THE STO.

NIÑO FORMATION AND SCIENCE SCHOOL-NIGHT CLASS

San Roque, Rosario, Batangas
School Year 2020-2021
SENIOR HIGH SCHOOL DEPARTMENT

FIRST QUARTER: MODULE 1

SUM-UP EXERCISES IN APPLIED ECONOMICS
ABM 11
Name: Date:
Gr. & Sec: Score:

“Learning is the only thing the mind never exhausts, never fears, and never regrets.”

Good Luck and God Bless!

GENERAL DIRECTION: Any form of erasure or alteration for the final answer means wrong. Use black pen only
I.
A.PROBLEM-SOLVING
1. Julius is studying for his Applied Economics subject and he wants to call Land, Capital, Labor and entrepreneur in one term only, if
you were him how are you going to call those terms?
O A. Resources O B. Factors of economics
O C. Supply O D. Demand

2. Julius is now seeking for a resource that has connection with the economic resources, what factor of production is he looking for?
O A. Capital O B. Land
O C. Entrepreneur O D. Labor

3. You are going to rent a land for your business. In what economic resources does rent belong?
O A. Capital O B. Land
O C. Entrepreneur O D. Labor

4. An economist wants to assess the status of the whole region, particularly Region IV-A. If you were the economist what branch of
economics will you use to assess the area as a whole?
O A. Whole economy of Region IV-A O B. Macroeconomics
O C. Microeconomics O D. Economics for Region IV-A

5. Julius is now seeking for a resource that is pertaining to workers, what factor of production he must consider in producing goods?
O A. Labor O B. Land
O C. Employee O D. Entrepreneur

B. ANALYSIS

6. Factors of Production
O A. Land O B. Capital
O C. Labor O D. All of the above

7. Economic System
O A. Traditional Economy O B. Supply
O C. Demand O D. All of the above

8. Nurses, Lawyers, Construction workers, machine operators

O A. Land O B. Capital
O C. Labor O D. All of the above

9. Basic Economic Problems of Society

O A. What to produce and how much O B. Who are the sellers?
O C. How to sell O D. How much is the tax

10. Capital
O A. Rent O B. Nurses
O C Machineries O D. Lawyers
C. SYNTHESIS

1|Page RIO JAENA T. DIMAYUGA

APPLIED ECONOMICS
 THE STO. NIÑO FORMATION AND SCIENCE SCHOOL-NIGHT CLASS
San Roque, Rosario, Batangas
School Year 2020-2021
SENIOR HIGH SCHOOL DEPARTMENT

11. Land: Rent: ______________________:Equipment

O A. Land O B. Capital
O C. Labor O D. All of the above
12. Capital: Machineries: ______________________: Nurses
O A. Land O B. Capital
O C. Labor O D. All of the above

13. President Benigno Aquino: Philippines: Lee Kuan Yew: ______________________

O A. Singapore O B. China
O C. Cambodia O D. Thaiand

14. Traditional economy: Traditions and practices: ______________________: Authoritative system

O A. Market Economy O B. Command Economy
O C. Monopoly O D. Oligopoly

15. Traditional economy: Traditions and practices: ______________________: Democratic form

O A. Market Economy O B. Command Economy
O C. Monopoly O D. Oligopoly

D. INTERPRTATION

16. O A. Alfred Marshall

O B. Lee Kuan Yew
O C. Benigno Aquimo
O D. Karl Marx

17. O A. Alfred Marshall

O B. Lee Kuan Yew
O C. Benigno Aquimo
O D. John Neville Keynes

18. O A. Alfred Marshall

O B. Lee Kuan Yew
O C. Benigno Aquimo
O D. John Neville Keynes

O A. Alfred Marshall
19. O B. Lee Kuan Yew
O C. Benigno Aquimo
O D. John Neville Keynes

20 O A. Economic Problem
O B. Economic Resources
O C. Macroeconomics
O D. Microeconomics’

E. APPLICATION

2|Page RIO JAENA T. DIMAYUGA

APPLIED ECONOMICS
 THE STO. NIÑO FORMATION AND SCIENCE SCHOOL-NIGHT CLASS
San Roque, Rosario, Batangas
School Year 2020-2021
SENIOR HIGH SCHOOL DEPARTMENT

Your brother is having a hard time in answering the activity about Economic resources and Branches of Economics given by
his teacher. He asked for your help. What will be your answer on the following items.
COLUMN A COLUMN B

21. Rent A. Macroeconomics

22. Machineries B. Microeconomics

23. Teachers C. Land

24. Behavior of individual entities D. Labor

25. Overall performance of entire economy E. Capital

II.
A. PROBLEM SOLVING
Leika was absent during the discussion about the Introduction to Applied Economics. She asked for your help in answering
her assignment. What will be your answer on the following questions?

_______________________26. It is a division of economics that is concerned with the overall performance of the entire economy.
_______________________27. It refers to the value of the best foregone alternative.
_______________________28. It is condition where there are insufficient resources to satisfy all the needs and wants of a
population.
_______________________29. It is an overview of what is happening in the economy that is possibly far from what is deal.
_______________________30. It focuses on policy formulation that will help to attain the ideal situation.

B. ANALYSIS
31. Oil: Absoulte scarcity; Coconuts:_______________________
32. Command Economy: Dictatorial, socialist; _______________________: Democratic
34. Ingflation rate: _______________________; Effective tax system: Normative Economics
39. President Benigno Aquino: Philippines: Lee Kuan Yew: ______________________
35. Land: Rent:______________________:Equipment

C. SYNTHESIS
36. Relative Scarcity, Absolute Scarcity 31._______________________
37.Traditional economy, Command Economy,Market Econmy 32._______________________
38. Land, Labor, Capital 33._______________________
39.Macroeconomics, Microeconomics 34._______________________
40. How to produce, For whom to produce, What to produce 35._______________________

D. INTERPRETATION

41
421

412
421 421
43

3|Page RIO JAENA T. DIMAYUGA

APPLIED ECONOMICS
 THE STO. NIÑO FORMATION AND SCIENCE SCHOOL-NIGHT CLASS
San Roque, Rosario, Batangas
School Year 2020-2021
SENIOR HIGH SCHOOL DEPARTMENT

421
44 45

E. APPLICATION
45-50. Why Economics is important?
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Prepared by:

RIO JAENA T. DIMAYUGA

Applied Economics

4|Page RIO JAENA T. DIMAYUGA

APPLIED ECONOMICS