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Applied Economics 1Q Quizzes and Summative Test

Total questions: 144

Worksheet time: 2hrs 2mins

Name
Class
Date
1.

Write your Name and your Grade and Section.

Example: Rosa S. Maputi, 12 - Mahalimuyak

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2.

LESSON 1

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3.

Identification. Provide the correct term or concept based on the description.

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4.

A macroeconomic theory that focuses on total spending in the economy and its effects on output, employment, and inflation.

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5.

The study of how people and societies allocate their limited resources to satisfy their unlimited wants and needs.

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6.

The concept of foregoing or sacrificing the benefits that would have been derived from alternatives not selected.

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7.

A set of ideas and principles that outline how different economies function.

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8.

The idea that increasing consumption of goods and services leads to personal satisfaction and societal welfare.

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9.

Enumeration. List the correct terms or concepts based on what is needed.

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10.

Give two descriptions why economics is a social science.

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11.

Give two descriptions why economics is an applied science.

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12.

Give two significant theories in the field of economics.

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13.

List the three strands in the development of the definition of economics.

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14.

Give 1 specific situation wherein economics can be applied.

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15.

Multiple Choice. Choose the best answer for each of the following questions.

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16.

What does the concept of opportunity cost emphasize?

a)

Maximizing wealth

b)

Sacrificing the benefits of alternatives not chosen

c)

Expanding material resources

d)

Increasing individual consumption

17.

What is the focus of the decision-making strand in economics?

a)

Selecting from alternative options

b)

Maximizing societal wealth

c)

Reviewing past events

d)

Observing theories in practice

18.

What is the main focus of applied economics?

a)

Observing theories in practice and reviewing outcomes

b)

Promoting individual consumerism

c)

Encouraging government intervention in markets

d)

Studying historical interactions between societies

19.

Which economic theory argues that food production cannot keep up with population growth?

a)

Keynesianism

b)

Monetarism

c)

Malthusianism

d)

Liberalism

20.

What distinguishes economics as a social science from applied science?

a)

Social science uses theories, applied science does not

b)

Social science focuses on human interaction, while applied science applies theories in practice

c)

Applied science eliminates historical interpretations

d)

Social science only deals with wealth creation

21.

LESSON 2

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22.

Identification. Provide the correct term or concept based on the description.

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23.

1.The application of statistical and mathematical theories to test hypotheses and predict future economic trends.

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24.

2.The problem of having limited resources to meet unlimited wants and needs.

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25.

3.A question in economics that asks how goods and services should be distributed among consumers.

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26.

4.The economic issue concerning whether a country’s capacity to produce goods is growing or stagnant over time. 

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27.

5.The question of determining which goods and services should be produced based on people's needs and resource availability.

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28.

Enumeration. List the correct terms or concepts based on what is needed.

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29.

List three examples of limited resources for an individual or a country.

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30.

List the three major basic economic problems/questions.

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31.

List two factors influencing how goods and services are produced.

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32.

List two consequences of idle or unemployed resources in a country.

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33.

Multiple Choice. Choose the best answer for each of the following questions.

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34.

What does scarcity primarily refer to?

a)

The abundance of goods

b)

The limited availability of resources

c)

The unlimited wants of individuals

d)

The surplus of resources

35.

What question does 'How to produce?' address in economics?

a)

The type of goods and services needed

b)

The resources and methods required for production

c)

The distribution of goods and services

d)

The wants and desires of individuals

36.

Which is an example of a resource that may be underutilized in an economy?

a)

Excessive technology

b)

Idle labor force

c)

Unlimited capital

d)

Surplus natural resources

37.

What economic principle involves using statistical methods to analyze past data and forecast future trends?

a)

Econometrics

b)

Scarcity

c)

Opportunity cost

d)

Basic economic problems

38.

What is a universal objective of economic growth?

a)

Improving the standard of living

b)

Decreasing the labor force

c)

Increasing idle resources

d)

Maintaining the status quo

39.

LESSON 3

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40.

Identification. Provide the correct term or concept based on the description.

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41.

1.It refers to the law that states that as the price of a good rises, the quantity decreases, and as the price of a good falls, the quantity increases.

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42.

2.A graphical representation showing the relationship between the price of a good and the quantity supplied at different prices.

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43.

3.The total amount of a good or service that producers are willing and able to sell at different prices within a given period.

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44.

4.The point where the quantity demanded and quantity supplied are equal, leading to a stable market price.

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45.

5.It refers to the change in the quantity demanded of a product when consumers switch to a different product due to a change in the price of the original product, even though their income and preferences remain unchanged.

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46.

6.A law that states the higher the price, the greater the quantity of goods that producers are willing to supply.

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47.

