Republic of the Philippines

Department of Education
REGION I – ILOCOS REGION
SCHOOLS DIVISION OF PANGASINAN II
LIPIT NATIONAL HIGH SCHOOL

SY 2022 - 2023
APPLIED ECONOMICS 12

Name:_________________________________________Section:___________________Score:___________

Direction: Shade the letter of the correct answer.

1. It is a social science that involves the use of scarce resources to satisfy unlimited wants.
A. Economics C. Media
B. Entrepreneurship D. Business
2. What branch of economics that is concerned with the overall performance of the entire company.
A. Macroeconomics C. Megaeconomics
B. Microeconomics D. Minieconomics
3. It is a branch of economics that is concerned with the behavior of individual entities.
A. Macroeconomics C. Megaeconomics
B. Microeconomics D. Minieconomics
4. What will happen if there is no scarcity?
A. There will be a limited supply for everybody.
B. suppliers will have limited supply
C. The demands of the will people will be lessened.
D. People can have all their want.
5. It is the application of economic theory and econometrics in specific settings with the goal of analyzing
potential outcomes?
A. Applied Entrepreneurship C. Applied Economics
B. Applied Physics D. Applied Mathematics
6. What does GNP means?
A. Generate Net Product C. Gross Net Product
B. Gross National Product D. Generate National Product
7. Which of the following is not a basic economic problems of the Philippines
A. Unemployment C. Abundant resources
B. Non-inclusive growth D. Population growth
8. It is an economic principle referring to a consumer’s desire to purchase goods and services.
A. Supply C. Scarcity
B. Demand D. Surplus
9. What do you call a table showing the quantities of a product that would be purchased at various prices at
a given time and place?
A. Demand Table C. Scarcity
B. Demand D. Supply
10. What is the term used for the amount of money that has to be paid to acquire a given product?
A. Substitute C. Presence
B. Business D. Price
11. What will a consumer possibly do if the price of goods increase?
A. Find a substitute of the goods C. Go to abroad
B. Continue to buy the product D. Don’t buy any product
12. Demand can be affected by other factors other than price, which of the following is a non-price
determinant of demand?
A. Number of people passed by C. Experience of the day
B. Income of consumers D. Moods of the neighbor
13. What will happen to the goods if the demand decreases while at the same time income of consumers
increases?
A. The goods will multiply C. It becomes an inferior goods
B. The sellers become aggressive D. Supply of the goods will increase
14. It is a fundamental economic concept that describe the total amount of a specific goo or service that is
available to consumers?
A. Supply C. Scarcity
 B. Demand D. Surplus
15. What is the concept of Law of Demand?
A. As the price increases, the quantity supply decreases
B. As price increases, the quantity supply increases
C. As price increases, the quantity demand increases
D. As the price increases, the quantity demand decreases
16. What is the concept of Law of Supply?
A. As the price increases, the quantity supply decreases
B. As price increases, the quantity supply increases
C. As price increases, the quantity demand increases
D. As the price increases, the quantity demand decreases
17. It is a place where two or more people can gather to facilitate the trade of goods or services.
A. Market C. Office
B. Church D. Factory
18. It is a graph showing the quantities of a product that would sell at various prices at a given time?
A. Supply Curve C. Shortage Curvex
B. Demand Curve D. Surplus Curve
19. Which of the following is TRUE about ceteris paribus?
A. It only focused on market demand
B. It refers to the factors of demand shift
C. It means that all things held constant
D. None of the above
20. Which of the following factors is not a non-price determinant of the demand curve or does not cause any
shift in the demand curve?
A. Income of consumers C. Expectation of the future price
B. Price D. Load
21. It is a situation where demand is equal to supply.
A. Price Stability C. Economic Growth
B. Fairness and Equity D. Market Equilibrium
22. What will happen if the demand is more than the supply?
A. Scarce C. Surplus
B. Surplus D. Shortage
