THIRD PERIODICAL TEST IN APPLIED ECONOMICS

Name: ________________ Grade & Section:________________ Date:________ Score:______

Direction: Identify the following questions below.

corruption Taste & fashion economics scarcity Socio- economic

inflation Socioeconomic Supple schedule OFW income
development
migration economy Applied economics Price of the good Internal migration
Applied science International Social problems Economical Labor migration
migration problem
Law of supply Individual demand Market demand War on terrorism unemployment
illiteracy Law of demand poverty demand supply

1. A continual increase in the price of goods and services.

2. Refers to the tension between our limited resources and our unlimited wants.
3. It is the social science that studies the production, distribution, and
consumption of goods and services.
4. It is the wealth and resources of a country or region.
5. It is the application of existing scientific knowledge to practical applications like
technology or invention.
6. It is the state of being poor.
7. It is the illegal behavior especially by powerful people such as government
officials or police officer.
8. War that's affecting the world's economy.
9. It acts as a mechanism to determine what steps can reasonably taken to
improve current economic situation.
10. It is the process of social and economic development in a society
11. It is the state of not having a job.
12. These are the general factors that affect and damage society
13. It asserts that an economy's finite resources are insufficient to satisfy all
human wants and need.
14. It is the study of relationship between economic activity and social life.
15. It is the state of not knowing how to read or write
16. It refers to the movement of people from one place to another.
17. A type of migration that refers to the movement of people from one country
to another.
18. A type of migration that refers to the movement of people within one
country.
19. It is the process of shifting a labor force from one physical location to another
20. They are the Filipinos who are presently and temporarily working outside the
country.
21. It is the ability and willingness to buy specific quantities of goods in a given
period of time at a particular price
22. The higher the price of product, the lower the quantity demanded and the
lower the price, the higher the quantity demanded.
23. It is the relationship between the quantities of goods demanded by a single
buyer and their price.
24. It is the relationship between the total quantities of food demanded by all
consumers in the market and its price.
25. It is the quantity of goods that a producer is able and willing to sell at a certain
price in a given period of time.
26. The higher the price of a good the higher the quantity supplied and vice-versa.
27. It is a determinant of demands that can bring significant changes in the
demand of good.
28. It is a list of the amount of a product that a seller would offer for sale at
different prices in a defined time period when all non-price factors are held
constant.
29. (Qs = c + dP), P stands for ________.
30. The _____ of consumer can influence the purchasing decisions of an
individual.

Test II. True or False

1. Expectation of consumers on future events would give an impact on current
demand.
2. The demand curve shifts when there are changes in other factors.
3. The higher the price of the product, the higher the quantity demanded and
the lower the price, the lower the quantity demanded ( LAW OF DEMAND).
4. Applied Science can teach valuable lessons on how to avoid the recurrence
of a negative situation.
5. Goods and services must not be based on the needs of the consumers.
6. War is affecting the world’s economy and is causing problems like shortage
of fuel, lack of funds, increase in health problems, etc.
7. The lack of investment and poor economics condition of the people and
government is another cause of decline stock- market worldwide.
8. The quality of output must come first before the quantity.
9. One of the reasons in which Filipinos are willing to work abroad is due to
low salary.
10. Migration is the movement from one place to another.

Test III. Enumeration

1-2. Two types of Migration
3-5. Give at least 3 examples of Social Problem
6-8. Give at least 3 examples of Economical Problem
9-10. Two main types of Socio- Economic Problem