7.A table that shows the quantity of a good that consumers are willing to buy at various prices.

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48.

8.A market condition where the quantity demanded is greater than the quantity supplied.

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49.

9.A graphical representation showing the downward sloping relationship between the price of a good and the quantity at different prices.

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50.

10.The price where the quantity demanded by consumers equals the quantity supplied by producers.

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51.

Enumeration. List the correct terms or concepts based on what is needed.

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52.

List 2 factors that can cause a change in demand.

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53.

List 2 factors that can cause a change in supply.

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54.

List 2 effects of price changes on quantity demanded.

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55.

List 2 conditions required for market equilibrium.

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56.

List 2 factors that influence the price of a product.

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57.

Multiple Choice. Choose the best answer for each of the following questions.

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58.

1.What happens to demand when the price of a good decreases?

a)

a) It increases

b)

b) It decreases

c)

c) It remains the same

d)

d) It shifts to the left

59.

2.Which of the following would most likely cause a change in supply?

a)

a) Increase in consumer income

b)

b) Change in the price of substitutes

c)

c) Increased taxes on raw materials

d)

d) Change in consumer tastes

60.

3.What is the market equilibrium price?

a)

a) The price where the quantity demanded exceeds the quantity supplied

b)

b) The price where the quantity demanded equals the quantity supplied

c)

c) The highest price at which a product can be sold

d)

d) The lowest price at which a product can be sold

61.

4.When the price of a good increases, what is the likely effect on the quantity supplied?

a)

a) It increases

b)

b) It decreases

c)

c) It remains the same

d)

d) It fluctuates

62.

5.What happens when there is a surplus in the market?

a)

a) Prices increase

b)

b) Prices decrease

c)

c) Demand increases

d)

d) Supply increases

63.

Demand and Supply Analysis (10 Points).

Analyze the demand and supply curves and answer the questions that follow.

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64.

1.How many items does a consumer want to purchase if its price is ₱200.00?

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65.

2.At what point does the consumer want to purchase 50 units?

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66.

3.At what price does the consumer want to purchase 30 units?

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67.

4.How many percent is the increase in demand when the price of the good decrease from ₱200.00 to ₱150.00?

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68.

5.How many percent is the decrease in demand when the price of the good increase from ₱50.00 to ₱100.00?

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69.

6.What is the price at Point C on the supply curve?

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70.

7.At what quantity supplied does the price reach ₱150?

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71.

8.How does the quantity supplied change as the price increases from ₱50 to ₱200?

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72.

9.By how much does the quantity supplied increase when the price rises from ₱100 to ₱150?

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73.

10.If the price drops from ₱200 to ₱50, by how many units does the quantity supplied decrease?

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74.

LESSON 4

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75.

Identification. Provide the correct term or concept based on the description.

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76.

1.This term measures the change in quantity demanded or supplied due to a change in price.

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77.

2.When the percentage change in price is equal to the percentage change in quantity demanded, the elasticity is called ____.

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78.

3.The responsiveness of demand for a product due to a change in income is known as ____.

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79.

4.A change in the price of one good leading to a change in demand for its substitute is measured by ____.

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80.

5. The elasticity where quantity demanded does not change despite price changes is called ____.

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81.

Enumeration. List the correct terms or concepts based on what is needed.

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82.

List the 5 types of price elasticity.

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83.

List the four elasticities that can/may be solved depending on the given values (demand/supply/income/price).

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84.

List an example of substitute goods.

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85.

Multiple Choice. Choose the best answer for each of the following questions.

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86.

1.What is the type of elasticity when a 10% increase in income results in a 15% increase in demand?

a)

a) Unitary

b)

b) Elastic

c)

c) Inelastic

d)

d) Perfectly inelastic

87.

2.What is the demand elasticity if the price of milk tea increases, and demand decreases minimally?

a)
Unitary elastic demand
b)
Perfectly elastic demand
c)
Elastic demand
d)
Inelastic demand
88.

4.What elasticity may be derived when the price of Product A rises, and the demand for its substitute, Product B, increases?

a)

a) Income Elasticity

b)

b) Price Elasticity of Demand

c)

c) Cross-Price Elasticity

d)

d) Price Elasticity of Supply

89.

5.Which of the following will likely increase supply elasticity?

a)
Increased availability of raw materials and flexible production processes.
b)
Increased government regulations on production.
c)
Higher fixed costs for manufacturers.
d)
Decreased competition in the market.
90.

Part IV: Solving for Market Elasticity.
Read and analyze the problem carefully. Give your answer and explain the steps you came up with your solution.

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91.

The price of oranges rose from ₱30 to ₱40 per kilo, and the quantity supplied increased from 200 kilos to 300 kilos. Find the elasticity coefficient and identify the type of elasticity.

