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    2nd Summative Test in Applied Economics

    Uploaded by

    Nhoi Valencia
    This document contains a 20 question true/false quiz on concepts in applied economics such as econometrics, scarcity, demand and supply. It also includes two tables - a demand schedule and supply schedule. The demand schedule shows the relationship between price of a good and quantity demanded at different price points. The supply schedule similarly shows the relationship between price and quantity supplied. There are then 10 additional questions that require analyzing the information in the tables to determine quantities demanded and supplied at certain price points, calculate percentage changes, and identify the price of market equilibrium.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    2nd Summative Test in Applied Economics

    Uploaded by

    Nhoi Valencia
    2K views3 pages
    This document contains a 20 question true/false quiz on concepts in applied economics such as econometrics, scarcity, demand and supply. It also includes two tables - a demand schedule and supply schedule. The demand schedule shows the relationship between price of a good and quantity demanded at different price points. The supply schedule similarly shows the relationship between price and quantity supplied. There are then 10 additional questions that require analyzing the information in the tables to determine quantities demanded and supplied at certain price points, calculate percentage changes, and identify the price of market equilibrium.

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    This document contains a 20 question true/false quiz on concepts in applied economics such as econometrics, scarcity, demand and supply. It also includes two tables - a demand schedule and supply schedule. The demand schedule shows the relationship between price of a good and quantity demanded at different price points. The supply schedule similarly shows the relationship between price and quantity supplied. There are then 10 additional questions that require analyzing the information in the tables to determine quantities demanded and supplied at certain price points, calculate percentage changes, and identify the price of market equilibrium.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    2K views3 pages

    2nd Summative Test in Applied Economics

    Uploaded by

    Nhoi Valencia
    This document contains a 20 question true/false quiz on concepts in applied economics such as econometrics, scarcity, demand and supply. It also includes two tables - a demand schedule and supply schedule. The demand schedule shows the relationship between price of a good and quantity demanded at different price points. The supply schedule similarly shows the relationship between price and quantity supplied. There are then 10 additional questions that require analyzing the information in the tables to determine quantities demanded and supplied at certain price points, calculate percentage changes, and identify the price of market equilibrium.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    2nd Summative Test in Applied Economics

    I. Analyze each statement. Write TRUE if the statement is correct and FALSE if it is not.
    _____1. Econometrics is an application of statistical and mathematical theories to economics to
    test hypothesis and forecast future trends. F
    _____2. The lack of technology available leaves some of our most precious natural resources
    useless because we cannot use them. T
    _____3. Shortage is the limited nature of resources. Resources for an individual includes time,
    money and skill. F
    _____4. Technology is also a limited resource for some country. T
    _____5. Philippines is known to be an industrial country because of its extensive rice fields. F
    _____6. Quality should come first before quantity. T
    _____7. The relationship between the price and demand is inversely related. T
    _____8. The law of supply states that: all other things remain constant (Ceteris Paribus), the higher
    the price of a good the lesser the demand for that good and the lesser the price the higher the
    demand. F
    _____9. Substitution effect means that if the price of Product A increases the consumer will look
    for its substitute and will cause decrease in quantity demanded for Product A.T
    _____10. The law of supply states that the quantity of products offered to be sold is directly related
    with the price. It means that when the price increases the quantity supplied increases too and if the
    price decreases the quantity supplied decreases too. F
    _____11. Demand Schedule – a graphical representation that shows the relationship between the
    price of a good and the quantity demanded for that good at a given price. F
    ____12. Demand Curve – a table that shows the price of a good and the quantity demanded for
    that good at a given price within a given period.
    ____13. Market equilibrium happens when there is an equal demand and supply causing the price
    to remain the same. T
    ____14. When the quantity supplied is greater than quantity demanded there will be shortage. F
    ____15. Surplus is when the quantity demanded is greater than quantity supplied. F
    ____16. Change in demand or supply may result to the changes in market equilibrium. T
    ____17. Minimum price is also known as price ceiling. F
    ____18. Maximum price is also called floor price. F
    ____19. Supply means that we have the ability and the willingness to buy the product at a given
    price within a given time period. F
    _____20. The demand refers to the quantity of goods and services that firms are ready and willing
    to sell at a given price within a period. T
    II. Analyze the table and answer the following questions.

    1. ________________________ How many items does a consumer want to purchase if its price is
    ₱150.00?

    2. ________________________ At what point does the consumer want to purchase 100 units?

    3. ________________________ At what price does the consumer want to purchase 80 units?

    4. ________________________ Is there an increase in quantity demanded when the price of the


    good decrease from ₱150.00 to ₱100.00? If yes, how many percent is the increase? If no, how
    many percent is the decrease?

    5. ________________________ What can you say about the quantity demanded as the price
    increases?

    III.
    6. ________________________ How many units does the producer wants to sell at a price of
    150.00?

    7. ________________________From point A to D, quantity demanded increases by how many


    units?

    8. ________________________ How much is the increase in price from point D to point G?

    9. ________________________ What happened to the quantity supplied when the price


    decreases?

    10. ________________________ Considering the supply and the demand curve, at what price
    does the number of units demanded by the consumer is the same with the number of units produced
    by the supplier?

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