AE ChapterTest AbegailBasan ABM12

COMPOSTELA NATIONAL HIGH SCHOOL – DAY CLASS
Poblacion, Compostela, Cebu

CHAPTER TEST IN APPLIED ECONOMICS
Name : BASAN, ABEGAIL G. Grade & Sec: ABM 12 Date: Dec 6, 2020
Test I: Directions: Choose the letter of the correct answer. Encircle your answer.
1. Mrs. Amido purchased basic goods like vegetables and groceries for the consumption of
the family. These goods are:
a. Consumers Goods
b. Capital Goods
c. Luxury Goods
d. Economic Goods
2. Mr. Allen Banlasan purchased new car as a gift for his father’s birthday. This good is
a. Consumers Good
b. Luxury Good
c. Capital Good
d. Economic Good
3. SMR Computer shop purchased additional 10 units of computer for the business.These
goods are called:
a. Consumers Goods
b. Luxury Goods
c. Capital Goods
d. Economic Goods
4. Which is not considered as tangible good?
a. Cell phone
b. Mask
c. Sack of rice
d. Training service
5. Which is true about Economics as a social science?
a. Scarce resources and limited needs drive choice
b. Economics explains and predicts economic events
c. The scientific method is based on the normative analysis
d. Economic hypotheses lead directly to predictions
6. Which is true on the value of an economic theory in practice? It is determined by
a. how accurate the assumptions are.
b. how well the theory can be represented by a graph.
c. how well the theory can predict or explain.
d. how economical the model is.
7. Which of the following is the study of the aggregate economy studied as a whole?
a. Mathematical economics
b. Econometrics
c. Macroeconomics
d. Microeconomics
8. Business ethics refers to any behavior by businesses that may
a. be illegal.
b. violate social or moral standards.
c. result in the maximization of profits.
d. All of the above.
9. Businesses have responded to incentives for ethical behavior by doing ALL except
a. lobbying for the abolition of laws that require ethical behavior.
b. appointing “ethics officers” to monitor ethical manners of employees.
c. providing training sessions in ethical behavior for employees.
d. establishing codes of ethical behavior for employees.
10. Which of the following is not an economic agent in your locality?
a. Producer
b. Consumer
c. Public Sector
d. None of ABC
11. The physical effort of the manpower to produce the basic needs of the consumers,
describes which factor of production?
a. Land
b. Capital
c. Labor
d. Entrepreneur
12. The initiative and creativity to produce something new describes which factor of
production?
a. Land
b. Capital
c. Labor
d. Entrepreneur
13. The equipment of the coffee shop to produce cups of coffee, are what kind of goods or
products?
a. Consumer goods
b. Either consumer goods or capital goods
c. Capital goods
d. Economic goods
14. Which best of the following best describes economics as a social and an applied science?
a. The study of products we need to survive
b. The study of how customers make choices when there is unlimited supply of
resources
c. The study of human personalities
d. The study of how buyers make choices when there is limited supply
15. The following are examples of customers’ basic needs.
a. Water and shelter
b. Iced tea
c. Laptop and cellular phones
d. Expensive bags
16. Scarcity of resources in your locality (Manila) is evident. Only available are fabrics,
electric sewing machines and skilled workers. The government said, you are only allowed
to work from home to be safe and free from infection of viruses. Which items most likely
you need to produce?
a. PPE’s
b. Canned Goods
c. Sacks of Rice
d. Sewing Machines
17. Manila is ranked 2nd in the most cases of COVID patients in Metro Manila. The city
needs urgent services of the medical frontliners in curing the increasing number of
patients. There is scarcity in the raw materials for production. To whom would you
produce first the available resources?
a. Soldiers
b. Police Officers
c. Medical Frontlines
d. Your Family
18. There is an urgent need of PPEs by the medical frontliners in the City of Manila due
increasing number of COVID patients every day. Which is not true of producing the
products (PPEs)?
a. Import from China

b. TESDA students and skilled workers may produce the PPEs
c. Manufacturers/suppliers may supply the PPEs
d. Export PPEs to Japan as gross national products
19. The fundamental economic problem that must be solved efficiently
a. Scarcity of resources
b. Health system
c. Surplus of demands
d. Export policies
20. Economists point out that scarcity must be addressed to protect the
a. The poor but not the rich

b. Both the poor and the rich
c. Neither the poor nor the rich
d. The poor but never the rich
Test II: Essay (Answer in a long size bond paper)
1. How much time do you spend browsing social networking sites in the past week? What
do you think are the opportunities you have forgone when you chose to spend the time in
social media?
For the past week, I think I spent 4 hours a day on browsing the social
networking sites. I know that amount of time was so big and it’s true that I’ve
forgone great opportunities because of that. Those opportunities include, answering
my modules, doing my research paper, and a lot more.
2. How is the preparation of the family budget an exercise in dealing with scarcity? What
adjustments do you think your parents would make if you family income decreased by
25%? By 50%?
The preparation for family budget is a great exercise in dealing with scarcity.
Having a budget for the family’s expenses and keeping track with it will make it
easier for us to adjust and to know what to do when some unpredictable events may
occur such as a decrease on the family income. If our family income would decrease
by 25%, my mom might do some minor adjustments for she is the one responsible
for the budgeting for our expenses. She might perhaps lessen the budget for leisure
so that we can still cope up of the loss. If by chance our family income decreased by
50%, then perhaps mom will cut off some of the budget for clothes and things that
aren’t really necessary.

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COMPOSTELA NATIONAL HIGH SCHOOL – DAY CLASS

Poblacion, Compostela, Cebu

a. Import from China

19. The fundamental economic problem that must be solved efficiently

a. The poor but not the rich

Test II: Essay (Answer in a long size bond paper)

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