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92.

A customer’s income increased from ₱20,000 to ₱30,000, leading to an increase in demand for a product from 50 units to 70 units. Calculate the elasticity coefficient and identify the type of elasticity.

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93.

The price of coffee increased from ₱50 to ₱60, causing the demand for its substitute tea to rise from 300 units to 360 units. Compute the elasticity coefficient and identify the type of elasticity.

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94.

The price of a product increased from ₱100 to ₱120, causing its quantity demanded to decrease from 1,000 units to 850 units. Calculate the elasticity coefficient and identify the type of elasticity.

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95.

LESSON 5

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96.

Identification. Provide the correct term or concept based on the description.

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97.

The type of market structure in which there is a single merchant of a product for which there is no close alternative.

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98.

It is a type of market structure wherein a similar product has many sellers.

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99.

The type of market structure in which differentiated product has many vendors.

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100.

A type of market structure wherein there are few sellers of a standardized or a differentiated product.

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101.

It is where buyers and sellers usually interact with each other to exchange goods and services.

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102.

Enumeration. List the correct terms or concepts based on what is needed.

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103.

List 2 specific examples of a MONOPOLY.

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104.

List 3 specific examples of an OLIGOPOLY.

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105.

List 2 specific examples of a PERFECT COMPETITION.

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106.

List 3 specific examples of a MONOPOLISTIC COMPETITION.

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107.

Multiple Choice. Choose the best answer for each of the following questions.

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108.

What market structure is being described in the following example: “Achilles owns the only Art Shop in their town that’s why he raised each material’s price and limited the products they make.”?

a)

Perfect Competition

b)

Monopolistic Competition

c)

Monopoly

d)

Oligopoly

109.

What market structure is being described in the following example: “Barbara went to the market yesterday to look for a cosmetic product. She bought 5 pieces of it and they all have different brands.

a)

Perfect Competition

b)

Monopolistic Competition

c)

Monopoly

d)

Oligopoly

110.

What market structure is being described in the following example: “You walked around the whole mall and you found out that there were 10 photo booth stalls. You also noticed that they all have the same fees.”

a)

Perfect Competition

b)

Monopolistic Competition

c)

Monopoly

d)

Oligopoly

111.

It usually emerges because there is a high barrier to entering and exiting a particular market.

a)

Perfect Competition

b)

Monopolistic Competition

c)

Monopoly

d)

Oligopoly

112.

Which of the following is an example of an oligopoly?

a)

A single company controlling all electricity distribution in a city

b)

Many small vendors selling similar vegetables in a public market

c)

A few large companies dominating the telecommunications industry

d)

A clothing store offering unique fashion styles to attract customers

113.

Applied Economics
1st Quarter Summative Test

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114.

Multiple Choice. Choose the best answer for each of the following questions.

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115.

What is Applied Economics?

a)
Applied Economics is solely focused on theoretical models.
b)
Applied Economics is the study of historical economic events.
c)
Applied Economics is a branch of mathematics unrelated to economics.
d)
Applied Economics is the practical application of economic theory to real-world problems.
116.

Which of the following is a benefit of using applied economics in decision-making?

a)
It relies solely on theoretical models without real-world data.
b)
It provides a framework for informed decision-making based on empirical data.
c)
It discourages the use of quantitative analysis in decision-making.
d)
It prioritizes personal opinions over empirical evidence.
117.

Which of the following best describes economics as a social science?

a)

Economics examines the physical sciences and their applications.

b)
Economics is the study of historical events and their impact.
c)
Economics studies the allocation of scarce resources and the behavior of economic agents.
d)
Economics focuses solely on government policies.
118.

What should people and nations do when faced with scarcity?

a)
Ignore the issue and hope it resolves itself.
b)
Increase production without considering environmental impact.
c)
Focus solely on short-term profits without planning for the future.
d)
Prioritize resource allocation and promote sustainable practices.
119.

What is scarcity?

a)
Scarcity is the abundance of resources available to meet limited wants.
b)
Scarcity refers to the ability to produce unlimited resources.
c)
Scarcity is the concept of having enough resources to satisfy all needs.
d)
Scarcity is the limited availability of resources to meet unlimited wants.
120.

What is one of the problems connected with resource allocation and economic growth?

a)
Inefficient resource allocation due to scarcity.
b)
Unlimited resources available for economic growth.
c)
Uniform distribution of resources across all sectors.
d)
Excessive resource allocation leading to overproduction.
121.

What is the law of supply?

a)
The law of supply states that price and quantity supplied are inversely related.
b)
The law of supply indicates that price and quantity supplied are directly related.
c)
The law of supply indicates that quantity demanded increases as prices rise.
d)
The law of supply suggests that higher prices lead to lower production levels.
122.

