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1. The document contains an economics summative assessment with multiple choice and short answer questions.
2. The assessment covers topics in microeconomics, macroeconomics, economic systems, and economic resources.
3. Students are asked to classify topics as microeconomics or macroeconomics, describe economic systems, identify economic resources, and answer discussion questions about scarcity and applied economics.
1. The document contains an economics summative assessment with multiple choice and short answer questions.
2. The assessment covers topics in microeconomics, macroeconomics, economic systems, and economic resources.
3. Students are asked to classify topics as microeconomics or macroeconomics, describe economic systems, identify economic resources, and answer discussion questions about scarcity and applied economics.
1. The document contains an economics summative assessment with multiple choice and short answer questions.
2. The assessment covers topics in microeconomics, macroeconomics, economic systems, and economic resources.
3. Students are asked to classify topics as microeconomics or macroeconomics, describe economic systems, identify economic resources, and answer discussion questions about scarcity and applied economics.
SUMMATIVE ASSESSTIVE December 06, 2018 Receive I. Classify the following topics. Write MIC if it falls under Microeconomics; MAC, if it falls under Macroeconomics. _______1. The inflation rate in the Philippines in the last quarter of 2013 was 4.8%. _______2. A P340-billion deficit in the Philippine budget is expected in the years 2015. _______3. Prices of Toyota vehicles are predicted to go up in December. _______4.Garlic prices in the past months have risen because producers hoarded their supplies in their bodegas. _______5. Unemployment rate has dropped because of the increase in the number of OFW’s. _______6. In the past year, Coca Cola was named the fastest selling product in the market. _______7. Rental on land could not be increased by landowners because of the Rent Control Law. _______8. Prices of apples and grapes tend to increase during the Christmas season. _______9. The Philippine economy grew at the rate of 5.8% in 2013. _______10. Philippine congress passed the Value Added Tax Law to strengthen the Philippine tax system. II. Describe the type of economic system characterized in each of the following sentences. _______________11. Prices are based on demand and supply. _______________12. The government decides on what goods should be produced. _______________13. Ancient methods are used in deciding what goods to produce. _______________14. People enjoy freedom of choice in arriving at decisions on what to buy. _______________15. People have no freedom of choice in arriving at decisions on what to buy. _______________16. Economy is stagnant, making use of practices in the older times. _______________17. Economy is backward because no new technology or production methods are introduced. _______________18. It is the most democratic form of economic system. _______________19. People’s preference is reflected in the prices they are willing to pay in the market. _______________20. It exist in primitive and backward civilizations. III. Identify which resource is referred to by the following words. __________________21. Entertainers __________________22. Minerals __________________23. Forests __________________24. Marine resources __________________25. Teachers __________________26. Technology __________________27. Production equipment __________________28. Engineers __________________29. Call center agents __________________30. Business proprietor DISCUSSION QUESTIONS: 1. Why economics is deeply rooted in the concept of scarcity? _______________________________________________________________ ____________________________ _______________________________________________________________ ____________________________ _______________________________________________________________ ____________________________ _______________________________________________________________ ____________________________ 2. In what way is applied economics important in tackling economic issues or problems of the country? _______________________________________________________________ ____________________________ _______________________________________________________________ ____________________________ _______________________________________________________________ ____________________________