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WorksheetsMOCK TEST FOR GRADE 9 2nd
Total questions: 75
Worksheet time: 45mins
1. What is the fundamental economic problem?
(a)
2. What is the basic unit of the economy to which every individual belongs?
(a)
3. Study of the economy as a whole.
(a)
4. Father of Microeconomics
(a)
5. Father of Macroeconomics
(a)
6. The concept on the use of resources that means “what may be abundant to some people may be scarce or limited to others”
(a)
7. Studies the economic behaviors and decisions made by the small units of the economy.
(a)
8. It is defined as the basic requirement for survival.
(a)
9. Who created the hierarchy of needs?
(a)
10. Things that people wish.
(a)
11. Products acquired without cost.
(a)
12. People acquire it from the market.
(a)
13. It is the process by which rural areas become industrialized.
(a)
14. It is defined as the purchase of products to satisfy economic wants.
(a)
Alternatives given up in choosing a particular use of resource.
Trade-off
Products acquired without cost.
Free goods
Economic goods
These are specific things people wish.
Fame
Wants
Needs
Goods
American psychologist and philosopher ; his major work, Motivation and Personality and Toward a Psychology of Being
Proponent of Hierarchy of Needs
(a)
Basic requirements for survival.
Wealth
Needs
Wants
Love
It is the study of the economy as a whole.
Father of Macroeconomics
It is the oldest type of economic system.
Command system
Traditional system
The quantity of a product that a consumer is willing to buy at a given price.
Demand
Supply
Surplus
Price
Products that become more significant when used together.
The quantity of a product that a seller is willing to sell at a given price.
Demand
Surplus
Supply
It is the market value of a commodity.
Supply
Price
Demand
Inflation
It is the point of intersection of the demand curve and the supply curve.
Equilibrium point
RA No. 7581
Studies the economic behaviors and decisions made by the small units of the economy.
Father of Microeconomics
Alfred Marshall
The purchase of goods and services
Consumption
A phenomenon that means imitating what others do
Demonstration effect
It is the highest possible price of the product.
Price floor
Price ceiling
It is the cheapest minimum price of a good or service.
Price ceiling
Price floor
A society that operates like an army.
Command system
It measures the degree to which demand and supply react to a change in the price of a product.
It is a low and slow-moving inflation rate. A three percent or less inflation rate.
Hyperinflation
Galloping inflation
Walking inflation
Creeping inflation
It is the inflation when price level rises by ten percent or more.
Galloping inflation
Hyperinflation
Walking inflation
Creeping inflation
It is the worst type of inflation. Prices rising by 50% or more in a month. This usually happens when countries print more money to pay for wars.
Galloping inflation
Hyperinflation
Walking inflation
Creeping inflation
It is caused by the increasing cost of production.
Cost-push inflation
It is the next best alternative use of a resource.
The Philippines is the largest archipelago in the world. It is made up of _____ islands.
7107
7146
7614
Promotion of products through different forms of media
Advertisements
It is the ideal economic system that Adam Smith envisioned.
Pure Market Capitalism
It is the less rigid version of capitalism. This type of economic system can be seen among developed countries in the world today.
Advanced Market Capitalism
A society that operates like an army.
Capitalist system
Command system
Democratic system
The quantity of a product that a consumer is willing to buy at a given price.
surplus
equity
supply
demand
A market where there is only one producer
These are the products that are homogeneous or identical
ECONOMIC GOODS
SUPPLEMENTARY PRODUCTS
CLOSE SUBSTITUTES
COMPLEMENTARY PRODUCTS
It is an illegal organization of producers or sellers
It is when an unscrupulous seller buys a product in bulk with the intention of selling it at a higher price once a market shortage for that product occurs
Hoarding
Small businesses owned by single individuals.
The biggest business organization
Cooperative
Partnership
Corporation
Sole Proprietorship
It is the ordinary stocks of the corporation
nonparticipating stocks
Prepared Stocks
Stock Market
Common Stocks
Preferred Stocks
A conglomerate owns at least _ unrelated businesses - called subsidiaries
four
Cooperatives started in the year: ____
1884
“associations organized for the economic and social betterment of their members.
Partnerships
Businesses that have become so large through mergers are called _____.
It is a theoretical market. It is the market condition that Adam Smith envisioned in his book Wealth of Nations.
Pure competition
Competition among few
It it the type of monopoly when one firm is operating in the market. This is true especially if the market operates in a small area with few consumers.
EX: Maynilad, Manila Water
Government monopoly
Technological monopoly
Geographical monopoly
Natural monopoly
It is a business organization whose owners called stockholders or shareholders
Stock Corporation
It is the place where securities, corporate stocks or equities are traded.
a situation where the government owns and controls a specific industry, and competition is prohibited by law
Geographical Monopoly
Natural Monopoly
Technological Monopoly
Government Monopoly
This type of monopoly occurs when one firm has exclusive control over a particular technology or production process
Government Monopoly
Geographical
monopoly
A market where there are many firms that sell similar but differentiated products. It is a combination of the characteristics of monopoly and pure competition.
Monopolistic competition
Pure Competition
Market structure
Cutthroat Competition
It is when a monopolist lowers the price of its product to drive away from the market a potential business competitor.
Pure competition
Cutthroat competition
It is when producers or sellers agree tacitly or explicitly to charge a common price for a product.
Price collusion
It is a popular, booming and profitable model of doing business in the Philippines today.
Franchising
Coopratives
Huge generator of employment and livelihood opportunities in the Philippine economy.
Business sector
Public sector
Foreign sector
The Philippine government is another major sector of the economy, also known as the _______
It is the payment for the use or lease or property, such as land and buildings.
It is the payment for the use of funds.
It represents the collective long-term vision and aspirations of the Filipino people for themselves and for the country in the next 25 years.
AmbisyonNatin
2040