23. During to a surplus situation, what happen to the supply and demand?
A. Supply and demand are equal
B. Supply is greater than the demand
C. Supply is lesser than the demand
D. Demand is greater than the supply
24. In a graph, all points above the equilibrium point are:
A. Surplus C. Scarce
B. Shortage D. Sufficient
25. In a graph, all points below the equilibrium point are:
A. Surplus C. Scarce
B. Shortage D. Sufficient
26. It refers to the competitive environment in which buyers and sellers operate.
A. Market Equilibrium C. Market structure
B. Perfect competition D. Competition
27. It is the rivalry between companies selling similar products and services to revenue?
A. Service C. Market Structure
B. Challenge D. Competition
28. Which type of market structure in which products are categorized as homogeneous?
A. Perfect Competition C. Oligopoly
B. Monopoly D. Monopolistic Competition
29. Which of the following is TRUE about a perfect competition?
A. The products are homogenous C. The barriers are very strong
B. The products are heterogenous D. Merchandising Mix
30. Who is the price taker in a perfect competition?
A. Buyer C. Seller
B. Passers D. Market demand and supply
31. The price maker in a perfect competition.
A. Buyer C. Seller
B. Passers D. Market demand and supply
32. Monopolistic competition occurs when an industry has many firms offering products that are similar but
not identical.
A. The statement is correct
B. That statement is wrong
C. The statement is sometimes wrong
 D. All of the above
33. Monopolistic competition is a combination of the characteristic of ________________.
A. Oligopoly and perfect competition
B. Perfect competition and monopoly
C. Monopoly and Oligopoly
D. None of the above
34.The kind of products offered in a monopolistic competition
A. Homogenous B. Differentiated C. Identical D. Altered
35. What market structure has a small number of large firms
A. Perfect Competition C. Monopoly
B. Monopolistic Competition D. Oligopoly
36. A market structure where a specific person or enterprise is the only supplier of a particular good?
A. Perfect Competition C. Monopoly
B. Monopolistic Competition D. Oligopoly
37. It refers to a non-competitive, secret and sometimes illegal agreement between rivals which attempts to
disrupt market equilibrium.
A. Merger B. Subsidiary C. Collusion D. Cartel
38. What do you call the value of a country’s currency against the currency of other countries or economic
zone?
A. Exchange Rate C. Currency Trading
B. Crypto Currency D. Currency Exchange
39. It is the International Organization for Standardization (ISO)Currency Code for Philippine Peso?
A. PHD C. PHP
B. PCSO D. PCP
40. This is evident that the Philippines has a stronger currency.
A. PHP 55/1 USD B. PHP 50/ 1 USD C. PHP 52/1 USD D. PHP 59/1 USD
41. It is getting aside the money you don’t spend now for emergencies or future use?
A. Investment B. Saving C. Capital D. Solicitation
42. It is an increase in the value of one currency against another currency.
A. Currency Depreciation C. Currency Abbreviation
B. Currency Ascension D. Currency Appreciation
43. What does BIR stands for.?
A. Bureau of Internal Revenue C. Bureau of International Resort
B. Bureau of Integration Resort D. Bureau of Interval Revenue
44. Known as buying assets such as stock, bonds, mutual funds or real estate
A. Investment B. Saving C. Capital D. Taxation
45. Which among the following is an instrument of fiscal policy that influences the direction and structure of
money supply?
A. Investment B. Saving C. Capital D. Taxation
46. Which form of tax takes a higher percentage of tax from people with higher incomes?
A. Indirect Tax C. Progressive Tax
B. Income Tax D. Direct Tax
47. It is known as a formal collusive agreement.
A. Publicity B. Collusion C. Cartel D. Promotion
48. What type of tax is a levy on income earned?
A. Indirect Tax C. Progressive Tax
B. Income Tax D. Direct Tax
49. It is the percentage of income that is saved?
A. Investment B. Saving Ratio C. Interest D. Tax
50. What will occur if the over-all prices increase due to the increase in cost of wages and raw materials?
A. Inflation B. Appreciation C. Depreciation D. Deflation

Prepared by: Checked by: Noted by:

KIM P. MORALIDAD MEILANI IRMA F. SALES, Ed.D. VIOLETA C. SAGUN

Teacher II Head Teacher III Principal III