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    4th Summative Test Applied Eco Summative

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    Nhoi Valencia
    1. The document is a test on applied economics covering topics like market structures, monopolies, and market interactions. It asks multiple choice and true/false questions about these topics. 2. The performance task asks students to determine if given scenarios describe a monopoly or not and explain their reasoning. It also asks students to write short essays explaining why economics is considered a social science and an applied science. 3. The test evaluates students' understanding of key economic concepts like market structures, monopolies, elasticity, and barriers to entry.

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    4th Summative Test Applied Eco Summative

    Uploaded by

    Nhoi Valencia
    242 views3 pages
    1. The document is a test on applied economics covering topics like market structures, monopolies, and market interactions. It asks multiple choice and true/false questions about these topics. 2. The performance task asks students to determine if given scenarios describe a monopoly or not and explain their reasoning. It also asks students to write short essays explaining why economics is considered a social science and an applied science. 3. The test evaluates students' understanding of key economic concepts like market structures, monopolies, elasticity, and barriers to entry.

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    1. The document is a test on applied economics covering topics like market structures, monopolies, and market interactions. It asks multiple choice and true/false questions about these topics. 2. The performance task asks students to determine if given scenarios describe a monopoly or not and explain their reasoning. It also asks students to write short essays explaining why economics is considered a social science and an applied science. 3. The test evaluates students' understanding of key economic concepts like market structures, monopolies, elasticity, and barriers to entry.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    242 views3 pages

    4th Summative Test Applied Eco Summative

    Uploaded by

    Nhoi Valencia
    1. The document is a test on applied economics covering topics like market structures, monopolies, and market interactions. It asks multiple choice and true/false questions about these topics. 2. The performance task asks students to determine if given scenarios describe a monopoly or not and explain their reasoning. It also asks students to write short essays explaining why economics is considered a social science and an applied science. 3. The test evaluates students' understanding of key economic concepts like market structures, monopolies, elasticity, and barriers to entry.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 3

    Applied Economics

    Hermosa National High School


    Culis, Hermosa, Bataan

    4th Summative Test in Applied Economics

    II. Choice the letter of the correct answer.


    a. market f. oligopoly
    b. interaction and variations g. monopolistic competition
    c. business professionals h. perfect competition
    d. market structures i. monopoly
    e. economics and marketing j. economists and marketers

    ___ 1. These are the key points in evaluating business’ economic environments.
    ___ 2. What do you call the type of market structure in which there is a single
    merchant of a product for which there is no close alternative?
    ___ 3. It is one of the social relations wherein people exchange goods and services.
    ___ 4. Market structures deal with strategic decision making and focus on what?
    ___ 5. It is a type of market structure wherein a similar product has many sellers.
    ___ 6. Who are the people concerned about market structures because they have
    different approaches in this said matter?
    ___ 7. What do you call the type of market structure in which differentiated product
    has many vendors?
    ___ 8. Who can precisely judge industry, policy changes, and market news?
    ___ 9. What provides the existence of different market structures?
    ___ 10. It is a type of market structure wherein there are few sellers of a
    standardized or a differentiated product.

    II. TRUE OR FALSE

    _____1. In a monopoly, many companies sell the same product.


    _____2. The consumers benefit more in buying monopolized products.
    ____3. You are not allowed to buy a monopolized product.
    ____4. Monopolies are illegal businesses.
    ____5. The monopolist can set the product’s price.
    ___6. In MONOPOLY, consumers have a lesser benefit, especially when the product is
    essential to them, making them buy it despite being expensive.
    ___7. A perfectly competitive market requires few barriers to enter and it is easy for
    producers to quit whenever they want.
    ___8. In Oligopoly, it is also difficult to enter this market since there are a lot of barriers.
    ____9. The government can react to these by demanding price regulations, establishing
    competition laws, nationalizing the monopolies, or by not doing anything at all.
    ___10. When the price elasticity coefficient is -0.3. It is elastic.
    Applied Economics

    III. PERFORMANCE TASK

    DIRECTION: State if the given situation is a MONOPOLY or NOT and explain why.

    1. Jason went to the mall last week to purchase a gift for Clara. He then noticed that
    there was a newly opened accessory shop and bought a necklace for her despite being too
    expensive.
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    2. Your friend opened a cake shop. He then asked you to come and buy some. You can’t complain so you
    ended up buying one. Unexpectedly, it tasted good. When you came back there the following week, the
    cake you bought last time was already unavailable.
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    3. Barbara went to the market yesterday to look for a cosmetic product. She bought 5 pieces of it and they
    all have different brands.
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    Applied Economics

    PERFORMANCE TASK

    Essay:

    1. Explain why Economics is considered as Social Science.

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    2. Explain why Economics is considered as an Applied Science.


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