MAYOR PRAXEDES P. VILLANUEVA II MHS C. Monopolistic competition D.

Monopoly
BAIS CITY 11. If the price of a hot dog is ₱2 and the price
SECOND QUARTERLY EXAM of a hamburger is ₱4,
APPLIED ECONOMICS A. The money price of a hamburger is 2 hot
GRADE 11 - FAITH
dogs.
2018-2019
B. The money price of a hot dog is 2
hamburgers.
Name: _______________________________ C. The relative price of a hot dog is 1/2 of a
Grade/Section: ________________________ hamburger.
Score: _______________________________ D. The relative price of a hamburger is 1/2 of a
hot dog.
I. Multiple Choice
12. Wants, as opposed to demands,
Encircle the letter of the correct answer.
A. Depend on the price.
B. Are the goods the consumer plans to
1. Which of the following is the most
acquire.
competitive market structure?
C. Are the unlimited desires of the consumed.
A. Perfect competition B. Oligopoly
D. Are the goods the consumer has acquired.
C. Monopolistic competition D. Monopoly
13. Demands differ from wants in that
2. Which of the following is the least
A. Wants require a plan to acquire a good but
competitive market structure?
demands require no such plan.
A. Perfect competition B. Oligopoly
B. Demands are unlimited, whereas wants are
C. Monopolistic competition D. Monopoly
limited by income.
3. Which of the following is NOT a feature of
C. Wants imply a decision about which
monopolistic competition?
demands to satisfy, while demands involve no
A. Numerous sellers
specific plan to acquire the good.
B. Product differentiation
D. Demands reflect a decision about which
C. Numerous buyers
wants to satisfy and a plan to buy the good,
D. Homogenous products
while wants are unlimited and involve no
4. In which form of market structure would price
specific plan to acquire the good.
be the key factor when competing?
14. Scarcity guarantees that
A. Perfect competition B. Oligopoly
A. Wants will exceed demands.
C. Monopolistic competition D. Monopoly
B. Demands will be equal to wants.
5. Which of the following market structure has
C. Demands will exceed wants.
a very high start-up cost?
D. Most demands will be satisfied.
A. Perfect competition B. Oligopoly
15. The quantity demanded is
C. Monopolistic competition D. Monopoly
A. The amount of a good that consumers plan
6. An industry with significant barriers to entry
to purchase at a particular price.
and a single supplier.
B. Independent of the price of the good.
A. Perfect competition B. Oligopoly
C. Independent of consumers' buying plans.
C. Monopolistic competition D. Monopoly
D. Always equal to the equilibrium quantity.
7. A highly concentrated market with just a few
16. The law of demand states that, other things
interdependent firms.
remaining the same, the higher the price of a
A. Perfect competition B. Oligopoly
good, the
C. Monopolistic competition D. Monopoly
A. Smaller is the demand for the good.
8. A highly competitive market with slightly
B. Smaller is the quantity of the good
differentiated products.
demanded.
A. Perfect competition B. Oligopoly
C. Larger is the quantity of the good
C. Monopolistic competition D. Monopoly
demanded.
9. A highly competitive market where firms are
D. Larger is the demand for the good.
price takers.
17. People buy more of good 1 when the price
A. Perfect competition B. Oligopoly
of good 2 rises. These goods are
C. Monopolistic competition D. Monopoly
A. Normal goods B. Complements.
10. The market has total control, natural
C. Substitutes D. inferior goods.
government, and fewer goods at higher prices.
A. Perfect competition B. Oligopoly
18. Which of the following pairs of goods are
most likely substitutes?
A. Compact discs and compact disc players
B. Lettuce and salad dressing
C. Cola and lemon lime soda
D. Peanut butter and gasoline
19. A complement is a good
A. Used in conjunction with another good.
B. Used instead of another good.
C. Of lower quality than another good.
D. Of higher quality than another good.
20. People come to expect that the price of a
gallon of gasoline will rise next week. As a
result,
A. Next week's supply of gasoline decreases.
B. The price of a gallon of gasoline falls today.
C. Today's supply of gasoline increases.
