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Applied Economics Examination

This document contains a 15 item true/false quiz about demand and supply concepts for a 3rd quarter Applied Economics exam. The quiz covers topics like how prices are determined in markets, the demand and supply model, factors that shift demand and supply curves, and effects on price and quantity from these shifts. It also includes 3 short essay questions about expectations of future prices, movements along the demand curve from price changes, and the definition of market demand. The document provides the student's name, grade, date and includes a note that no erasures are allowed on the exam.

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Roz Ada
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511 views1 page

Applied Economics Examination

This document contains a 15 item true/false quiz about demand and supply concepts for a 3rd quarter Applied Economics exam. The quiz covers topics like how prices are determined in markets, the demand and supply model, factors that shift demand and supply curves, and effects on price and quantity from these shifts. It also includes 3 short essay questions about expectations of future prices, movements along the demand curve from price changes, and the definition of market demand. The document provides the student's name, grade, date and includes a note that no erasures are allowed on the exam.

Uploaded by

Roz Ada
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
  • Essay Section: This section contains two essay questions requiring detailed explanations of economic concepts.
  • Identification Section: Includes a prompt to identify and explain the concept of market demand.
  • True or False Section: This section presents a series of 10 true or false statements testing the student's understanding of economic principles.

Notre Dame of New Iloilo, Inc.

Applied Economics 12
New Iloilo Tantangan, South Cotabato 3RD QUARTER EXAMINATIONS
S.Y. 2019-2020 Mrs. Rozel B. Adanza

Name: ___________________________________Grade & Section:_______________Date:___________Score:____________


GENERAL DIRECTION: STRICTLY NO ERASURE

I – TRUE or FALSE. Read the items carefully. Write the name of your Crush if the statement is correct; your name if the
statement is wrong. Write your answer on the blank provided
__________1. In a market economy, prices are determined through the interaction of buyers and sellers in markets.
__________2. The demand and supply model is designed to illustrate how price is determined in a perfectly competitive
market one with many buyers and sellers of an identical product, none of whom individually can influence the
market price.
__________3. In markets that are not strictly perfectly competitive, the demand and supply model can be used to explain
broad movements in price.
__________4. The demand and supply model consists of three key elements: market demand, market supply, and market
equilibrium.
__________5. Market demand represents the choices seller make.
__________6. Market supply represents the choices sellers make.
__________7. When there is a shortage or an excess demand for goods, price will rise.
__________8. We can use the demand and supply model to analyze the effect on price and quantity bought and sold of
changes in factors that shift the demand curve or the supply curve.
__________9. By looking at shifts of either the demand curve or the supply curve or both, observations on price changes can
be explained and predictions about price changes can be made.
__________10. The story of how the world price of crude oil affects the price of gasoline and diesel fuel and almost every
good and service sold in the Philippines can be told using the tools of demand and supplication.
__________11. The story of how the personal computer became a common office and house hold item can be told using the
tools of demand and supply.
__________12. Price changes brought about by changes in demand and supply determine which households will get which
products sold by business firms and which business firms will get which resources sold by household.
__________13. An decrease in quantity demanded is an increase in the number of units that consumers would choose to buy
in response to a rise in price.
__________14. The relationship between price and quantity demanded is called the law of motion.
__________15. Quantity demanded refers to a given quantity chosen buyers at a particular price.
II - ESSAY. Read and understand the question carefully. Write your answers below the item.
1. Explain: “Expectations of future prices”.

2. “When the price of a good changes, there is a movement along the demand curve.” Elaborate.

3. What is Market Demand?

*GOD BLESS*
"Tune your ears to wisdom, and concentrate on understanding."
Proverbs 2:2

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