital.
_____27. Social structures, norms, belief, and value system.
_____28. Price adjustments in the market.
_____29. Economics is related to political science, sociology, anthropology and psychology.
_____30. Can goods, condiments, dairy products.
_____31. The medium of exchange.
_____32. Tension between limited resources and unlimited human wants.
_____33. Mechanism of distributing limited resources.
_____34. Political power is used in answering the basic economic problem of production and distribution.
_____35. Goods which require further processing and refinement.
_____36. Greek word which means household management.
_____37. Yields of natural resources.
_____38. Buildings, equipment, technology, bridges, airports, factory.
_____39. Wealth of oceans, timber, food crops and minerals
_____40. International medium of currency used in engaging business with foreign country.

TEST III. ESSAY

Directions: Create an essay on how the given issue about economics affects you as a student and as an
individual. Write your essay at the back of this page.
Issue: “Philippines is losing its track to economic boom because of corruption and poor leadership”

Rubric for Scoring:

Criteria Performance Indicators Points
Content Provided the correct concept with pieces of evidence and 5
supporting details
Grammar Used correct grammar, punctuation, spelling and capitalization 2
Organization of Ideas Expressed the points in clear and logical arrangement of ideas 3
in the paragraph
Total 10

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“ Success does not consist in never making mistakes

but in never making the same one a second time”
GODBLESS!!!

Prepared by:

ERNALYN L. PELPINOSAS
Subject Teacher