D. Today's demand for gasoline increases.
21. Normal goods are those for which demand
decreases as
A. The price of a substitute falls.
B. The price of a complement falls.
C. The good's own price rises.
D. Income decreases.
22. In 2000 there were 200,000 gas grills
demanded at a price of ₱500. In 2001 there
were more than 200,000 gas grills demanded
at the same price. This increase could be the
result EXCEPT…
A. An increase in the supply of gas grills.
B. An increase in population.
C. An increase in income if gas grills are a
normal good.
D. A fall in the price of natural gas, a
complement for a gas grill.
23. When we say demand increases, we mean
that there is a
A. Movement to the right along a demand
curve.
B. Movement to the left along a demand curve.
C. Leftward shift of the demand curve.
D. Rightward shift of the demand curve.
Use the figure below to answer questions for
number 24, 25, 26, and 27.
24. In the figure above, which movement
reflects an increase in demand?
A. From point a to point e
B. From point a to point c
C. From point a to point b
D. From point a to point d
25. In the figure above, which movement
reflects a decrease in demand?
A. From point a to point d
B. From point a to point e
C. From point a to point c
D. From point a to point b
26. In the figure above, which movement
reflects a decrease in quantity demanded but
NOT a decrease in demand?
A. From point a to point c
B. From point a to point e
C. From point a to point d
D. From point a to point b
27. In the figure above, which movement
reflects how consumers would react to an
increase in the price of a non-fruit snack?
A. From point a to point b
B. From point a to point d
C. From point a to point c
D. From point a to point e
Use the figure below to answer questions for
number 28, 29, and 30.
28. In the figure above, an increase in the
supply of oil would result in a movement from
A. Point a to point d.
B. Point a to point e.
C. Point a to point b.
D. Point a to point c.
29. In the figure above, an increase in the
quantity of oil supplied but NOT in the supply of
oil is shown by a movement from
A. Point a to point c.
B. Point a to point b.
C. Point a to point e. III. Enumeration
D. Point a to point d. Enumerate the Qualities / Skills of an
30. In the figure above, a decrease in the Entrepreneur:
quantity of oil supplied but NOT in the supply of 41.
oil is shown by a movement from 42.
A. Point a to point e. 43.
B. Point a to point d. 44.
C. Point a to point b. 45.
D. Point a to point c.
II. Identification
Identify the concept being described in
each item. Write your answer on the
space provided before the number.

______________31. Economics came from

the Greek word _______ which means
“household management”.
______________32. According to him,
economics is “a scientific study which deals
with how individuals and society make
choices.”
______________33. It is the study of social Prepared by: Quality Assured by:
behaviour guiding in the allocation of scarce
JHONABIE C. SULIGAN JUDELYN Z. ABUYABOR
resources to meet the unlimited needs and Subject Teacher QA Coordinator
desires of the individual members of a given Approved by:
society.
______________ 34. The earlier definition of SUNCHERIE D. BALDOSANO
economics as the science of wealth-getting and School Head

wealth-using implies that the motivation of the

process of wealth accumulation is the
utilization of wealth for the individual’s
satisfaction and society’s welfare.
______________ 35. Specific deals with the
economic behaviour of the individual units such
as consumers, firms, the owners of factors of
productions.
______________36. It is the allocation of the
total product among members of society. It is
related to the problem of for whom goods and
services are to be produced.
______________37. It is used of good and
services.
______________ 38. It is the use of inputs to
produce outputs.
_______________ 39. It refers to management
of income, expenditures, wealth or resources of
a nation.
_______________40. In everything we do,
whether we produce or consume, whether
wealth-getting or wealth-using, we make
decisions and these decisions are based on
alternative choices.