DEPARTMENT OF EDUCATION | REGION IV – A CALABARZON | CITY SCHOOLS DIVISION OF DASMARIÑAS

DASMARIÑAS INTEGRATED HIGH SCHOOL

C o n g r e s s i o n a l S o u t h A v e n u e , B u ro l 1 , Ci t y o f Da s m a ri ñ a s , Ca v i t e

ACHIEVEMENT TEST IN APPLIED ECONOMICS

S.Y. 2019-2020

I. Multiple Choice. Choose the letter of the correct answer.

1. It is the study of what constitutes rational human behavior in the fulfillment of their
needs and wants and how the society allocates its scarce resources.
A. Physics C. Civics
B. Economics D. Ethics
2. According to __________, “Economics is the science of choice thus, people have a
choice to choose on how to use scarce resources to produce various commodities”.
A. Webster C. Sicat
B. Fajardo D. Nordhaus
3. Which is NOT included in the economic activities?
A. Earning money C. Eating lunch
B. Buying goods and services D. Depositing and withdrawing money in a bank
4. The essentials in life like food, water, clothing and shelter are_____________.
A. Physiological C. Civics
B. Ethics D. Sociological
5. What is the financial gain made in transactions?
A. Profit C. Wage
B. Resource D. Scarcity
6. If a person makes a necklace that only costs ₱2.00 to make, and then sells the
necklace for $12.00, they made a ₱10.00 ____?
A. Wage C. Profit
B. Demand D. Price
7. What is an economic or productive factor required to accomplish an activity?
A. Specialization C. Traditional system
B. Resource D. Wage
8. What is it called when you have limited quantities of resources used to meet unlimited
wants?
A. Profit C. Cartel
B. Specialization D. Scarcity
9. What is the concentration of the productive efforts of individuals and firms on a limited
number of activities?
A. Socialism C. Factors of production
B. Specialization D. Free enterprise
10. What is a social and political philosophy based on the belief that democratic means
should be used to evenly distribute wealth throughout a society?
A. Capitalism C. Traditional system
B. Socialism D. Barter system
11. What is an economic system that relies on habit, custom, or ritual to decide questions
of production and consumption of goods and services?
A. Capitalism C. Traditional system
B. Socialism D. Barter system
12. What is a payment made my an employer to an employee?
A. Profit C. Interest
B. Marginal D. Wage

“TAGA-DIHS AKO: Disiplina at Kalinisan nasa Puso Ko”

E-mail: dasmarinas.ihs@depeddasma.edu.ph | Phone: 506-1208/ 416-0498
 DEPARTMENT OF EDUCATION | REGION IV – A CALABARZON | CITY SCHOOLS DIVISION OF DASMARIÑAS

DASMARIÑAS INTEGRATED HIGH SCHOOL

C o n g r e s s i o n a l S o u t h A v e n u e , B u ro l 1 , Ci t y o f Da s m a ri ñ a s , Ca v i t e

13. What is a formal organization of producers that agree to coordinate prices and
production?
A. Cartel C. Traditional system
B. Command system D. Corporation
14. What are two goods that are bought and used together?
A. Monopolistic competition C. Complementary goods
B. Market system D. Efficiency
15. What is a legal entity owned by individual stockholders?
A. Capital C. Specialization
B. Free enterprise D. Corporation
16. What is the desire to own something and the ability to pay for it called?
A. Demand C. Capital
B. Allocation D. Opportunity cost
17. What is the measure of how consumers react to a change in price?
A. Elasticity C. Marginal
B. Equilibrium price D. Scarcity
18. What is the point at which the quantity demanded and the quantity supplied are equal
called?
A. Elasticity C. Marginal
B. Equilibrium price D. Scarcity
19. What is the study of economic behavior and decision making of small units, such as
individuals, families, and businesses called?
A. Macroeconomics C. Economics
B. Microeconomics D. Economic statistics
20. What is a market structure in which many companies sell products that are similar but
not identical?
A. Monopoly C. Oligopoly
B. Traditional system D. Monopolistic competition
21. The machines and robots at the KIA plant are an example of what?
A. Capital C. Specialization
B. Economic technology D. Strategies
22. Corporations are in business for what?
A. Profit C. Wage
B. Non-profit D. Stockholders
23. When a state agrees to lower a tax rate for one corporation so that the corporation
builds a plant or factory in that state, it is an example of what?
A. Capitalism C. Incentive
B. Monopolistic competition D. Discount
24. When a consumer buys a car from a dealership, this is an example of what?
A. Microeconomics C. Macroeconomics
B. Small business D. Home economics
25. Individual differences create a varying decision as to the nature of our choice and
preference. Which of the following sciences explains such human desire and
intention?
A. Civics C. Psychology
B. Ethics D. Sociology
26. In the recent weeks, the collective mindset of the Filipinos is to buy different
commodities at varying prices regardless whether they are necessities or not. What is
a tabular presentation that shows the quantities consumers are willing to buy of a
good at various prices?
A. Demand curve C. Demand market
B. Demand equilibrium D. Demand schedule

