DIOC ESE OF ANTIPOLO
SAINTJ OHN PAUL II MINOR SEMINARY
Maguey Rd., Brgy. San Luis, Antipolo C ity 1870 Tel No. (02) 8401-8142
Email: johnpaul2minorseminaryantipolo@gmail.com
Quiz # ___
Applied Economics
Name: __________________________________________________ Score: ____________________
Grade and Section: ______________________________________ Date: ____________________
A. Directions: Write True if the statement is correct. Otherwise, write False.
_______________1. The law of demand describes the inverse relationship between price and
quantity demanded.
_______________2. A command economy is characterized by a heavily regulated market.
_______________3. The law of supply describes the positive relationship between price and
quantity supplied.
_______________4. Quantity supplied is the ability and willingness of buyers to purchase goods and
services.
_______________5. The market is not a place where buyers and sellers meet to exchange goods
and services.
B. Directions: Rearrange first the letters to form the correct words (5 points). Identify the
concept being described in the provided space before each number.
YQTIUE ________________ ERVTOPY ________________ FINNLAIOY _______________
UNEMPLOYED OORINRUPCT
______________ _______________
_______________6. The condition wherein an individual is unable to provide for their basic needs.
_______________7. The distribution of resources based on fairness.
_______________8. The misuse of public power for the benefit of a private individual.
_______________9. Refers to an increase in the prices of goods and services across the economy
over time.
_______________10. A person is actively seeking work but are unable to find any.
C. Directions: Construct a demand and supply curve based on the following situations.
1. Cars by Dennis sells toy candies in the small town of Port Ris. Its supply is described by
the function Qs = 15+ 2P. What would happen to the quantity supplied if the price
levels were ₱2, ₱4, ₱6, ₱8, and ₱10? Create a supply schedule and plot a supply curve
for his toy cars.
2. Jane likes to buy candies from Snacks by Dennis. Her demand for candies can be
described by the function Qd = 30 - 3P. Describe Jane’s demand given the different
price levels ₱2, ₱4, ₱6, ₱8, and ₱10. Create a demand schedule and plot a demand
curve of the candies.
