AMAS NATIONAL HIGH SCHOOL

Amas, Kidapawan City

APPLIED ECONOMICS
Fourth Quarter Examination
S.Y. 2022-2023
Name: __________________________________________ Score: ______________
Grade / Section / Strand: ___________________________ Date: ______________

I. Choose the letter of the correct answer and write it in the space provided before the number. Write in
CAPITAL LETTERS only.
____ 1. It refers to the quantities of a particular good or service that consumers are willing and able to buy
different possible prices.
A. Demand C. Income
B. Supply D. None of these

____ 2. What curve does a demand illustrate?

A. Downward Sloping C. Straight Line
B. Upward Sloping C. All of these

____ 3. What is your analysis?

Statement I: More sellers in a market – decrease supply.
Statement II: Fewer sellers in a market – increase in supply.

A. Both statements are true C. Only statement II is true

B. Only statement I is true D. Both statements are false

____ 4. What is your analysis?

Statement I: When the price goes up the supply goes up.
Statement II: When the price goes down the supply goes down.

A. Both statements are true C. Only statement II is true

B. Only statement I is true D. Both statements are false

____ 5. Buyers and sellers transact in a market when they agreed on the price of the commodity and the
amount to be sold and bought. What basic principles in economics does the statement express?
A. Law of Supply C. Equilibrium Price
B. Law of Demand D. Price Disequilibrium

____ 6. It is 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. Income
B. Supply D. Expenditure

____ 7. It is the amount of a product that is offered for sale at all possible prices in the market.
A. Demand C. Income
B. Supply D. Expenditure

____ 8. What curve does a supply illustrates?

A. Downward sloping C. straight line
B. Upward sloping D. All of these

____ 9. What is it 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. Equilibrium Price
B. Law of Demand D. Price Disequilibrium

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____ 10. It is when there are disagreements among buyers and sellers on the price and quantity.
A. Law of Supply C. Equilibrium Price
B. Law of Demand D. Price Disequilibrium

____ 11. The law of demand states that the quantity of a good demanded varies ____________________.
A. inversely with its price. C. directly with income.
B. directly with population. D. inversely with the price of substitute goods

____ 12. The following are factors of demand EXCEPT for_______________________.

A. Changes in income C. Price of the product
B. Technology D. Changes in number of buyers

____ 13. 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 C. shifts the supply curve to the left
B. shifts the demand curve to the right D. shifts the supply curve to the right

____ 14. It is a table showing how much of a given product a household would be willing to buy at different
prices.
A. Demand schedule C. X-axis
B. Time matrix D. Y-axis
____ 15. The following are factors affecting demand, except ___________.
A. Change in the number of sellers C. Tastes and Preferences
B. Price related goods D. Changes in Income

II. Show me the plot. In a separate sheet, plot the following demand schedule of pork and supply
schedule of Bangus in the market. (10 pts. each Item.)

III.

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