3rd Periodical Exam in Grade 12 ABM and GA- Applied Economics

2nd Semester, SY 2018 – 2020

NAME: _______________________________________________________ GRADE & SECTION: ________________________________ SCORE :______________

Instruction: Answer what is asked. Work individually. Cell phones are not allowed. Use calculators. Good luck!

TEST I. MATCHING TYPE. Choose the letter of the correct answer. Write your answer on the space provided.

______ 1. The basic and central economic problem confronting the society today. A. Economic Policy
______ 2. An economic theory which is put into action B. Demand curve
______ 3. The graphical representation of a demand schedule. C. Opportunity cost
______ 4. A branch of economics which focuses on the behavior of the entire economy. D. Monopoly
______ 5. A branch of economics which deals with individual decisions. E. Macroeconomics
______ 6. The giving up of something to have another F. Microeconomics
______ 7. Method used in Economics G. Empirical
______ 8. A study of how people and society end up choosing with/without H. Supply
the use of money I. Demand
______ 9. The willingness and ability of producers to sell goods at all alternative prices. J. Oligopoly
______ 10. The consumer’s desire for a specific good or service. K. Scarcity
______ 11. A condition in which market demand is equal to market supply L. Pure Competition
______ 12. A market structure with large number of small firms competing with each other M. Monopolistic Competition
______ 13. A market structure with few number of sellers N. Market Equilibrium
______ 14. A market structure with a single firm controlling the market. O. Economics
______ 15. A market structure with large number of small firms selling similar but slightly differentiated products.

TEST II. IDENTIFICATION. Identify the following problems as to ECONOMIC, ECOLOGICAL, and SOCIAL.
____________________ 16. Malnutrition
____________________17. Overpopulation
____________________18. Unemployment
____________________19. Global Warming
____________________20. Climate Change

TEST III. TRUE/FALSE. Draw a STAR if the statement is true. If false, draw a CIRCLE.
_____ 21. Economics is a social science because it deals with human behavior.
_____ 22. Human wants are very hard to satisfy.
_____ 23. Dependent variables are those whose values changes when the value of another valuable also changes.
_____ 24. Economic principles could be represented by mathematical equations.
_____ 25. The problem of scarcity gave birth to the study of economics.
_____ 26. An understanding of economics develops individuals to be wise voter.
_____ 27. The slope of a straight line is the ratio of the horizontal change to the corresponding vertical change.
_____ 28. Change in demand is the shifting of the demand curve due the change in one of its determinants.
_____ 29. Higher cost of production would cause the supply to increase.
_____ 30. Two goods are called substitute if an increase in the purchase of one good will result to an increase in the
quantity purchased of the other good, ceteris paribus

TEST IV. Theory of Demand and Supply

A. Keeping all other factors constant, graphically show the effects of the following on the DEMAND for RICE. Below each
graph, indicate whether Change in Demand (ΔD) or Change in Quantity Demanded (ΔQd).
31-32. The price of corn decreases 33-34. The price of rice goes upp
(assume corn and rice are substitute goods)

35. Given the following demand function for a commodity Qd = 135 – 8P, Compute for the quantity demanded if the price is
12.00
B.Keeping all other things constant, graphically show the effects of the following on the SUPPLY for CORN. Below each
graph, indicate whether Change in Supply (ΔS) or Change in Quantity Supplied (ΔQs).
36-37. Cost of pesticides increases 38-39. Less lands are devoted to corn production

40. Given the following supply function of a commodity Qs = 50 + 10, Compute for the quantity supplied if the price is 10.00

TEST V. Market Equilibrium

41-45. Given from the following equations: Qd = 10-0.75P and Qs = 4+0.25P, derive mathematically the equilibrium price
and equilibrium quantity. Show your solution.

46. What will happen to price when Qd < Qs? ___________________________

47. What will happen to price when Qd > Qs?___________________________
48. What will happen to price if Qd=Qs? ___________________________
49.50. State the Law of Demand and Law of Supply with respect to changes in the price.
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RUBRICS for 2 points.

Level of Achievement Comprehension

Exemplary(2pts) •Demonstrates an accurate and complete understanding of the question.

Needs Improvement (1 pt) •Does not demonstrate accurate understanding of the question.
No Answer (0 pt)

Prepared by:

Annabel Claire Obsequio-Arinto

Teacher II
SHS Department