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    Quiz No.3 - Applied Economics

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    JEANNE PAULINE OABEL
    The document is a quiz for a class on Applied Economics. It contains 10 multiple choice questions that test understanding of key economic concepts like supply and demand, market equilibrium, complementary goods, and how price changes can affect supply and demand. Specifically, questions 1-3 ask about market equilibrium, surplus, and shortage. Questions 4-5 ask about the definitions of buyers and sellers. The remaining questions ask how specific economic events would shift supply and demand curves and impact prices.

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    Quiz No.3 - Applied Economics

    Uploaded by

    JEANNE PAULINE OABEL
    207 views2 pages
    The document is a quiz for a class on Applied Economics. It contains 10 multiple choice questions that test understanding of key economic concepts like supply and demand, market equilibrium, complementary goods, and how price changes can affect supply and demand. Specifically, questions 1-3 ask about market equilibrium, surplus, and shortage. Questions 4-5 ask about the definitions of buyers and sellers. The remaining questions ask how specific economic events would shift supply and demand curves and impact prices.

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    QUIZ NO.3- APPLIED ECONOMICS

    Original Title

    QUIZ NO.3- APPLIED ECONOMICS

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    The document is a quiz for a class on Applied Economics. It contains 10 multiple choice questions that test understanding of key economic concepts like supply and demand, market equilibrium, complementary goods, and how price changes can affect supply and demand. Specifically, questions 1-3 ask about market equilibrium, surplus, and shortage. Questions 4-5 ask about the definitions of buyers and sellers. The remaining questions ask how specific economic events would shift supply and demand curves and impact prices.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    207 views2 pages

    Quiz No.3 - Applied Economics

    Uploaded by

    JEANNE PAULINE OABEL
    The document is a quiz for a class on Applied Economics. It contains 10 multiple choice questions that test understanding of key economic concepts like supply and demand, market equilibrium, complementary goods, and how price changes can affect supply and demand. Specifically, questions 1-3 ask about market equilibrium, surplus, and shortage. Questions 4-5 ask about the definitions of buyers and sellers. The remaining questions ask how specific economic events would shift supply and demand curves and impact prices.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    APPLIED ECONOMICS

    QUARTER 1
    QUIZ NO.3
    NAME: _______________________________________           SCORE: __________
    GRADE/SECTION: _____________________________                          DATE:  ___________
    Test I. Multiple Choice
    Directions: Encircle the letter of the correct answer.
    1. When the quantity consumers are willing and able to buy equals the quantity that producers are willing
    and able to sell.
    A. Surplus C. Shortage
    B. Market Equilibrium D. None of these are correct
    2. At a given price, the amount by which quantity supplied exceeds quantity demanded; it usually forces the
    price down.
    A. Surplus C. Shortage
    B. Market Equilibrium D. None of these are correct
    3. At a given price, the amount by which quantity demanded exceeds quantity supplied; it usually forces the
    price up.
    A. Surplus C. Shortage
    B. Market Equilibrium D. None of these are correct
    4. A person who sells a merchandise or renders a service.
    A. Buyer C. Laborer
    B. Capitalist D. Seller
    5. A person who purchases a merchandise or acquiring a service.
    A. Buyer C. Laborer
    B. Capitalist D. Seller
    6. A local grocery store orders 200 cases of Soda Cola each week and sells them at a price of P6.00 per
    case. At the end of the first week, they have only sold 160 cases. What economic situation is the grocery
    store facing and what will have to happen to price in order for equilibrium to be attained?
    A. surplus; price will rise.
    B. surplus; price will fall.
    C. shortage; price will rise.
    D. shortage; price will fall.
    7. Which of the following can lead to an increase in the supply for good X?
    A. a decrease in the number of sellers of good X.
    B. an increase in the price of inputs used to make good X.
    C. an increase in consumers' income, assuming good X is a normal.
    D. an improvement in technology used in production of good X.
    8. An increase in the price of electricity will:
    A. increase the demand for kerosene heaters.
    B. increase the demand for light bulbs.
    C. increase the demand for stereos.
    D. increase the demand for TVs.
    9. Which of the following events will cause an increase in the market demand for Ganner (a brand of beer)?
    A. A decrease in the price of Ganner.
    B. An increase in the price of Hyattkien (another brand of beer).
    C. An increase in the price of Snappy peanuts (a complementary good).
    D. An increase in income, if Ganner is an inferior good.
    10. An decrease in the price of flour will:
    A. decrease the demand for sugar.
    B. increase the demand for bread.
    C. increase the price for bread.
    D. decrease the price for bread.
    Test II. Directions: Complete the table below.

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