“TAGA-DIHS AKO: Disiplina at Kalinisan nasa Puso Ko”

E-mail: dasmarinas.ihs@depeddasma.edu.ph | Phone: 506-1208/ 416-0498
 DEPARTMENT OF EDUCATION | REGION IV – A CALABARZON | CITY SCHOOLS DIVISION OF DASMARIÑAS

DASMARIÑAS INTEGRATED HIGH SCHOOL

C o n g r e s s i o n a l S o u t h A v e n u e , B u ro l 1 , Ci t y o f Da s m a ri ñ a s , Ca v i t e

27. Mahatma Gandhi’s exposition of the eight blunders that lead to violence in society
shows the contradictions besetting man. Which is not part of these contradictions?
A. Commerce without morality C. wealth without work
B. Knowledge without character D. none of the choices
28. Fluctuation of demand and supply is contributory whether the price mechanism would
surge or plummet in relation to the availability of certain products or commodities.
Which of the following is a non-price factor that could trigger such fluctuation?
A. Population C. brand
B. Quality D. all of the choices
29. The Department of Trade and Industry is a lead agency tasked to monitor and ensure
the transparency and compliance of businessmen with regards to the pricing
mechanism they follow. In relation thereof, this is the maximum limit at which the price
of a commodity is set.
A. Floor price C. price ceiling
B. Price discount D. Sale price
30. In the aftermath of Typhoon Haiyan that resulted to massive destruction and lost in
Tacloban, Leyte, myriad of actions were manifested in light of this. What is the
philosophical subject that studies the standards of right and wrong in human
conduct?
A. Civics C. History
B. Ethics D. Psychology
31. Survival of man depends on his ability to produce different resources according to his
needs and wants. In view of this, this science deals with man’s ability to study the
origin, structure and function of plants and animals.
A. Anthropology C. History
B. Biology D. Sociology
32. Edsa People I and II and the “Hello Garci” scandal of former Pres. Gloria Macapagal
Arroyo made an impact to the lives of every Filipino. It is a social science discipline
which focuses on the people’s struggles and achievements from the past to the
present.
A. Civics C. Sociology
B. Psychology D. None of the choices
33. Since its formation, the Asia Pacific Economic Cooperation (APEC) has actively
engaged in the promotion of free trade amongst its neighboring member-countries.
Which of the following is not an APEC member-economy?
A. Argentina C. Chile
B. Brunei D. Japan
34. Overpricing is punishable under our law according to Consumer Act of the
Philippines. As such, the government, through the Department of Trade and Industry,
sets a minimum limit beyond which the price of a commodity is not allowed. Which
term is being referred to?
A. floor price C. price discount
B. price ceiling D. sale price
35. Government owned and controlled corporations (GOCCs) generate badly needed
revenue necessary to finance government projects and initiatives. In this regard, this
is a transfer of ownership and leadership from government to private sector.
A. Commercialization C. Liquidation
B. Liberalization D. Privatization
36. The unabated population growth would entail a yearly increase in school population
and a corresponding increase in government expenses for every Filipino student.
What sector is affected?
A. Economic Sector C. Health Sector
B. Education Sector D. None of the Choices
37. In the movie “Maynila Sa Kuko ng Liwanag,” abject poverty and misery clearly
painted the socio-economic landscape during the Marcos years. Which philosophy is
described according to the thematic content?
A. Constructivism C. Rationalism
B. Idealism D. Social Realism

“TAGA-DIHS AKO: Disiplina at Kalinisan nasa Puso Ko”

