Name: ___________________________________ Date: _________________________

1st quiz – YS 10 AP
Economics

Direction: Encircle the letter of the correct answer. 7. An economic development where there is a
fast development in production and there is
1. Who is the father of economics? even an organization of social classes.
a. Feliciano R. Fajardo a. Hunting and gathering
b. Karl Edwin b. Pastoral stage
c. Adam Smith c. Agricultural stage
d. None of the above d. Handicraft stage
e. Industrial stage
2. It means management of household.
a. Oikonomus 8. In this economic development, men started
b. Oikonomas to grow crops, domesticated animals,
c. Oikonamus invented tools and raised awareness on the
d. Eikonomus system of cultivating lands they had to stay
in one place.
3. Economics is not about finding out the a. Hunting and gathering
reasons as well as the solutions to the b. Pastoral stage
problems that we encounter. c. Agricultural stage
a. True d. Handicraft stage
b. False e. Industrial stage

4. Economics is not necessary to man’s need to 9. This economic development is characterized

maximize the satisfaction and minimize by people starting to live in bigger
expenditures. communities called towns, people were
a. True divided into classes. There came rulers,
b. False priests, farmers, and artisans, business grew
and productions prospered.
5. Economics is essential for the government in a. Hunting and gathering
order for them to provide quality standard of b. Pastoral stage
living for its citizen. c. Agricultural stage
a. True d. Handicraft stage
b. False e. Industrial stage

6. A stage of economic development where 10. In this economic development, barter was
early group of people look for their daily an economic practice.
food to eat by foraging. a. Hunting and gathering
a. Hunting and gathering b. Pastoral stage
b. Pastoral stage c. Agricultural stage
c. Agricultural stage d. Handicraft stage
d. Handicraft stage e. Industrial stage
e. Industrial stage
11. Who authored “Economics principles and 17. What administration ratified Parity Rights
theories” in 2006? that gave special privileges to the Americans
a. Rollo, J. et. al. to use, exploit, develop and utilize all of our
b. Rillo, J. et. al. natural resources?
c. Rullo, J. et. al, a. Post-war economy
d. Rallo, J. et. al. b. President M.A. Roxas
c. President E.R. Quirino
12. What administration did agriculture became d. President R.F. Magsaysay
the main source of livelihood? e. President D. Macapagal
a. Pre-colonial
b. Spanish period 18. This administration gave emphasis to social
c. American period security.
d. Japanese occupation a. Post-war economy
b. President M.A. Roxas
13. This administration introduced the Bandala c. President E.R. Quirino
System. d. President R.F. Magsaysay
a. Pre-colonial e. President D. Macapagal
b. Spanish period
c. American period 19. This administration continued the
d. Japanese occupation observance of Parity Rights and used the
P300 million budget for rehabilitation.
14. What administration started the buy and sell a. Post-war economy
business? b. President M.A. Roxas
a. Pre-colonial c. President E.R. Quirino
b. Spanish period d. President R.F. Magsaysay
c. American period e. President D. Macapagal
d. Japanese occupation
20. Filipinos carried out trade by means of
15. What administration was Bell Trade barter.
introduced? a. Trade with Asians (pre-colonial)
a. Post-war economy b. Pre-colonial
b. President M.A. Roxas c. President F.E. Marcos
c. President E.R. Quirino d. President C.C. Aquino
d. President R.F. Magsaysay e. President F. V. Ramos
e. President D. Macapagal
21. Parity rights came to an end and Labor Code
16. This administration nationalized retail trade. was enacted.
a. Post-war economy a. Trade with Asians (pre-colonial)
b. President M.A. Roxas b. Pre-colonial
c. President E.R. Quirino c. President F.E. Marcos
d. President R.F. Magsaysay d. President C.C. Aquino
e. President D. Macapagal e. President F. V. Ramos
22. Philippine 2000 was launched.
a. Trade with Asians (pre-colonial)
b. Pre-colonial
c. President F.E. Marcos
d. President C.C. Aquino
e. President F. V. Ramos
23. PCGG was created to recover ill-gotten
wealth.
a. Trade with Asians (pre-colonial)
b. Pre-colonial
c. President F.E. Marcos
d. President C.C. Aquino
e. President F. V. Ramos
24. Anti-dumping act was implemented.
a. President C.C. Aquino
b. President F.V. Ramos
c. President J.E. Estrada
d. President G.M. Arroyo
e. President B.S.C. Aquino
25. RATE was improved.
a. President C.C. Aquino
b. President F.V. Ramos
c. President J.E. Estrada
d. President G.M. Arroyo
e. President B.S.C. Aquino
26. BPO sector boomed.
a. President C.C. Aquino
b. President F.V. Ramos
c. President J.E. Estrada
d. President G.M. Arroyo
e. President B.S.C. Aquino
27. Is History related to Economics?
a. Yes
b. No
28. Which of the statement is not true?
a. Family, school, church and the media are
sectors of the society highly influenced
by the effects of economic occurrence/s
and the economic situation/s on the
culture and values of people.
b. Economic settings and concerns are not
linked with political science.
c. Mathematics and statistics aids man to
be familiar about how to interpret data,
charts, graphs and compute.
d. A country’s natural resources are given
focus in geography.
29. It is the study about the interactions between
the buyer and the seller.
a. Economics
b. Microeconomics
c. Macroeconomics
d. Barter
30. The study of how society decides what, how,
and for whom to produce.
a. Economics
b. Microeconomics
c. Macroeconomics
d. Barter