APPLIED ECONOMICS
QUARTER 1
PRE-ASSESSMENT/ POST ASSESSMENT
NAME: _______________________________________ SCORE: __________
GRADE/SECTION: _____________________________ DATE: ___________
Directions: Write your answer on the space provided below.
______1. Why do you think there is scarcity of resources?
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. Which of the following is an economic resource that includes natural resources?
A. Land B. Labor C. Capital D. Entrepreneur
______3. Why do you think economics is a social science?
A. Human nature C. Experimentation
B. Natural resources D. Plants and animals
______4. It is a finished product which is used to produce other goods.
A. Land B. Labor C. Capital D. Entrepreneur
______5. It is 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
______6. Which of the following is true about the law of demand?
A. The lower the price of a good, the smaller the quantity that will be offered by the supplier.
B. The lower the price of a good, the bigger the quantity that will be demanded by the buyer.
C. All of the above are true.
D. None of the above is true.
______7. The following are the determinants of demand, EXCEPT:
A. Income C. Price expectations
B. Number of sellers D. Prices of related goods
______8. Which of the following is NOT true?
A. The demand curve is upward sloping to the right while the supply curve is downward sloping.
B. An increase in population results in a greater demand since there will be more consumers as
population increases.
C. Taste or preferences may vary from person to person.
D. None of the above
______9. It refers to the quantity of a commodity which buyers will buy at a given time and place will vary
inversely with the price.
A. Law of Supply C. Price elasticity
B. Law of Demand D. Law of Demand and Supply
______10. A shift in the consumer’s demand curve means:
A. a change in the entire demand curve
B. a change in the quantity demanded
C. both a and b
D. neither a nor b
______11. Which of the following refers to the amount of commodity available for sale?
A. Demand C. Market
B. Supply D. Supply schedule
______12. The quantities producers are willing to offer for sale at various prices.
A. Demand C. Market
B. Supply D. Supply schedule
______13. What will happen to supply if the cost of production of pork increases?
A. increase C. remain constant
B. decrease D. it depends
______14. Which of the following refers to the competitive environment in which buyers and sellers operate?
A. Market Structure B. Competition C. Monopoly D. Oligopoly
______15. It is a market dominated by a small number of strategically interacting firms.
A. Market Structure B. Competition C. Monopoly D. Oligopoly
______16. Which of the following does NOT describe monopoly?
A. There is only one producer or seller.
B. Not all the products are exactly the same.
C. The monopolist chooses the price.
D. There are many sellers acting independently.
______17. Which of the following is NOT the determinants of supply?
A. Income C. Technology
B. Number of sellers D. Taxes ad subsidies
______18. Why do you think supply curve is positively sloped?
A. Any increase in the cost of production will result to a higher price.
B. The lower the price, the larger supply the consumers are willing to buy.
C. The higher the price, the higher the quantity that suppliers are willing to sell.
D. The larger the quantity supplied, the lower the price.
______19. It refers to the quantity offered for sale that will vary directly the price.
A. Law of Supply C. Price elasticity
B. Law of Demand D. Law of Demand and Supply
______20. Which of the following statement is NOT true?
A. The supply of a product is the quantity of goods that sellers are willing to sell.
B. The demand curve is upward sloping to the right while the supply curve is downward sloping.
C. The lower the price of the good, the smaller the quantity that will be offered by the supplier.
D. None of the above.
Prepared by:
JEANNE PAULINE J. OABEL
Teacher I
Checked by:
NERISSA G. PASATIEMPO
Teacher I/ SHS Coordinator
Noted by:
EVELYN R. PALAMBIANO
Principal I
APPLIED ECONOMICS
QUARTER 1
PRE-ASSESSMENT/ POST ASSESSMENT
NAME: _______________________________________ SCORE: __________
GRADE/SECTION: _____________________________ DATE: ___________
Directions: Write your answer on the space provided below.
______1. Why do you think there is scarcity of resources?
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. Which of the following is an economic resource that includes natural resources?
A. Land B. Labor C. Capital D. Entrepreneur
______3. Why do you think economics is a social science?
A. Human nature C. Experimentation
B. Natural resources D. Plants and animals
______4. It is a finished product which is used to produce other goods.
A. Land B. Labor C. Capital D. Entrepreneur
______5. It is 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
______6. Which of the following is true about the law of demand?
A. The lower the price of a good, the smaller the quantity that will be offered by the supplier.
B. The lower the price of a good, the bigger the quantity that will be demanded by the buyer.
C. All of the above are true.
D. None of the above is true.
______7. The following are the determinants of demand, EXCEPT:
A. Income C. Price expectations
B. Number of sellers D. Prices of related goods
______8. Which of the following is NOT true?
A. The demand curve is upward sloping to the right while the supply curve is downward sloping.
B. An increase in population results in a greater demand since there will be more consumers as
population increases.
C. Taste or preferences may vary from person to person.
D. None of the above
______9. It refers to the quantity of a commodity which buyers will buy at a given time and place will vary
inversely with the price.
A. Law of Supply C. Price elasticity
B. Law of Demand D. Law of Demand and Supply
______10. A shift in the consumer’s demand curve means:
A. a change in the entire demand curve
B. a change in the quantity demanded
C. both a and b
D. neither a nor b
______11. Which of the following refers to the amount of commodity available for sale?
A. Demand C. Market
B. Supply D. Supply schedule
______12. The quantities producers are willing to offer for sale at various prices.
A. Demand C. Market
B. Supply D. Supply schedule
______13. What will happen to supply if the cost of production of pork increases?
A. increase C. remain constant
B. decrease D. it depends
______14. Which of the following refers to the competitive environment in which buyers and sellers operate?
A. Market Structure B. Competition C. Monopoly D. Oligopoly
______15. It is a market dominated by a small number of strategically interacting firms.
A. Market Structure B. Competition C. Monopoly D. Oligopoly
______16. Which of the following does NOT describe monopoly?
A. There is only one producer or seller.
B. Not all the products are exactly the same.
C. The monopolist chooses the price.
D. There are many sellers acting independently.
______17. Which of the following is NOT the determinants of supply?
A. Income C. Technology
B. Number of sellers D. Taxes ad subsidies
______18. Why do you think supply curve is positively sloped?
A. Any increase in the cost of production will result to a higher price.
B. The lower the price, the larger supply the consumers are willing to buy.
C. The higher the price, the higher the quantity that suppliers are willing to sell.
D. The larger the quantity supplied, the lower the price.
______19. It refers to the quantity offered for sale that will vary directly the price.
A. Law of Supply C. Price elasticity
B. Law of Demand D. Law of Demand and Supply
______20. Which of the following statement is NOT true?
A. The supply of a product is the quantity of goods that sellers are willing to sell.
B. The demand curve is upward sloping to the right while the supply curve is downward sloping.
C. The lower the price of the good, the smaller the quantity that will be offered by the supplier.
D. None of the above.
Prepared by:
JEANNE PAULINE J. OABEL
Teacher I
Checked by:
NERISSA G. PASATIEMPO
Teacher I/ SHS Coordinator
Noted by:
EVELYN R. PALAMBIANO
Principal I
