Republic of the Philippines

Department of Education
Caraga Administrative Region
Division of Cabadbaran City
CALAMBA NATIONAL HIGH SCHOOL
Calamba, Cabadbaran City

____________________________________________________________________________________________________

TABLE OF SPECIFICATION
Applied Economics
st
1 Quarter Summative Examination No.2
1st Semester, S.Y. 2021 – 2022

No. of
Weight Item Distribution
Items
(# of
(weigh
Most Essentials Learning days/
Days tx
Competencies total # Easy Average Difficult
total #
of days (60%) (30%) (10%)
of
x 100
items)
Determine the implications of
market pricing on economic 4 20% 10 1-6 31-33 46
decision-making
Differentiate various market
structures in terms of:
a. number of sellers
b. types of products 8 40% 20 7-18 34-39 47-48
c. entry/exit to market
d. pricing power
e. others
Analyze the effects of
contemporary economic issues
8 40% 20 19-30 40-45 49-50
affecting the Filipino
entrepreneur
TOTAL 20 100 % 50 30 15 5

Prepared: Reviewed: Approved:

BRIAN R. GANGCA JANNETH S. CORNITES MARIBETH C. CABRADILLA

SST - I MT-I Principal I

_______________________________________________________________________________________________
Calamba, Cabadbaran City, Agusan del Norte
SBM LEVEL III
Email: calambanhs123@gmail.com
 Republic of the Philippines
Department of Education
Caraga Administrative Region
Division of Cabadbaran City
CALAMBA NATIONAL HIGH SCHOOL
Calamba, Cabadbaran City
____________________________________________________________________________________________________
APPLIED ECONOMICS
st
1 Quarter Summative Examination No. 1
1st Semester, S.Y. 2021-2022

Name : Score :
Grade & Section: Date :

I. Multiple Choice. Encircle the letter of the CORRECT answer.

1. Defined as social science that deals with the allocation of scarce resources to meet the unlimited
human wants.
A. Anthropology B. Economics C. Political Science D. Sociology
2. It means as the limited availability of economic resources relative to man’s society or society’s
unlimited demand for goods and services.
A. Deficit B. Balance C. Scarcity D. Shortage
3. The branch of economics which deals with the individual decision units of the economy.
A. Macroeconomics C. Microeconomics
B. Macro environment D. Microenvironment
4. The branch of economics that studies the relationship among broad economic aggregates.
A. Macroeconomics C. Microeconomics
B. Macro environment D. Micro environment
5. A restricting condition experienced by millions of families that prevents them in attaining minimum
level of consumption for subsistence living.
A. Crime B. Inequality C. Injustice D. Poverty
6. This can strain the environment as the expansion of people demands more land for housing and other
economic activities.
A. Rapid birth rate C. Rapid death rate
B. Rapid climate change D. Rapid population growth
7. Slow economic transformation of any country can be traced to a certain extent on low investment in
.
A. Capital Resources B. Human Resources C. Land Resources D. Machine
8. This has debilitating effects on the individuals, households, business firms, and economy.
A. Weak exportations C. Weak importations
B. Weak government D. Weak infrastructures
9. This prevents economic sectors in realizing their growth potentials in their processes of production
and distribution.
A. Slow adoption of modern technology C. Slow adoption of low technology
B. Slow adoption of methodology D. Slow adoption of machinery

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SBM LEVEL III
Email: calambanhs123@gmail.com
10. Economics is the utilization of for the individual’s satisfaction and society’s
welfare.
A. Health B. Money C. Resource D. Wealth
11. Cost related to the benefits foregone or sacrifice that would have been derived from alternatives that
were not selected.
A. Benefit cost B. Marginal cost C. Opportunity cost D. Sunk cost
12. A social mechanism to respond to the economic problem of scarcity.
A. Allocation B. Distribution C. Production D. Scarcity
13. A science that is systematic or scientific method is being used in the study of society and its
components.
A. Applied B. Natural C. Political D. Social
14. These are used to answer the human needs and human wants of a society.
A. Food B. Money C. Resources D. Shelter
15. It pertains to the quantity of a goods or services that people are ready to buy at a given price within a
given time period.
A. Demand B. Quantity C. Price D. Supply
16. It is the quantity of goods or services that firms are ready and willing to sell at given price within a
period of time.
A. Demand B. Quantity C. Price D. Supply
17. It pertains to balance that exists when quantity demanded equals quantity supplied.
A. Disequilibrium B. Equilibrium C. Shortage D. Surplus
18. It pertains to imbalance that exists when quantity demanded is not equals quantity supplied.
A. Disequilibrium B. Equilibrium C. Shortage D. Surplus
19. Which of the following is CORRECT representation for equilibrium?
A. Qd=Qs B. Qd>Qs C. Qd<Qs D. Qd≠Qs
20. A graphical representation showing the relationship between price and quantities demanded per time
period.
A. Demand Curve B. Linear Curve C. Supply Curve D. Slope
21. A graphical representation showing the relationship between the price of the product sold and the
quantity supplied per time period.
A. Demand Curve B. Linear Curve C. Supply Curve D. Slope
22. Which of the following is CORRECT equilibrium function?
A. {Qd:a-b(P) = Qs:a-b(P)} C. {Qd:a-b(P) ≠ Qs:a+b(P)}
B. {Qd:a+b(P) = Qs:a+b(P)} D. {Qd:a-b(P) = Qs:a+b(P)}
23. A slope that indicates the inverse relationship between price and quantity demanded.
A. Downward Slope B. Demand C. Upward Slope D. Supply
24. A slope that indicates the positive relationship between price and quantity demanded.
A. Downward Slope B. Demand C. Upward Slope D. Supply
25. A condition in the market where the quantity supplied is more than the quantity demanded.
A. Ceiling Price B. Floor Price C. Shortage D. Surplus
26. A condition in the market where the quantity demanded is more than the quantity supplied.
A. Ceiling Price B. Floor Price C. Shortage D. Surplus
27. Refers to market situation where there is only one seller or producer supplying unique goods and
services.
A. Perfect competition C. Monopolistic competition
B. Monopoly D. Oligopoly

