3rdQ-Summative Exam-Applied Econ

PULO NATIONAL HIGH SCHOOL
PULO, SAN ISIDRO
3rd QUARTER SUMMATIVE TEST in APPLIED ECONOMICS for GRADE 12
School Year 2020-2021
Name: ____________________________________________________________________ Date:_________________________

Grade and Section: _________________________________________________________Score: _______________________
TEST I. MULTIPLE CHOICE
Direction: Read the following statement carefully. Encircle the letter of the correct answer.
1. It is one of the numerous infrastructures, systems, institutions, social relations, and procedures wherein buyers and sellers
usually interact with each other to exchange goods and services.
a. market b. economy c. business d. malls
2. It deals with strategic decision making and focuses on both economics and marketing, making professional entrepreneurs
precisely judge industry, policy changes, and market news.
a. market b. market structures c. business d. economy
3. Which of the following are the types of market structures?

I. Monopoly II. Business III. Oligopoly IV. Economy V. Market VI. Monopolistic Competition
VII. Perfect Competition
a. I, II, III, VII b. I, III, VI, VII c. II, IV, V, VI d. All of the above.
4. It usually emerges because there is a high barrier to enter and exit in a particular market.
a. business b. market c. monopoly d. economy
5. Are monopolists’ price setters?

a. Yes, because they are the only producer of the product they sell.
b. Yes, because they are NOT the only producer of the product they sell.
c. No, because the government doesn’t allow them.
d. No, because no one will buy.
6. Do monopolies cause deadweight loss in the economy?

a. Yes, because they are illegal businesses.
b. Yes, because they are not price setters.
c. Yes, because they can minimize their output production to put higher prices and gain more profit.
d. No, they uplift the economy.
7. It pertains to the situation where several companies sell the same yet slightly different products.
a. monopoly b. trade c. monopolistic competition d. market
8. In a monopolistic competition, can every firm set the price?

a. Yes, because their products are different in their own way.
b. No, because that is not allowed.
c. No, because no one will buy if they increased the price.
d. Yes, because are not included in the market.
9. In a monopolistic competition, can consumers prefer one product over another?

a. Yes, it’s their right.
b. No, that’s not allowed.
c. No, their preference does not matter.
d. Yes, but they are not allowed to buy it.
10. Is there a type of market structure wherein the market has full control over implying prices?
a. Yes, but that is only if there are uniform prices that depend on the demand and supply.
b. No, the market doesn’t have the power to do that.
c. No, different companies will protest if that happened.
d. Yes, but only in foreign countries.
11. What do you call the market structure where many products are similar that may substitute each other since they have the same
features, price and, quality?
a. market b. perfect competition c. monopolistic competition d. economy
12. Can companies manufacture identical products that are not branded?
a. Yes, there is a specific market structure for that.
b. No, companies won’t agree with producing identical products and not branding it.
c. No, that is not allowed.
d. Yes, but that is only for a free trial.
13. It is a type of market structure where firms dominate the market by supplying either similar or differentiated products.
a. similar market b. monopoly c. oligopoly d. differentiated market
14. Are the participants in oligopolies price setters or takers?

a. They are price setters. b. They are price takers. c. They are both. d. None of the above.
15. Can different firms be interdependent with each other?

a. Yes, what a single firm does can significantly affect the firms.
b. No, they have their own businesses.
c. No, that’s not allowed.
d. Yes, but that is illegal
16. The degree of change in demand or supply due to the change in its determinants
a. Inelastic b. Elasticity c. Cross elasticity d. Price elasticity
17. The main determinants of supply and demand

a. Technology b. Income c. Price d. Quantity
18. The elasticity coefficient of 0.7 means

a. Elastic b. Inelastic c. Perfectly elastic d. Perfectly inelastic
19. If the computed price elasticity is more than 1. What does it mean?
a. Elastic b. Unitary c. Perfectly elastic d. Perfectly inelastic
20. The elasticity is said to be _______ if the coefficient is 1.

a. Elastic b. Unitary c. Perfectly elastic d. Perfectly inelastic
21. The demand elasticity can be measured by the following except:

a. Income elasticity b. Price elasticity c. Product elasticity d. Cross elasticity
22.
The graph shows a ________________ supply curve.
a. Elastic b. Perfectly elastic c. Inelastic d. Perfectly inelastic
23.
24. When there is a greater change in the demand for banana because of the change in price of avocado. The demand for banana is
said to be:
a. Unitary b. Elastic c. Inelastic d. None of the above
25. Which of the following statement is true?
I. Change in income of an employee may not affect his demand for some product.
II. When there is a change in price, there is always a change in demand.
III. The demand is not affected by the change in price if the demand for a certain product is inelastic.
a. I and II b. 1 and III c. II and III d. All of the above
26. The original price of product X is ₱20.00 before an increase of ₱5.00. Because of this, the demand for the product decrease
from 50 units to 40 units. The price elasticity coefficient of the product X is:
a. 0.75 b. 1.00 c. 0.80 d. 0.08
27. Refer to the problem in number 11. The price elasticity of product X is:
a. Elastic b. Inelastic c. Unitary d. Perfectly inelastic
28. Which of the following is the formula for price elasticity?

29. Which of the following is true if the product is elastic?
I. Consumers and producers are sensitive to the price at which a good is to be sold.
II. The manufacturers/sellers can offer more products if the price increases.
III. The consumers are willing to buy the products even if its price increases.
IV. The manufacturers/sellers cannot produce or offer more products even if the price increases.
a. I and II b. I and III c. I and IV d. II and III
30. Which of the following is not true if the product is inelastic?

a. The manufacturers/sellers can offer more products even if the price increases.
b. The consumers are not price sensitive.
c. The demand for the product is almost the same at different price range.
d. The demand for the product changes because of the change in price.
TEST II.
Prepared by: Checked by: Noted by:
ELOICE D. PABLO MARLYN P. VIJANDRE SERGIO B. GONZALES

Teacher II Head Teacher III Principal II

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PULO NATIONAL HIGH SCHOOL

PULO, SAN ISIDRO

3rd QUARTER SUMMATIVE TEST in APPLIED ECONOMICS for GRADE 12

School Year 2020-2021

Name: ____________________________________________________________________ Date:_________________________

TEST I. MULTIPLE CHOICE

3. Which of the following are the types of market structures?

5. Are monopolists’ price setters?

6. Do monopolies cause deadweight loss in the economy?

8. In a monopolistic competition, can every firm set the price?

9. In a monopolistic competition, can consumers prefer one product over another?

14. Are the participants in oligopolies price setters or takers?

15. Can different firms be interdependent with each other?

17. The main determinants of supply and demand

18. The elasticity coefficient of 0.7 means

20. The elasticity is said to be _______ if the coefficient is 1.

21. The demand elasticity can be measured by the following except:

a. Elastic b. Perfectly elastic c. Inelastic d. Perfectly inelastic

28. Which of the following is the formula for price elasticity?

30. Which of the following is not true if the product is inelastic?

Prepared by: Checked by: Noted by:

ELOICE D. PABLO MARLYN P. VIJANDRE SERGIO B. GONZALES

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