SUMMATIVE ASSESSTIVE December 06, 2018 Receive I. Classify the following topics. Write MIC if it falls under Microeconomics; MAC, if it falls under Macroeconomics. _______1. The inflation rate in the Philippines in the last quarter of 2013 was 4.8%. _______2. A P340-billion deficit in the Philippine budget is expected in the years 2015. _______3. Prices of Toyota vehicles are predicted to go up in December. _______4.Garlic prices in the past months have risen because producers hoarded their supplies in their bodegas. _______5. Unemployment rate has dropped because of the increase in the number of OFW’s. _______6. In the past year, Coca Cola was named the fastest selling product in the market. _______7. Rental on land could not be increased by landowners because of the Rent Control Law. _______8. Prices of apples and grapes tend to increase during the Christmas season. _______9. The Philippine economy grew at the rate of 5.8% in 2013. _______10. Philippine congress passed the Value Added Tax Law to strengthen the Philippine tax system. II. Describe the type of economic system characterized in each of the following sentences. _______________11. Prices are based on demand and supply. _______________12. The government decides on what goods should be produced. _______________13. Ancient methods are used in deciding what goods to produce. _______________14. People enjoy freedom of choice in arriving at decisions on what to buy. _______________15. People have no freedom of choice in arriving at decisions on what to buy. _______________16. Economy is stagnant, making use of practices in the older times. _______________17. Economy is backward because no new technology or production methods are introduced. _______________18. It is the most democratic form of economic system. _______________19. People’s preference is reflected in the prices they are willing to pay in the market. _______________20. It exist in primitive and backward civilizations. III. Identify which resource is referred to by the following words. __________________21. Entertainers __________________22. Minerals __________________23. Forests __________________24. Marine resources __________________25. Teachers __________________26. Technology __________________27. Production equipment __________________28. Engineers __________________29. Call center agents __________________30. Business proprietor DISCUSSION QUESTIONS: 1. Why economics is deeply rooted in the concept of scarcity? _______________________________________________________________ ____________________________ _______________________________________________________________ ____________________________ _______________________________________________________________ ____________________________ _______________________________________________________________ ____________________________ 2. In what way is applied economics important in tackling economic issues or problems of the country? _______________________________________________________________ ____________________________ _______________________________________________________________ ____________________________ _______________________________________________________________ ____________________________