MA MBANGNAN NATIONAL HIGH SCHOOL

Mambangnan, San Leonardo, Nueva Ecija

ACHIEVEMENT TEST
Applied Economics

Name: ____________________________________ Date: ______________

Block: _____________

I. Read each question and statement carefully. Write only the letter of your answer on the
space provided before the number. (10 pts.)

_____1. It is the common type of market wherein we can buy consumer goods.
a. Goods b. Labor c. Financial
_____2. It includes the stock market where securities of corporations are traded.
a. Goods b. Labor c. Financial
_____3. It is where workers offer services, and where employers look for workers to hire.
a. Goods b. Labor c. Financial
_____4. It is felt when a change in the price of good changes demand due to alternative
consumption.
a. Price effect b. Income effect c. Substitution effect
_____5. It is felt when a change in the price of a good changes consumer’s real income.
a. Price effect b. Income effect c. Substitution effect
_____6. It is the willingness of a consumer to buy a commodity at a given price.
a. Market b. Demand c. Supply
_____7. It is an interaction between buyers and sellers of trading or exchange.
a. Market b. Demand c. Supply
_____8. It refers to the quantity of goods that a seller is willing to offer for sale.
a. Market b. Demand c. Supply
_____9. This type of curve in the price elasticity of supply means unchangeable.
a. Direct curve b. Steep curve c. Flat curve
_____10. This type of curve in the price elasticity of supply means changeable.
a. Direct curve b. Steep curve c. Flat curve

II. Match the term on column B to its definition on column A. Write only the letter of
your answer on the blank before the number. (10 pts.)
_____1. change in determinant will lead to lesser change in demand a. Elasticity
_____2. agreement between two or more persons b. Elastic
_____3. measure of how much buyer respond to changes c. Inelastic
_____4. legal entity that is separate from its owners d. Unitary Elastic
_____5. business owners do not have equal responsibility and control e. Sole Proprietorship
_____6. change in determinant will lead to greater change in demand f. Partnership
_____7. change in determinant will lead to equal change in demand g. General Partnership
_____8. organized by people with similar needs h. Limited Partnership
_____9. all owners are responsible for the management of business i. Corporation
_____10. owned by a single individual j. Cooperative
III. Write TRUE if the statement is True. If not, underline the word/s which make it
wrong and on the blank, write the word/s that will make it correct. (20 pts.)

_____________1. Market is where the buyers and consumers meet.

_____________2. There are four types of elasticity.
_____________3. Small business has total assets from P15,000,000 to P60,000,000.
_____________4. Small, medium and large are the three amounts of business.
_____________5. Michael Porter developed the Five Forces of Competitive Position Analysis.
_____________6. Any business with assets in excess of P60,000,000 is a medium scale.
_____________7. SWOT synthesis is used to identify the two factors of a business.
_____________8. The two factors under SWOT are internal and external factors.
_____________9. External factors deal with the things under the control of the owners.
_____________10. Rules and trends are some examples of internal factors.

IV. State the following: (10 pts.)

1. Law of Demand :
_________________________________________________________
______________________________________________________________

2. Law of Supply : _________________________________________________________

______________________________________________________________

Ang tunay na nagmamahal ay parang isang matinong

estudyante na nag-eexam. Kahit nahihirapan na,
hindi parin magagawang tumingin sa iba.

♥♥♥

Prepared by:

ROSALIE R. MADRID
Teacher III

Checked by:

JESSICA F. MENDOZA JACQUELINE Q. FAJARDO

Head Teacher III Head Teacher III

Noted:

ANDREA M. CATALAN, Ph.D.

Principal III