Instructions: Read each question carefully before answering. 6.

6. The three primary systems for allocating resources are traditional,

MISSPELLED WORDS will not be considered. ERASURES AND SUPER command, and mixed.
IMPOSITIONS are considered wrong. Write clearly and legibly. Good 7. Under law of demand— when the Price decreases the quantity
Luck and God bless!  demanded increases.
8. Supply is the quantities of good sellers wish to sell each time the
I. Identification (20 points) market opens.
9. There is Surplus when the quantity demanded is greater than the
1. This includes any natural resources to produce goods and service. quantity supplied.
2. The effort that people contributes to the production of goods and services. 10. Quality refers to the number of goods purchased.
3. Chiefly devoted with the consideration of value and price.
4. An economic system model that is governed by the government. III. ENUMERATION (30 points)
5. It looks at the outcomes of economic behavior which involves judgment.
6. It states that, the higher the price, the higher the supply. 1. What are the Factors of Production? (3 pts.)
7. A situation where the quantity demanded is equal to the quantity supplied. 2. What are the Salient Features of demand? (5 pts)
3. Elements of Supply. (4 pts)
8. Where does the demand curve slopes?
4. Elements of Demand. (4 pts)
9. A study of choice under conditions of scarcity. 5. What are the Different Shares of Distribution? (4 pts)
10. A law which makes a comparison as to the benefits offered. 6. What are the Different Types of Economic Systems? (4 pts)
11. It is where the buyers and sellers meet. 7. What are the different Market Situations? (4 pts)
12. The natural, economic, political or military assets enjoyed by the nation. 8. The Scope of Economics (2 pts)
13. It understands the behavior of the economy without making judgments.
14. Refers to the creation of more utilities.
IV. Illustrate and answer the following (20 points)
15. Amount given in exchange for goods and services.
16. Refers to the final utilization of goods and services. Price of Quantity Quantity Shortage/Surplus/M.E
17. Refers to the apportionment of the national income. Lobster Demanded Supplied
18. Refers to the quantity of goods that buyers are willing to buy. Php.500.00 5 30 1.
19. The Relationship between price and quantity demanded. Php.450.00 10 25 2.
20. Refers to the measure of the sensitivity of quantity demanded or supplied Php.300.00 15 15 3.
to change of price. Php.275.00 25 10 4.
Php.250.00 30 5 5.
II. Right T if the statement is True and change the underlined words if
2. Calculate and Determine the Elasticity’s (20 points)
the statement is False. (10 points)
1. Neil’s demand for hotdogs is 4 pieces when the price is Php.20.00. But
1. Economics is the study of giving under condition of scarcity. when price became Php.25.00 his demand became 7 pieces.
2. A business can accurately be described as a place where buyers and
sellers meet. 2. Katherine advertises to sell cookies for Php.54.00 a dozen, she sells 50
dozen. She decided to charge more and raises the price to Php. 64.00 a
3. A command economy decides resource allocation by government
dozen. She sold 40 dozen.
planning.
4. It is elastic when the elasticity is less than 1. 3. The price of the shoes is Php. 2,000.00 per pair. Dave bought two shoes for
5. Land, labor, and money are the three categories of economic the price of Php.4, 000.00 for his shop. After one week, he bought 3 of the
resources. same shoe for the price of Php.6, 000.00.
4. When the price of candy is Php.2.00, its demand is 500 pieces. But when
the price rises to Php.3.00, its demand is still 500 pieces.