_______________________________________________________________________________________________
Calamba, Cabadbaran City, Agusan del Norte
SBM LEVEL III
Email: calambanhs123@gmail.com
28. A market structure or an industry characterized by few sellers, either homogeneous or a differentiated
product, and difficult market entry.
A. Perfect competition C. Monopolistic competition
B. Monopoly D. Oligopoly
29. One of the major cost in conducting a commercial organization is the on
borrowed funds.
A. Income payment C. Interest payment
B. Income collection D. Interest collection
30. If the BSP foresees an inflationary pressure on the prices of goods & services, the
of BSP may adopt a tight monetary policy by the money supply funds in
circulation.
A. Monetary Board; increasing C. Monetary Board; decreasing
B. Money Board; increasing D. Money Board; decreasing
II. PROBLEM SOLVING. Analyze and solve the problem. Show your solution.
Problem No. 1. Demand, Supply and Equilibrium Analysis.
You are hired by Pizza Bites to analyze the different prices and determined the appropriate demand and
supply schedule and equilibrium point of one of their best-selling pizza using the equation: Qd=800-3P;
Qs=200+2P.
Situation Incom
Price Quantity Demand Quantity Supply Surplus/ Shortage
e
1 20,000 100
2 18,000 110
3 15,000 Equilibrium
4 13,000 130
5 10,000 140
6 8,000 150

Requirements:
a. Compute for the Price Equilibrium and Quantity Equilibrium. (3 points)
b. Complete the Table for Demand and Supply Schedule. (12 points)
c. In one illustration, graph the Demand and Supply Schedule and the Equilibrium point. (5 points)

Prepared: Reviewed: Approved:

CHRIS P. RASONABLE JANNETH S. CORNITES MARIO JICKEY C. PERANG

II MT-I Princip
Prepared: Reviewed: Approved:

BRIAN R. GANGCA JANNETH S. CORNITES MARIO JICKEY C. PERANG

SST - I MT-I Principal II

_______________________________________________________________________________________________
Calamba, Cabadbaran City, Agusan del Norte
SBM LEVEL III
Email: calambanhs123@gmail.com
_______________________________________________________________________________________________
Calamba, Cabadbaran City, Agusan del Norte
SBM LEVEL III
Email: calambanhs123@gmail.com
 TABLE OF SPECIFICATION
Applied Economics
1st Quarter Summative Examination No. 2
1st Semester, S.Y. 2020 – 2021

Item Distribution
Most Essentials Learning Weight No. of
Week Hours
Competencies (%) Items Easy Average Difficult
(60%) (30%) (10%)
Determine the implications of
market pricing on economic 4 4 33% 16 1-10 31-35 46
decision-making.
Differentiate various market
structures in terms of:
a. Numbers of sellers
5 4 33% 16 11-20 36-40 47
b. Types of products
c. Entry/exit to market
d. Pricing power
Analyze the effects of
contemporary economic issues
6 4 34% 18 21-30 41-45 48-50
affecting the Filipino
entrepreneur.
TOTAL 3 12 100 % 50 30 15 5

Prepared: Reviewed: Approved:

CHRIS P. RASONABLE JANNETH S. CORNITES MARIO JICKEY C. PERANG

SST - II MT-I Principal II

_______________________________________________________________________________________________
Calamba, Cabadbaran City, Agusan del Norte
SBM LEVEL III
Email: calambanhs123@gmail.com
 APPLIED ECONOMICS
1 Quarter Summative Examination No. 2
st