Which of the following can cause a change in demand?

a)

Taste and preferences

b)

Prices of related goods

c)

Government policies

d)

All of these

123.

Which of the following is NOT a factor that can cause changes in supply?

a)

Government policies (taxes and subsidies)

b)

Cost of production

c)

Taste and preferences

d)

Prices of related goods produced

124.

Which of the following is a graphical representation that shows the relationship between the price of a good and the quantity supplied at a given point in time?

a)

Demand curve

b)

Demand schedule

c)

Supply curve

d)

Supply schedule

125.

Which of the following defines demand?

a)

The quantity of goods and services that firms are ready and willing to sell at a given price within a period

b)

The relationship between the price of a good and the quantity demanded for that good at a given price

c)

The ability and willingness to buy the product at a given price within a given period

d)

None of these

126.

What is the law of demand?

a)

The higher the price of a good, the greater the demand for that good

b)

The lower the price of a good, the greater the demand for that good

c)

All other things remain constant, the higher the price of a good, the lesser the demand for that good, and the lesser the price, the higher the demand

d)

None of the above

127.

The supply curve slopes upwards because:

a)

At higher prices, there is a shortage of goods

b)

At lower prices, there is a surplus of goods

c)

Producers are willing to supply more goods at higher prices

d)

Producers are willing to supply less goods at higher prices

128.

What happens to the quantity supplied of a product when its price decreases, all other things remaining constant?

a)

It increases

b)

It remains the same

c)

It decreases

d)

It fluctuates

129.

Which of the following is a table that shows the price of a good and the quantity demanded for that good at a given price within a given period?

a)

Demand curve

b)

Demand schedule

c)

Supply curve

d)

Supply schedule

130.

What does the price elasticity coefficient of -1 indicate?

a)

The demand is perfectly elastic

b)

The demand is inelastic

c)

The demand is unitary elastic

d)

The demand is perfectly inelastic

131.

What is price elasticity of demand?

a)

The change in supply in response to the change in price.

b)

The change in demand in response to the change in supply.

c)

The change in demand in response to the change in price.

d)

The change in supply in response to the change in demand.

132.

Which of the following is not a type of elasticity?

a)

Elastic

b)

Inelastic

c)

Unitary

d)

Constant

133.

What is the term elasticity used for in economics?

a)

To define the change in behavior of the sellers or buyers due to a change in price

b)

To measure the quantity demanded by customers

c)

To determine the quantity supplied by sellers

d)

To calculate the total revenue earned by sellers

134.

What does an elasticity coefficient of -0.3 mean?

a)

The product is perfectly elastic

b)

The product is perfectly inelastic

c)

The product is elastic

d)

The product is inelastic

135.

The price elasticity of demand for a product is 2.5. What does this mean?

a)

The product has unitary elasticity

b)

The product is perfectly elastic

c)

The product is inelastic

d)

The product is elastic

136.

Which of the following is a characteristic of perfect competition?

a)

A few large firms dominate the market

b)

There is no product differentiation

c)

Barriers to entry and exit are high

d)

The firm has complete control over the price of its product

137.

Which market structure has only one company that produces a certain product in the entire market?

a)

Perfect competition

b)

Monopolistic competition

c)

Monopoly

d)

Oligopoly

138.

What is the key factor that gives firms in monopolistic competition market power?

a)

Ownership of a fundamental resource

b)

Economies of scale

c)

Government regulation

d)

Differences in products

139.

Which market structure requires few barriers to entry and easy exits?

a)

Monopoly

b)

Monopolistic competition

c)

Perfect competition

d)

Oligopoly

140.

What is the primary concern of market structures?

a)

Evaluating a business’ economic environment

b)

Judging industry, policy changes, and market news

c)

Identifying the number of companies or corporations in the market

d)

Analyzing the relationship between a seller and a buyer

141.

What is the reason why monopolies commonly emerge?

a)

Government regulation

b)

Ownership of a fundamental resource

c)

Economies of scale

d)

All of these

142.

Which of the following is a potential consequence of a decreasing Philippine peso value?

a)

Increased foreign investment

b)

Increased export opportunities

c)

Decreased cost of imports

d)

Decreased purchasing power of consumers

143.

How does the rise of e-commerce affect the Filipino entrepreneur?

a)

It makes it easier for them to reach a wider market.

b)

It makes it more difficult for them to compete with international businesses.

c)

It has no significant effect on their business operations.

d)

It increases their expenses due to the need for additional online infrastructure.

144.

Which of the following is a major factor that contributes to income inequality in the Philippines?

a)

Lack of access to education

b)

High taxes on businesses

c)

Increased government spending

d)

Decreased foreign investment

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