E-mail: dasmarinas.ihs@depeddasma.edu.ph | Phone: 506-1208/ 416-0498
 DEPARTMENT OF EDUCATION | REGION IV – A CALABARZON | CITY SCHOOLS DIVISION OF DASMARIÑAS

DASMARIÑAS INTEGRATED HIGH SCHOOL

C o n g r e s s i o n a l S o u t h A v e n u e , B u ro l 1 , Ci t y o f Da s m a ri ñ a s , Ca v i t e

38. Poverty, unemployment, teenage pregnancy and criminality are some of the distinct
socio-economic problems facing our country today. This social science deals with the
problems of the government in maintaining a well-ordered society.
A. Civics C. Sociology
B. Ethics D. None of the Choices
39. A country without its glorious past is like a man without human experience. The
premise underscores the importance of culture in the formation of every economic
society. It is an international agency advocating the preservation of heritage sites in
the world.
A. UNAID C. UNESCO
B. UNCHR D. UNICEF
40. Rapid population growth results to a high rate of growth in the labor force,
necessitating more jobs. more factories, more funds for salaries and benefits. This
paradigm shifts affects
the _____________.
A. economic sector C. health sector
B. education sector D. political sector
41. Which of the following shows transparency and accountability in business?
A. above board transactions with other businessmen
B. inconsistencies with SSS contributions for the employees
C. unscrupulous payment of taxes
D. none of the choices
42. Security of tenure, wages and salaries are volatile and contentious issues to every
worker and employer. In view thereof, contractualization law in the Philippines is
authored by whom?
A. Sen. Edgardo Angara C. Sen. Franklin Drillon
B. Sen. Ernesto Herrera D. Sen. Pia Cayetano
43. Big business empires and monopolies control the free and fair flow of competition and
business activities in all forms. One typical example is the oil industry in the
Philippines. What is the term commonly applied to the collusion perpetuated by Shell,
Caltex and Petron?
A. Oil Cartel C. Oil Reserve
B. Oil Embargo D. None of the Choices
44. Issues examined in microeconomics are price determination of specific commodities,
monopoly and labor unions. This condition in business shows lukewarm activities
which can trigger a multinational corporation /transnational corporation to pull out
their investment in the country.
A. Business Flight C. Economic Recovery
B. Capital Loss D. Sustained Prosperity
45. Economics comes from the Greek word oikonomia which means_____________.
A. economic expenditures C. . international finance
B. foreign trade D. . none of the choices
46. Economics is concerned with production, distribution and _____________.
A. Commercialization C. innovation
B. Consumption D. utilization
47. The concept of business cycle includes prosperity, recession, depression and
____________.
A. recovery C. restoration
B. renovation D. resurgence
48. As a mobile telecommunication company in the 1990s, Nokia gradually lost its market
hold in the recent years. As a business theory, the importance of innovation is
primarily espoused by whom?
A. David N. Hyman C. N. Gregory Mankiw
B. Joseph Schumpeter D. Thomas J. Hailstones
49. Efficient utilization of economic wealth sustains the continuous supply and delivery of
basic commodities needed by consumers. These are the things people use to make
the commodities they want.
A. Income C. Resources
B. Manpower D. None of the Choices

“TAGA-DIHS AKO: Disiplina at Kalinisan nasa Puso Ko”

E-mail: dasmarinas.ihs@depeddasma.edu.ph | Phone: 506-1208/ 416-0498
 DEPARTMENT OF EDUCATION | REGION IV – A CALABARZON | CITY SCHOOLS DIVISION OF DASMARIÑAS

DASMARIÑAS INTEGRATED HIGH SCHOOL

C o n g r e s s i o n a l S o u t h A v e n u e , B u ro l 1 , Ci t y o f Da s m a ri ñ a s , Ca v i t e

50. Profit levels, SSS and GSIS contributions and rate of capital formation are all
economic
determinants of ________________.
A. Expenditures C. Funds
B. Consumption D. Investments
51. The implementation of K-12 Program is supported through a foreign loan concurred
by the Philippine government and other international financial institutions. Which of
the following international financial institutions contributed to the realization of such
education program?
A. Bank of America B. Chase Manhattan Bank C. World Bank D. None of the
Choices
52. Globally competitive economy promotes and encourages the marketability and
salability of our local products with its foreign counterparts. As such, which of the
following components of globalization supports the aforementioned statement?
A. Commercialization B. Industrialization C. Liberalization D. Privatization

II-Computation

I. In the table below, the P starts at ₱67 and shows ₱238 as the highest price. The
QD, on the other hand, registers 1, 480 as the highest quantity demanded and 697 as
the lowest. Given the numerical data, complete the table by computing the P and the
QD. Then, choose the appropriate letter which corresponds to the correct answer.

