St. Teresita’s Academy of Aritao, Inc.

Aritao, Nueva Vizcaya 3704

SENIOR HIGH SCHOOL DEPARTMENT
1st
Name: Quarter Examination
Year & Section: Applied Economics
LRN: Prepared by: Mr.Mharjun Lampa

Test I: Multiple Choice

Directions: Read each statement carefully. Shade the circle that corresponds to the letter of
your answer.
ABCD
O O O O 1. Economics is derived from the Greek word “oikanomia” meaning:
a. Economic management c. Household management
b. Social Management d. Political Management
O O O O 2. Unlimited wants mean:
a. Infinite c. Partial
b. Limited d. Fractional
O O O O 3. These are examples of human wants except:
a. Smartphone c. Perfume
b. Clothing d. Watch
O O O O 4. Scarcity of resources means:
a. Minimum resources c. Slight resources
b. Shortage of resources d. Excess resources
O O O O 5. Economics is a social science because it deals with:
a. Human nature c. Experimentation
b. Natural resources d. Plants and animals
O O O O 6. Economics is important so that we may be able to:
a. Understand problems facing the citizens and family
b. Help the government promotes growth and improve quality of life
c. Analyze fascinating patterns of social behavior
d. All of the above
O O O O 7. The simplest application of mathematics for economic analysis is found in this field
because it explains the relationships:
a. Physics c. Geometry
b. Chemistry d. Sociology
O O O O 8. Economics is a science because:
a. It can predict the future
b. It conducts experiment in a laboratory
c. It measures the quantity of output
d. It undergoes observation and experimentation
O O O O 9. It is a science that deals with sound thinking and reasoning:
a. Logic c. Social science
b. Economics d. Anatomy
O O O O 10. _____ is the international medium of currency:
a. Pound c. Dinar
b. Peso d. Dollar
O O O O 11. This is the most important food item in daily meals of Filipinos.
a. Corn c. Rice
b. Sweet Potato d. Cassava
O O O O 12. The most common problem faced by the newly employed Filipino workers in our
country is ______ issue.
a. Minimum wage c. Incompetent employees
b. Culture shock d. Educational background
O O O O 13. _______ is the Month of Overseas Filipino.
a. November c. September
b. December d. October
O O O O 14. This can be defined as products of nature, qualities of individuals, and man made
things which are used in producing goods or services.
a. Infrastructures c. Resources or wealth
b. Life and death d. Gold and oil
O O O O 15. If a country had a strict market economy there would be no taxes, environmental
laws, government owned businesses and other aspects of that nature.
a. True c. false
b. Either true or false d. none of the above
O O O O 16. This pertains to the activities of the government regarding taxation, borrowings,
and expenditures.
a. Production c. Distribution
b. Consumption d. Public Finance
O O O O 17. This determinant of demand state that people will buy more goods and services
when their income increases, but will buy less if their income decreases.
a. Cost of production c. Number of sellers
b. Income d. Purchasing power
O O O O 18. This determinant of supply refers to techniques or methods of production.
a. Technology c. Weather
b. Price expectation d. Population
O O O O 19. Demand for goods and services increases when people like or prefer them.
a. Price expectations c. Prices of related good
b. Cost of production d. Taste and Preferences
O O O O 20. The improvement of the economy often attributed to their remittances further
cemented their mark in the Philippines.
a. Philippine Army c. OFW’s
b. Filipino Labor Workers d. Filipino Teacher’s Abroad
O O O O 21. A weak peso will negate the impact of falling crude oil prices abroad.
a. True c. Either False
b. False d. None of the above
O O O O 22. What is RA 10962?
a. Tax Reform for Acceleration and Inclusion
b. The Tax Reform Law
c. The Code of Politics
d. None of the above
O O O O 23. NIRC stands for?
a. The National Internal Revenue Code
b. The Natural Internal Revenue Code
c. The National Internet Revenue Code
d. The Natural Internal Reserve Code
O O O O 24. Since Jan 1, 2018 the increase in petroleum specially unleaded premium gasoline has increased
Php7.00?
a. True c. Either False
b. False d. None of the above
O O O O 25. This is an economic and political system in which a country’s trade and industry are controlled by
private owners for profit, rather than by the state.
a. Capitalism c. Either False
b. Socialism d. None of the above
O O O O 26. This advocates that the means of production, distribution and exchange should be owned or
regulated by the community as a whole.
a. Capitalism c. Either False
b. Socialism d. None of the above
O O O O 27. This refers to a place where buyers and sellers interact with each other and that exchange takes
place among them.
a. Cemetery c. Market
b. Church d. None of the above

O O O O 28. It is also known as Employment and Income Analysis.

a. Macroeconomics c. Economics
b. Microeconomics d. Demand
O O O O 29. This branch of economics deals with the economic behavior of individual units such as the
consumers, firms and the owners of the factors of production.
a. Macroeconomics c. either false
b. Microeconomics d. none of the above
O O O O 30. It is also known as the Price Theory.
a. Macroeconomics c. either false
b. Microeconomics d. none of the above
II.ESSAY
READ THE FOLLOWING ITEMSs AND ANSWER BRIEFLY AND SUBSTANTIALLY (10points
each)
RUBRICS
relevanced 40%
organization of ideas 40%
neatness 20%
total 100%

1. If you ar the economic planner, how can you resolve unemployment. List down your options.
2. In your own opinion, are the country’s resources being utilized ? why?