Republika ng Pilipinas

Kagawaran ng Edukasyon
Dibisyon ng Aklan
NAISUD NATIONAL HIGH SCHOOL

SENIOR HIGH SCHOOL

1st Quarter Examination

Applied Economics

Name:____________________________________________________Section:________Score:________

Select the letter corresponding to the best answer to the question. Write the letter of the correct answer .

_______1. A person or business that uses or buys goods or services.

a. Corporation c. Employer
b. Consumer d. Employee
_______2. Is a person or business that makes goods or provides services.
c. Consumer c. partnership
d. Small business d. Producer
_______3.It is something done for someone else. Sometimes they are paid for it, sometimes they are not.
e. Goods c. Employer
f. Resources d. Services
_______4. Something that can be used or consumed.
g. Goods c. market
h. Services d. Profit
_______5. Refers to the process of producing or creating goods needed by the households to satisfy their
needs.
a. Wants c. Scarcity
b. Production d. Needs
_______6. It is the proper allocation and efficient use of available resources for the maximum satisfaction
of human wants.
a. Economics c. Income
b.Asset d. liabilities
_______7. Situation wherein the amount of something available is insufficient to satisfy the desire for it.
a. Wants c. Scarcity
b. Production d. Needs
_______8. The labor, capital, land and natural resources that are used to produce goods and services.
a. Resources c. Necessity
b. Household d. Desire
_______9. It is the application of statistical and mathematical theories to economics for the purpose of
testing hypothesis and forecasting future trends.
a. Research c. Econometrics
b. Time value d. Theories
_______10. is the study of economics in relation to real world situations
a. International barrier c. Applied economics
b. Theories d. Inflation

II. Identify whether the situation is Push or Pull. Write the correct answer on the space provided.

_____________1. Access to services _____________6. Wars

_____________2. Lack of job opportunities _____________7. Natural disasters
_____________3. Poor transport links _____________8. Few services
_____________4. More entertainment facilities _____________9. Better Job opportunities
_____________5. Improved living conditions _____________10, Hope for better way of life
III. Complete the following graphic organizers (2 POINTS EACH)

A. Econometrics

ECONOMETRICS

B. Scarcity

SCARCITY

IV. Analyze the following if it is a WANT or a NEED. Write the correct word to its corresponding table.

Car Money Cellphones Ice cream Books

Food Clothing Water House TV
NEEDS WANTS
1. 6.
2. 7.
3. 8.
4. 9.
5. 10.

V. Enumeration
A. Give the four basic economic problems of the country

1.______________________________
2.______________________________
3.______________________________
4.______________________________

Prepared by:

RUPELMA S. PATNUGOT
Teacher
APPROVED BY:

THELMA A. SITIOCO
PRINCIPAL 1