Department of Education

MOSTRO NATIONAL HIGH SCHOOL

Mostro, Anilao, Iloilo
1st SUMMATIVE TEST
APPLIED ECONOMICS

Name: Score:
Grade and Section:

Identification: identify the following. Write your answer on the space provided.
1. The essentials of life, such as things we need to survive.
2. The efforts of people involve in production, including labor and entrepreneurship
3. A condition where there are insufficient resources to satisfy the needs and wants of
a population.
4. A social science concerned chiefly with description and analysis of the production,
distribution and consumption of goods and services
5. A condition which refers to a resource being limited compared to its demand.
6. The demand for a good or service is greater than the availability of the good or
service.
7. Includes tangible assets such as machinery and equipment adopted for producing
goods
8. Desire for non-essential items.
9. Is anything that helps us produce things faster, better or cheaper.
10. Studies the decision and choices of the individual units ang how these decisions
affect the prices of goods in the market.
11. Items that add some kind of benefit to the lives of the people who consumes them.
12. The decisions are based on traditions and practices upheld over the years and
passed from one generation to another.
13. The division of economics that is concerned with the overall performance of the
entire economy.
14. Man-made resources used in the production of goods and services which includes
machineries and equipment.
15. Type of economy that holds in dictatorial, socialist and communist nations.

Match the basic economic problems to its definition.

1. What to produce? a. The methods and process in production
 Department of Education
MOSTRO NATIONAL HIGH SCHOOL
Mostro, Anilao, Iloilo
1st SUMMATIVE TEST
APPLIED ECONOMICS

2. For whom to produce? b. The decision on what to produce and

determine
3. What provision/law made for economic growth c. The society decides on the part of the resources
to be saved for future progress.
4. How to produce? d. The consideration of the immediate beneficiary
of goods.
Multiple Choice: Choose the letter of the correct answer.
1. The fundamental economic problem that must be solved efficiently
a. Scarcity of resources
b. Health system
c. surplus of demands
d. export policies
2. Economists point out that scarcity must be addressed to protect the:
a. The poor but not the rich
b. Both the poor and the rich
c. Neither the poor nor the rich
d. The poor but never the rich
3. Two factors that contribute to scarcity in the production of goods and services.
a. Unlimited resources and limited wants
b. Unlimited resources and wants
c. Unlimited wants and limited resources
d. Limited resources and wants

4. If there is scarcity in public transportation, what should the government do.

a. Home-based learning is an alternative choice for access to education
b. Stop learning is an alternative choice for access to education
c. The government must import units of a car from neighboring countries.
d. All the choices are applicable

5. The following are examples of costumers’ basic needs.

a. Water and shelter
b. Iced tea
c. Books
d. Bags
Classify the following if it is wants or needs. Write true if it is needs and false if it is wants.
1. takeout from Jollibee
2. rented shelter
 Department of Education
MOSTRO NATIONAL HIGH SCHOOL
Mostro, Anilao, Iloilo
1st SUMMATIVE TEST
APPLIED ECONOMICS

3. high speed internet for homebased learning

3. nice and expensive pants
4. high end condominium or apartment
5. high speed internet for online gaming
6. public transportation
7. basic clothing
8. enough groceries for the whole family
9. cold water
10. watching my favorite drama