1ST QUIZ IN APPLIED ECONOMICS

Name: ______________________________________ Section: ______________________ Date: _____________

Score: _____

Test I – Identify the correct answer.

_________________________________ 1. It is the study of what constitutes rational human behavior in the endeavor
to fulfill needs and wants.
_________________________________ 2. This is called as employment and income analysis.
_________________________________ 3. This is knowns as price theory.
_________________________________ 4. This refers to the process of producing or creating goods needed by the
households to satisfy their needs.
_________________________________ 5. This is the process of transferring goods and services to a person or
person in return to something.
_________________________________ 6. The proper utilization of economic goods.
_________________________________ 7. Refers to the marketing of goods and services to different economic
outlets for allocation to individual consumers.
_________________________________ 8. This pertains to the activities of the government regarding taxation,
borrowings and expenditures.
_________________________________ 9. It is a branch of mathematics engages with the analysis and interpretation
of numerical data.
_________________________________ 10. This is also termed as a human resources.
_________________________________ 11. This can represent the monetary resources companies use to purchase
natural resources, land and other capital goods.
_________________________________ 12. Income derived from capital is called ___.
_________________________________ 13. The organizer and coordinator of the other factors of production.
_________________________________ 14. This refers to the dollar and dollar reserves that the economy has.
_________________________________ 15. A science that deals with sound thinking and reasoning.

Test II – Write true if the statement is correct and false if it is incorrect.

____________ 1. People can live without production and consumption.

____________ 2. Economics is classified as social science because it deals with the study of man’s life and how he
lives with other men.
____________ 3. Macroeconomics deals with the economic behavior of individual units such as consumers, firms and
owners of factors of production.
____________ 4. Castillo viewed that economics is the study of how man could be allocate and utilize scarce
resources of society to satisfy unlimited need.
____________ 5. With appropriate economic decision and implementation, life for everyone is most likely better.

Test III. Enumeration

1-2 – Two branches of economics

3-7 – Major divisions of economics
8-10 – Major tools of economics
11-15 – Economic resources

Test IV. Essay – 5 points

1. What is the importance of economics?

Prepare by:

ADRIAN A. ORNOPIA
SHS Teacher II