NOTRE DAME OF JARO, INC. Msgr. Lino Gonzaga St., Jaro, Leyte Long Test –Applied Economics 12 Name: Strand: I. II. Score: True or False: Carefully read each sentence and determine if the sentence is true or if the sentence is false. 1. Economics comes from the Greek word oikonomia which means household chores. 2. Economics is considered a field of social science. 3. Economics is relevant because it is part of everybody’s life. 4. There are three (3) divisions of Economics, the microeconomics, the macroeconomics and the home economics. 5. As a science, Economics is related to other sciences. Identification: Carefully read each sentence and identify the answer. 1. Economics came from the Greek word _______ which means “household management”. 2. According to him, economics is “a scientific study which deals with how individuals and society make choices.” 3. It is the study of social behavior guiding in the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society. 4. The earlier definition of economics as the science of wealth-getting and wealth-using implies that the motivation of the process of wealth accumulation is the utilization of wealth for the individual’s satisfaction and society’s welfare. 5. It deals with the economic behavior of the individual units such as consumers, firms, the owners of factors of productions 6. It is the allocation of the total product among members of society. It is related to the problem of for whom goods and services are to be produced. 7. It is used of good and services. 8. It is the use of inputs to produce outputs. 9. It refers to management of income, expenditures, wealth or resources of a nation. 10. In everything we do, whether we produce or consume, whether wealth-getting or wealthusing, we make decisions and these decisions are based on alternative choices. 11. It is the official currency of Philippines. 12. It is the only institution in the government which has the function of printing money in the country. 13. The Philippine peso is divided in _____. 14. It is a form of exchange for the global decentralized trading of international currencies. 15. It is the rate at which one currency may be converted into another. III. Essay. Answer the following. 1. As an individual, what do you think is the essence of studying economics? 2. How do you apply economics in your household? 3. Cite at least 2 Basic Economic Problems in the Philippines. Explain. Prepared by: Ms. Ronalyn G. Cajudo
