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Applied Economics: Immaculate Conception Catholic School-Sta. Cruz S.Y. 2019-2020
Applied Economics: Immaculate Conception Catholic School-Sta. Cruz S.Y. 2019-2020
Cruz
S.Y. 2019-2020
Pre Final exam
APPLIED ECONOMICS
Name: _____________________________________________________ Date: __________________________
Grade / Section: ______________________________________________ Mrs. Teresita M. Coroza
Average 2 points for correct answer and 2 points for correct explanation (8 Items)
0000 1. Which of the following criteria is the characteristic of a perfect competition market?
a. Few sellers b. Many sellers c. Strong barriers to entry d.Products are differentiated
Explanation:___________________________________________________________________________
_____________________________________________________________________________________
0000 2. Which of the following criteria is a characteristic of a monopoly market?
a. Price taker b. Price maker c. Easy entry d. Homogeneous product
Explanation:___________________________________________________________________________
_____________________________________________________________________________________
0000 3. A tax that raises the price of a good results in a movement along the demand curve, it decreased the amount
of goods. Which is wrong in the statement?
a. tax raises b. Demand curve c. Decreased d. good results
Explanation:___________________________________________________________________________
_____________________________________________________________________________________
0000 4. As income increase the demand for inferior good will increase. Which is wrong in the statement?
a. income increase b. demand c. inferior good d. increase
Explanation:___________________________________________________________________________
_____________________________________________________________________________________
0000 5. Demand curve the X axis: price of the good; Y axis: _____________.
a. quantity supplied b. quantity demanded c. demand schedule d. supply schedule
Explanation:___________________________________________________________________________
_____________________________________________________________________________________
0000 6. Which of the following is not a competitive market?
a. Perfect competition b. Oligopoly c. Monopoly d. Monopsony
Explanation:___________________________________________________________________________
_____________________________________________________________________________________
0000 7. What is the difference between the supply and demand curve?
a. The supply curve is downward sloping while the demand curve is upward sloping.
b. The supply curve is upward sloping while the demand curve is downward sloping.
c. The supply curve is downward sloping while the demand is also downward sloping.
d. There is no difference between the supply and demand curve.
Explanation:___________________________________________________________________________
_____________________________________________________________________________________
0000 8. When can we say that the demand and supply reached the equilibrium?
a. If the demand and supply intersect on the graph.
b. If the demand and supply are equal to its price and quantity.
c. If the demand is upward sloping and the supply is downward sloping.
d. Both A and B are the correct answer.
Explanation:___________________________________________________________________________
_____________________________________________________________________________________
Difficult 3 points for correct answer and 3 points for correct explanation (5 Items)
P 100 50
P 200 40
P 300 30
P 400 20
P 500 10
0000 1.What is the difference of the quantity demanded, if the price increase from P200 to P400?
a. 10 b. 20 c. 30 d. 40
Explanation:___________________________________________________________________________
_____________________________________________________________________________________
0000 2. What is the difference of the price if quantity demanded decrease from 50 to 30?
a. 100 b. 150 c. 200 d. 400
Explanation:___________________________________________________________________________
_____________________________________________________________________________________
P1200 50
P1000 40
P800 30
P600 20
P400 10
P200 0