Gutad National High School First Monthly Test in Applied Economics SY 2017-2018 First Semester

Name:_________________________________ Score:___________________
Grade/Section:__________________________ Date:____________________

Test I. Multiple Choice. Read each statement carefully then encircle the letter that best describe your answer.
1. It is the study of home management.
a. Ecology b. Econometrics c. Economics d. Economistry

2. What is the basic economic problem?

a. Scarcity b. Overpopulation c. Global warming d. All of the above

3. What branch of Science economic will fall?

A. Natural Science b. General Science c. Physical Science d.Social Science

4. If you’re going to solve economic problem, which of the following will you do first?
a. Formulate hypothesis or wise guess c. Gather pertinent data through observation
b. Determine the problem d. Analyze and interpret the data gathered

5. It is the value of one alternative that the individual forgone when he makes decision?
a. Monetary Cost b. Explicit cost c. Implicit cost d. Opportunity cost

6. This factor of production refers to all physical and mental efforts used to produce goods and services
a. Labor b. Land c. Capital d. Entity

7. This factor of production refers to all natural resources

a.Labor b. Land c. Capital d. Entity

8. This factor of production refers to all physical things which are used to produce goods and services
a..Labor b. Land c. Capital d. Entrepreneur

9. It is the payment for capital

a. rent b. wages c. profit d. interest

10. It is value of the alternative forgone in terms of monetary lay out

a. explicit cost b. implicit cost c. opportunity cost d. cost of sale

11. It is the cost incurred without monetary lay-out

a. explicit cost b. implicit cost c. opportunity cost d. cost of sale

12. A social science related to economics

a. History b. Mathematics c. Philosophy d. All of these

13. Branch of economics that deals with individual behavior of firms and household
a. Macroeconomics b. Microeconomics c. Microecomistry d.Macroeconomist

14. Branch of economics that deals with the study of the overall or aggregate behavior of the economy
a. Macroeconomics b. Microeconomics c. Microecomistry d.Macroeconomist

15. Type of product which are tangible and can be consumed.

a. Sales b. Fees c. Goods d. Services

16. The following are factors of production except

a. Rent b. Land c. Labor d. Capital

17. They are the one who produces the product to be consumed
a. Household b. Production C. Firms d. Government

18. If you’re going to solve economic problem, which of the following will you do last?
a. Formulate hypothesis or wise guess c. Make conclusion and generalization from the findings
b. Determine the problem d. Analyze and interpret the data gathered

19. It deals with facts once removed at the level of theory and avoid value judgments
a. Negative economics b. Positive economics c. Normative economics d. None of these

20. Refers to the statement of opinion and stating what should happen
a. Negative economics b. Positive economics c. Normative economics d. None of these
Test II.Part 1 –Identification-Write MIC if it is concern of Microeconomics and MAC if it is concern of Macroeconomics
_________1. Unemployment
_________2. Price of Rice
_________3. Number of goods produce by Coca-cola
_________4. Politics
_________5. Price of fuel

Test II.Part 2- Identification- Determine whether the statements are Positive Economics or Normative Economics
_______________________1. The price of keso de bola increases by 10% last year.
_______________________2. Consumer should not be alarmed by this price increase.
_______________________3. Supermarket must monitor the supply of Christmas goods to avoid shortages
_______________________4. Shortages are phenomenon in which demand exceed supply.
_______________________5. Shortage in keso de bola occurred last year in Batangas City.

Test III. Enumeration

List at least five goals if Economics
1 4
2 5
3

Test IV. Analysis- Analyze the PPF of Wine and Cotton. The Current PPF curve is the thick line. Answer the following
questions.

1. If Point A utilizes 100,000 units of trees, how many units of trees if the economy produces at Point B?

2. What point does the economy produces inefficiently?

3. What does Point Y means?

4. What does Point X means?

5. What point does the economy produces efficiently?

Prepared by:
Mrs. Lea M. Banting