Sto.
Niño Formation and Science School – Night Class
Rosario, Batangas
SECOND QUARTER: MODULE 2
SUM-UP EXERCISES IN APPLIED ECONOMICS
ABM 11
Name: Date:
Gr. & Sec: Score:
“Learning is the only thing the mind never exhausts, never fears, and never regrets.”
Good Luck and God Bless!
GENERAL DIRECTION: Any form of erasure or alteration for the final answer means wrong . Use black pen only
I.
A.PROBLEM-SOLVING
1. Julius is studying for his Applied Economics subject and he wants to call Land, Capital, Labor and entrepreneur in one term only, if
you were him how are you going to call those terms?
O A. Resources O B. Factors of economics
O C. Supply O D. Demand
2. Julius is now seeking for a resource that has connection with the economic resources, what factor of production is he looking for?
O A. Capital O B. Land
O C. Entrepreneur O D. Labor
3. You are going to rent a land for your business. In what economic resources does rent belong?
O A. Capital O B. Land
O C. Entrepreneur O D. Labor
4. An economist wants to assess the status of the whole region, particularly Region IV-A. If you were the economist what branch of
economics will you use to assess the area as a whole?
O A. Whole economy of Region IV-A O B. Macroeconomics
O C. Microeconomics O D. Economics for Region IV-A
5. Julius is now seeking for a resource that is pertaining to workers, what factor of production he must consider in producing goods?
O A. Labor O B. Land
O C. Employee O D. Entrepreneur
B. ANALYSIS
Directions: Read the following words below. Draw a heart ( ) if the word is a Non-Price Determinant of Demand and star
( ) if it is Non- Price Determinant of Supply.
6. Number of sellers 6. ____________
7. Technology 7. ____________
8. Number of buyers 8. ____________
9. Income 9. ____________
10. Taxes, Subsidies and Regulations 10____________
C. SYNTHESIS
Directions: Read the following statement. Write the correct answer on the space provided.
A- If the first statement is correct and second statement is wrong
B- If the first statement is wrong and the second statement is correct
C- If both statements are correct
D- If both statements are wrong
_________16. Substitutes are goods that can be used in place of another.
A business owner can buy directly from the manufacturer.
_________17. An industry is a small portion of a business
Industry is the aggregation of the different businesses engaged in the same line of undertaking
_________18. Raw materials are unprocessed goods.
Final goods are goods that are ready for direct consumption.
_________19. The Service Sector produces the tangibles supporting and complementing production in other
sectors.
The Industrial Sector produces raw materials from agriculture, fishery and forestry.
_________20. Circular flow is the flow of activities of household and firms in circular direction.
SWOT analysis created in the 1990s by business gurus, Edmund P. Learned, C. Roland Christensen,
Kenneth Andrews and William D. Book.
D. INTERPRETATION
Directions: Complete the diagram below.
PORTER’S FIVE FORCES OF COMPETITIVE POSITION ANALYSIS
21.
E. APPLICATION
Your brother is having a hard time in answering the activity about Economic resources and Branches of Economics given by
his teacher. He asked for your help. What will be your answer on the following items.
COLUMN A COLUMN B
21. Rent A. Macroeconomics
22. Machineries B. Microeconomics
23. Teachers C. Land
24. Behavior of individual entities D. Labor
25. Overall performance of entire economy E. Capital
PART II.
A. PROBLEM SOLVING
Liza was absent during the discussion about the Introduction to Applied Economics. She asked for your help in answering her
assignment. What will be your answer on the following questions?
_______________________26. The price of the goods itself is what affects the demand for goods.
_______________________27. The income of the consumer influences the demand for goods.
_______________________28. The price of related goods such as a substitute or complementary goods affect the demand for goods
_______________________29. The price of goods itself influences the supply of goods.
_______________________30. Measure of how much buyers and sellers respond to change in market condition.
B. ANALYSIS
Directions: Identify what sector does each word belongs. Write the correct answer on the space provided.
_________36. Manufacturing
_________37. Construction
_________38. Banking and Finance
_________39. Trade
_________40. Logs
C. SYNTHESIS
36. Relative Scarcity, Absolute Scarcity 31._______________________
37.Traditional economy, Command Economy,Market Econmy 32._______________________
38. Land, Labor, Capital 33._______________________
39.Macroeconomics, Microeconomics 34._______________________
40. How to produce, For whom to produce, What to produce 35._______________________
D. INTERPRETATION
E. APPLICATION
I. Complete the table by filling up the marginal utility values:
HYPOTHETICAL UTILITY SCHEDULE OF RENZ FOR CHOCOLATE CANDY
QUANTITY OF CONSUMPTION TOTAL UTILITY MARGINAL UTILITY
1 12
2 22
3 29
4 34
5 37
6 39
7 40
8 40
9 39
God Bless 😊
Prepared by:
Rio Jaena T. Dimayuga
