First Quarter Exam in Applied Economics, Exams of Economics

Download First Quarter Exam in Applied Economics and more Exams Economics in PDF only on Docsity! Republic of the Philippines Department of Education Region 02 LICERIO ANTIPORDA SR. NATIONAL HIGH SCHOOL Centro, Buguey, Cagayan QUARTERLY EXAMINATION IN APPLIED ECONOMICS First Semester, SY 2018-2019 “If you want to be trusted, be honest.” – Steve Maraboli Name: ________________________________________Year & Strand: _______________ Date: _______________ I. MATCHING TYPE Directions: Match the definition in column A with the correct term on column B, write only the letter of answer on the blank provided at the left side of the test paper. Column A Column B 1. It refers to the process of producing or creating goods A Services needed by the households to satisfy their needs. B. Wants 2. It is a person or business that makes goods or C. Macroeconomics provides services D. Production 3. It refers to the process of transferring goods and services E. Goods to a person in return for something present medium F. Consumers of exchange- money. G. Consumption 4. It is the condition by which the available resources are not H. Microeconomics enough to satisfy human needs and wants. I. Exchange 5. It deals with the economic behaviour of the whole J. Needs economy and its aggregates. K. Scarcity 6. It refers to the marketing of goods and services to L. Labor different economic outlets M. Producer 7. It include those luxury material commodities or exceptional N. Foreign Exchange services which bring about psychological satisfaction O. Entrepreneurs and fulfilment P. Distribution 8. It is something you can see and feel. It is something you Q. Capital can use. It is something that can be consumed. 9. It deals with the economic behaviour of individual units such as consumers, firms and landowners 10. It refers to basic material desires and intangible aspirations. 11. It is a person or business that buys or uses goods or services. 12. It refers to spending money for goods and services. 13. It is something done for someone else. Sometimes people are paid for this. 14. It is also called “human resources” and refers to all human efforts, be in mental or physical , that helps to produce satisfying goods and services. 15. It refers to organizer and coordinator of other factors of production II. MULTIPLE CHOICE Directions: Choose the letter that corresponds to the correct answer. Write the answer on the space provided before each item. 1) Which of the following is NOT a common cause of unemployment in the Philippines? a. The number of people entering the job market has been greater than the number of jobs created. b. The rural-urban migration increases due to employment opportunities. c. Many of the unemployed individuals are college graduates. d. The number of jobs created are greater than the number of people entering the job market. 2) How can the government solve the unemployment in the Philippines today? a. Encourage unemployed to go abroad and find job there. b. Generate more jobs to accommodate all the newly fresh graduates. c. Give pensions to those unemployed to sustain their basic needs. d. Inappropriate economic policies for labor-intensive industries 3) Why is it that the Autonomous Region of Muslim Mindanao (ARMM) has the highest poverty incidence in the survey in 2015? a. Because it is in the South part of the Philippines. b. Because it is a big island with small population. c. Because they have different beliefs and religion. d. Because war always occur, thus, source of income and living is affected. 4) Which of the following is NOT a common cause of poverty? a. There is a continue decrease in cost of living. b. There is still income inequality among the poor. c. There is a great number of unemployed in the country. d. There is a continue increase in the cost of living. 5) How can the government solve the continuing increase of poverty in the country? a. The unemployment should not be prioritized. b. Inappropriate policy on labor income. c. Increase social services in education and health care. d. Decrease the minimum wage of the working people. 6) Which of the following situations show the poor quality of infrastructure? a. Tall buildings in Manila. b. Many skyscrapers for in national roads. c. Fast telecommunication services. d. Chronic water shortage 7) How is income inequality described by economists? a. It refers to the gap in income that exists between the rich and the poor. b. It refers to the difference in status that exists between the rich and the poor. c. It refers to the wealth that exists between the rich and the poor. d. It refers to the working capabilities between the rich and the poor. 8) Which of the following situations shows how Applied Economics can be a solution to economic problems? a. The statistical data regarding unemployment rate can be used as a basis for generating new jobs. b. The ideas and theoretical laws can be studied thoroughly. c. The ideas can be studied without the application. d. The definition of the tax can help solve the problem in high taxes in the country 9) How is Applied Economics a solution to economic problems? a. It can explain some problems theoretically. b. It can develop decision-making skills because of some laws in economics. c. It can explain linguistically data extensively. d. It cannot explain the occurrence of shortage and surplus. 10) Which of the following normally decreases the supply of a product? a. The cost of input goes down. b. More producers enter the market. c. The price of the product increases. d. Taxes on the product increases. 11) What happens to the supply if the costs of producing a particular product increase? a. increases greatly b. decreases greatly c. remain the same d. all of the above 12) When the price of a good increases, the quantity demanded of that good is likely to: a. Increase b. Decrease c. Stay the same d. Shift the demand curve 13) Economic demand for a product refers to how much of the product __________. a. Is available for purchase from business at each price b. People are willing and able to buy at each price c. People want, whether they can buy it or not d. Consumers can afford it 14) What happens to the demand and supply when the price is below the equilibrium? a. The demand exceeds supply b. The supply exceeds demand c. The supply and demand are equal d. The supply and demand curves intersect 15) Which statement best illustrates the law of supply? a. Declining demand for automobiles lead automobile makers to increase production b. Declining automobiles prices leads automobile makers to reduce production