Republic of the Philippines

Department of Education
Region III
SCHOOLS DIVISION OF BULACAN
SAPANG BULAC HIGH SCHOOL

Name :_______________________________________ Date:________________________

Grade & Section:___________________________ Score:_______________________

Applied Economics
THIRD QUARTER EXAMINATION

I.Direction: Write the letter of the correct answer

1. It is also called factors of production
a. scarcity b. resources c. microeconomics d. macroeconomics
2. This refers to all- natural resources used in the production process.
a. land b. resources c. labor d. capital
3. it refers to investment goods used to produce other goods and services
a. land b. resources c. labor d. capital
4. A factor of production with machinery and equipment as examples
a. land b. entrepreneurial activity c. labor d. capital
5. This refers to special skills an individual need to produce goods and services
a. land b. entrepreneurial activity c. labor d. capital
6. A whole region where sellers and buyers of a product are spread
a. cost b. free competition c. buyers and sellers d. area
7. the ______ of a product is the same in the market because of free competition among buyers and sellers
a. cost b. free competition c. buyers and sellers d. area
8. Sole seller has the complete control to set prices
a. pure competition b. monopolistic competition c. oligopoly d. monopoly
9. the firms set and control their prices
a. pure competition b. monopolistic competition c. oligopoly d. monopoly
10. There iss generally a large number of buyers and sellers
a. pure competition b. monopolistic competition c. oligopoly d. monopoly
11. What attributes might make someone more likely to become a successful entrepreneur ?
a. the need for achievement and a high tolerance for ambiguity
b. willingness to bear risk and self- efficacy
c. internal focus of control
d. all of the above
12. a large increase in the number of fast food restaurants in a community is mot likely to result in
a. lower prices and high quality b. lower prices and higher quality
c. higher prices and high quality d. stable prices of all items
13. Rising interest rates could result in lower yields for investors who have money in cash alternatives
 Republic of the Philippines
Department of Education
Region III
SCHOOLS DIVISION OF BULACAN
SAPANG BULAC HIGH SCHOOL

a. true b. false
14. in the event there is a minimum wage increase, employers may shift to outsourcing , which means hiring
from other company or agency to do the same work instead of direct hiring
a. true b. false
15. Tax rate is true to all forms of business
a. true b. false
16. Which of the following are examples of human basic needs ?
a. laptop and smart phones b. food and shelter
c. facemask and face shield d. milktea and starbucks
17. ABM enterprise decided to produce more facemask than handkerchief to supply the growing demands in the
market. It solves issue on:
a. what to produce b. provision for economic growth
c. how to produce d. whom to produce
18. The fundamental economic problem that must be solved efficiently is _____
a. health system b. Covid-19 c. corruption d. scarcity on resource
19. What are the two factors that contribute to scarcity in the production of goods and services ?
a. unlimited wants and unlimited sources b. unlimited wants and limited sources
c. limited wants and limited sources d. limited wants and unlimited sources
20. WWHICH IS TRUE in the following statement on economic problem ?
a. the increasing population growth can solve unemployment
b. raise the minimum wage can solve quality infrastructure
c. reduce unemployment can solve poverty
d. goods and services must be decided by the authority
II. True or False : Write True if the statement is correct and False if the statement is incorrect
21. Price elasticity refers to the degree in which the effective desire for something changes as its price changes
22. Unitary elasticity is a given percentage changes in price leads to negative percentage change in quantity
demanded or supplied
23. in equilibrium price is when the supply of goods matches demands , the supply and demand are relatively
equal in the market
24. if the demand of a good or service is static even when the price changes , demand is said to be elastic
25. The inelastic demand or supply curve is one where a given percentage change in quantity demanded or
supplied
26. The economic equilibrium is a situation in which economic forces such a supply and demand are balanced
and in the absence of external influences the values of economic variables will charge
27. In information function the price system provides vital information in producers and resource providers to
the consumers
 Republic of the Philippines
Department of Education
Region III
SCHOOLS DIVISION OF BULACAN
SAPANG BULAC HIGH SCHOOL

28. the elastic demand or supply curve indicates that quantity demanded or supplied respond to price changes in
a less than proportional manner
29. a guyabano with an elastic demand gets more sales when its price drops slightly. When its price goes up it
stays longer in the box
30. the elasticity of demand refers to the change in demands when there is a change such as price or income

31-35 Assume that a survey were taken from buyers of face shield with the given data of quantity versus prices.
Plot them in a demand schedule and demand curve . Write your answer in a separate papers
P 10.00- 500 pcs. Demand Curve

P 20.00 -400 pcs

Pr
P 30.00 -200pcs I
C
P 40.00- 100pcs e

P 50.00 -50pcs
Quantity Demand ( Face Shield)

36-40. Assume that a set of data were take from sellers of face shields with the following information of
quantity they can supply in varied prices. Plot them in a supply schedule and supply curve
P 10.00 – 50 pcs
P 20.00- 100 pcs
Pr
P 30.00- 200pcs I
C
P 40.00- 400pcs e

P 50.00- 500 pcs cQuantity Supply ( Face Shield)

40-50 Analyze the curve and interpret the result . What do you think are the factors that affect the market
demand and market supply? Write your answer in a separate sheet of paper.

Quantity( face shield )