P (Price) Quantity Demanded (QD in kilos)

238 697
219 (No. 55)
200 871
(No. 53) 958
162 1045
143 1132
(No. 54) 1219
105 1306
86 (No.56)
67 1480

53. The price level ______________ reflected a QD of 958 kilos.

A. P156 B. P178 C. P181 D. P194
54. With a total quantity demanded posted at 1219 kilos, the price level
is______________.
A. P124 B. P117 C. P110 D. P100
55. The aggregate QD of____________ is triggered by the price mechanism at P219.
A. 702 kilos B. 760 kilos C. 773 kilos D. 784 kilos
56. P86 revealed a QD amounting to____________.
A. 1340 kilos B. 1357 kilos C. 1393 kilos D. 1419 kilos

II. The tabular data below show the inverse relationship between price and quantity
supplied for a particular commodity. Solve the missing QS given the following figures:
Choose the letter of the correct answer which corresponds to your computed data.

P (Price) Quantity Supplied (QS in sacks)

1 1867
2 3734
3 (No. 57)
4 (No. 58)
5 9335
6 (No. 59)
7 13069
8 14936
9 (No. 60)
10 18670
“TAGA-DIHS AKO: Disiplina at Kalinisan nasa Puso Ko”
E-mail: dasmarinas.ihs@depeddasma.edu.ph | Phone: 506-1208/ 416-0498
 DEPARTMENT OF EDUCATION | REGION IV – A CALABARZON | CITY SCHOOLS DIVISION OF DASMARIÑAS

DASMARIÑAS INTEGRATED HIGH SCHOOL

C o n g r e s s i o n a l S o u t h A v e n u e , B u ro l 1 , Ci t y o f Da s m a ri ñ a s , Ca v i t e

57. The computed QS is_______________.

A. 5402 sacks B. 5507 sacks C. 5585 sacks D.
5601sacks
58. _____________ is the QS which corresponds to the price level of P4.
A. 7124 sacks B. 7267 sacks C. 7310 sacks D. 7468
sacks
59. The price level of P6 ultimately generated a QS of____________.
A. 9086 sacks B. 10765 sacks C. 11301 sacks D. 11202
sacks
60. The price level at P10 yielded an aggregate QS of____________.
A. 15699 sacks B. 15978 sacks C. 16489 sacks D. 16803
sacks

Prepared by: Language Checked by: Content Checked by:

ROSELLE R. NEPOMUCENO PINKY JANE A. PEREZ JAYZEL V. ALAM

Teacher III Language Teacher MT I/ Subject Group Head

“TAGA-DIHS AKO: Disiplina at Kalinisan nasa Puso Ko”

E-mail: dasmarinas.ihs@depeddasma.edu.ph | Phone: 506-1208/ 416-0498
 DEPARTMENT OF EDUCATION | REGION IV – A CALABARZON | CITY SCHOOLS DIVISION OF DASMARIÑAS

DASMARIÑAS INTEGRATED HIGH SCHOOL

C o n g r e s s i o n a l S o u t h A v e n u e , B u ro l 1 , Ci t y o f Da s m a ri ñ a s , Ca v i t e

ANSWER KEY IN APPLIED ECONOMICS

1. B 16. A 31. B 46. B

2. D 17. A 32. D 47. A
3. C 18. B 33. A 48. B
4. A 19. B 34. A 49. C
5. A 20. D 35. D 50. D
6. C 21. A 36. B 51. C
7. B 22. A 37.D 52. C
8. D 23. C 38. A 53. C
9. B 24. A 39. C 54. A
10. B 25. C 40. A 55. D
11. C 26. D 41. A 56. C
12. D 27. D 42. B 57. D
13. A 28. D 43. A 58. D
14. C 29. C 44. A 59. D
15. D 30. B 45. D 60. D

“TAGA-DIHS AKO: Disiplina at Kalinisan nasa Puso Ko”

E-mail: dasmarinas.ihs@depeddasma.edu.ph | Phone: 506-1208/ 416-0498