1st Semester, S.Y. 2020-2021

Name : Score :
Grade & Section: Date :
I. MULTIPLE CHOICE: Read and analyze each item carefully. Write the letter corresponding the best
answer on your answer sheet.
1. There is scarcity of resources because:
A. Man’s wants are unlimited C. Man’s wants are enough
B. Man’s wants are limited D. Man’s wants are satisfied
2. An economic resource that includes the natural resources:
A. Land C. Capital
B. Labor D. Entrepreneur
3. Economics is a social science because it deals with:
A. Human nature C. Experimentation
B. Natural resources D. Plants and animals
4. The market equilibrium for a commodity is determined by:
A. The market demand of the commodity
B. The market supply of the commodity
C. The balancing forces of the demand and supply of the commodity
D. Any of these
5. Another term used for “equilibrium” is:
A. Deflation C. Growth
B. Static D. None of the above
6. Demand for smart phone increases despite the increase in price, is due to a change in:
A. Supply C. Demand
B. Quantity demanded D. None of the above
7. Single firms that sell in the market and have no close substitutes.
A. Perfect competition C. Monopolistic competition
B. Monopoly D. Oligopoly
8. Macroeconomics deals with the following except:
A. Gross National Product C. National Income
B. Employment D. Price of rice
9. Economics is important so that we may be able to:
A. Understand problems facing the citizens and family
B. Help the government promote growth and improve quality of life
C. Analyze fascinating patterns of social behavior
D. All the above
10. Income received by an entrepreneur:
A. Salary C. Interest
B. Rent D. Profit
11. Production decisions are made according to customs and traditions:
A. Traditional system C. Market system
B. Command system D. Mixed system
12. Man’s mental and physical efforts exerted in production:
A. Land C. Entrepreneur
B. Labor D. Capital

13. Payment made to labor:

A. Wage C. Profits
B. Rent D. Interest
14. An economy where individuals exercise free enterprise:
A. Traditional system C. Market system

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Calamba, Cabadbaran City, Agusan del Norte
SBM LEVEL III
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 B. Command system D. Mixed system
15. The economic problem that refers to the nature of goods and services the economy should
produce:
A. What to produce C. How much to produce
B. How to produce D. For whom to produce
16. In a market economy, the basic economic problems are solved by:
A. The price mechanism
B. The elected representative of the people
C. A planning committee
D. The ancestors
17. Which of the following is not classifiable as a natural resource?
A. Land C. Minerals
B. Capital D. Forests
18. The dictator or a planning committee determines what to produce in a:
A. Market C. Command economy
B. Traditional economy D. Mixed economy
19. The following statements are correct except:
A. Authority to tax is inherent to every state
B. Taxes are compulsory contributions to support the state
C. Overseas workers cannot be taxed for his income earned in abroad
D. Taxation regulates the flow of income in an economic system
20. A market structure that implies an ideal situation for the buyers and sellers.
A. Perfect competition C. Monopolistic competition
B. Monopoly D. Oligopoly

II. TRUE or FALSE: Write TRUE in the space provided if the statement is correct and FALSE if
incorrect.
_____________ 21. A market is a mechanism of interaction between buyers and sellers for trade or
exchange. The consumer sells and the seller buys.
_____________ 22. The demand for a product is the quantity of a good that the buyers are willing
to buy at certain prices. A demand schedule shows the different quantities that
will be sold by the sellers given various prices.
_____________ 23. A demand function shows how the quantity demanded of a good is dependent
on its determinants, the most important of which is the price of the goods
itself.
_____________ 24. One of the non-price determinants of demand is taste. Taste or preference may
vary from person to person.
_____________ 25. The consumers’ income does not influence the demand for goods and services.
The increase in demand due to an increase in income is not experienced in the
economy.
______________ 26. An increase in population results in a greater demand since there will be more
consumers as population increases.
______________ 27. The supply of a product is the quantity of goods that sellers are willing to sell.
The supply schedule shows the different quantities that will be sold.
______________ 28. The demand curve is upward sloping to the right while the supply curve is
downward sloping.
______________ 29. When the income of the consumer increases it can shift the demand curve
upward to the right representing increase in demand.
______________30. Expectations as to future incomes and price may cause a shift of the demand
curve.

III. Computation (31-50): Based on the following functions for demand and supply, compute the
demand and supply schedules:

A. QD = 500 - 20P QS = 50 + 10P

Price Quantity Demanded Quantity Supplied

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SBM LEVEL III
Email: calambanhs123@gmail.com
 P 5.00
P 10.00
P 15.00
P 20.00
P 25.00

B. Plot the above schedules on a single graph. Identify the equilibrium price and equilibrium
quantity.

C. Solve for Equilibrium PE and QE

1. QD = 2982 - 677P
QS = 659 + 3215P

2. QD = 169,712 - 22,893P
QS = 20,395P

Prepared: Reviewed: Approved:

CHRIS P. RASONABLE JANNETH S. CORNITES MARIO JICKEY C. PERANG

SST - II MT-I Principal II

_______________________________________________________________________________________________
Calamba, Cabadbaran City, Agusan del Norte
SBM LEVEL III
Email: calambanhs123@gmail.com