APPLIED ECONOMICS

QUARTER 1
QUIZ NO.2
SET A
NAME: _______________________________________           SCORE: __________
GRADE/SECTION: _____________________________                          DATE:  ___________
Test I. Multiple Choice
Directions: Write your answer on the space provided below.
______1. Itis an economic principle referring to a consumer's desire to purchase goods and services and
willingness to pay a price for a specific good or service.
A. Demand C. Supply
B. Income D. Expenditure
______2. It is the amount of a product that is offered for sale at all possible prices in the market.
A. Demand C. Supply
B. Income D. Expenditure
______3. What curve does a demand illustrates?
A. Downward sloping C. Upward sloping
B. straight line D. None of these
______4. What curve does a supply illustrates?
A. Downward sloping C. Upward sloping
B. straight line D. All of these
______5. What happen when buyers and sellers transact in a market when they agreed on the price of the
commodity and the amount to be sold and bought?
A. Law of Supply C. Law of Demand
B. Equilibrium Price D. Price Disequilibrium
______6. It is when there are disagreements among buyers and sellers on the price and quantity.
A. Law of Supply C. Law of Demand
B. Equilibrium Price D. Price Disequilibrium
______7. The law of demand states that the quantity of a good demanded varies____________________.
A. inversely with its price C. directly with population
B. directly with income D. inversely with the price of substitute goods
______8. The following are factors of demand EXCEPT for_______________________.
A. Changes in income C. Technology
B. Price of the product D. Changes in number of buyers
______9. What is your analysis?
Statement I: More sellers in a market –decrease supply.
Statement II: Fewer sellers in a market –increase supply
A. Both Statements are true C. Only statement 1 is true
B. Only Statement II is true D. Both statements are false
______10. A decrease in supply shifts the supply curve to the left, which raises price but reduces output.
A. shifts the demand curve to the left
B. shifts the demand curve to the right
C. shifts the supply curve to the left
D. shifts the supply curve to the right

Test II. Enumeration

Give at least four (4) factors affecting DEMAND
1._____________________________________ INCOME
2._____________________________________ POPULATION
3._____________________________________ TASTE AND PREFERENCES
4._____________________________________ PRICE EXPECTATIONS / PRICE OF RELATED GOODS
Directions: Plot the following demand schedule of pork and supply schedule of Bangus in the market.
A. Price of Pork Quantity Demanded
(Per Kilo) (In Kilos)
490 7
450 14
410 21
390 28
360 35

A. Price of Bangus Quantity Supplied

(Per Kilo) (In Kilos)
380 5
350 12
320 15
285 18
275 24
 APPLIED ECONOMICS
QUARTER 1
QUIZ NO.2
SET B
NAME: _______________________________________           SCORE: __________
GRADE/SECTION: _____________________________                          DATE:  ___________
Test I. Multiple Choice
Directions: Write your answer on the space provided below.
______1. The law of demand states that the quantity of a good demanded varies____________________.
A. inversely with its price C. directly with population
B. directly with income D. inversely with the price of substitute goods
______2. A decrease in supply shifts the supply curve to the left, which raises price but reduces output.
A. shifts the demand curve to the left
B. shifts the demand curve to the right
C. shifts the supply curve to the left
D. shifts the supply curve to the right
______3. It is when there are disagreements among buyers and sellers on the price and quantity.
A. Law of Supply C. Law of Demand
B. Equilibrium Price D. Price Disequilibrium
______4. Itis an economic principle referring to a consumer's desire to purchase goods and services and
willingness to pay a price for a specific good or service.
A. Demand C. Supply
B. Income D. Expenditure
______5. What is your analysis?
Statement I: More sellers in a market –decrease supply.
Statement II: Fewer sellers in a market –increase supply
A. Both Statements are true C. Only statement 1 is true
B. Only Statement II is true D. Both statements are false
______6. What curve does a demand illustrates?
A. Downward sloping C. Upward sloping
B. straight line D. None of these
______7. It is the amount of a product that is offered for sale at all possible prices in the market.
A. Demand C. Supply
B. Income D. Expenditure
______8. What curve does a supply illustrates?
A. Downward sloping C. Upward sloping
B. straight line D. All of these
______9. What happen when buyers and sellers transact in a market when they agreed on the price of the
commodity and the amount to be sold and bought?
A. Law of Supply C. Law of Demand
B. Equilibrium Price D. Price Disequilibrium
______10. The following are factors of demand EXCEPT for_______________________.
A. Changes in income C. Technology
B. Price of the product D. Changes in number of buyers

Test II. Enumeration

Give at least four (4) factors affecting SUPPLY
1._____________________________________ TECHNOLOGY
2._____________________________________COST OF PRODUCTION
3._____________________________________ NUMBER OF SELLERS
4._____________________________________ TAXES AND SUBSIDIES
Directions: Plot the following demand schedule of shell and supply schedule of shrimp in the market.
A. Price of Shell Quantity Demanded
(Per Kilo) (In Kilos)
140 5
160 10
180 15
200 20
220 25

A. Price of Shrimp Quantity Supplied

(Per Kilo) (In Kilos)
280 10
300 20
320 30
340 40
360 50