SocSci9 M2 Formative Assessment 1 (Summative) 2024-2025 PDF

FORMATIVE ASSESSMENT 1 (Summative Assessment)​ Module 2: Exploring Microeconomic Perspective Social Science 9 nd...

FORMATIVE ASSESSMENT 1 (Summative Assessment)​ Module 2: Exploring Microeconomic Perspective Social Science 9 nd 2 Trimester, AY 2024 – 2025 NAME: _______________________________________________________ DATE: ____________________ GRADE LEVEL & SECTION: _________________________ NAME OF TEACHER: ____________________ Topic: ​ Demand & Supply and Elasticity of Demand and Supply Learning Competencies: ​ Define demand and supply (LS-SOCSCI9-07) ​ Calculate the price and quantity in demand and supply (LS-SOCSCI9-08) ​ Analyze the factors affecting demand and supply (AP9MYK-IIa-2 and AP9MYK-IIc-6) ​ Define elasticity (LS-SOCSCI9-09) ​ Identify the different types of elasticity ((LS-SOCSCI9-10) ​ Relate the elasticity of demand and supply to the price of goods and services (AP9MYK-IIb-4 and AP9MYK-IId-8) ​ Explain the interaction of demand and supply in terms of price and market conditions (AP9MYK-IIe-9) ​ Analyze the effect of shortage and surplus on the price and quantity of goods and services in the market (AP9MYK-IIf-9) MULTIPLE CHOICE A.​ Directions: Read the following questions carefully and select the correct answer from the choices provided. 1.​ Which of the following statements will help you explain the concept of supply schedule? A.​ It is a table that shows the quantity demanded at different prices. B.​ It is a mathematical equation showing the price and quantity supplied. C.​ It is a verbal description of the relationship between price and quantity supplied. D.​ It is the relationship between the price of a good and the quantity supplied. E.​ It is a graph that shows the relationship between price and quantity supplied. 2.​ In one of your recitations in economics class, your teacher asked you to explain the concept of supply. What is the correct understanding of the law of demand in the statements below? Statement 1: As the price of goods increases, the quantity demanded decreases. Statement 2: As the price of goods decreases, the quantity demanded decreases. A.​ Both statements are correct. B.​ Both statements are incorrect. C.​ The first statement is correct, and the second statement is incorrect. D.​ The first statement is incorrect, and the second statement is correct. E.​ The first statement is unrelated to the question, and the second statement is correct. 3.​ How does a decrease in Mang Pedro's income level affect his purchasing power to buy goods and services? A.​ Mang Pedro’s consumption will remain the same. B.​ Mang Pedro will purchase more goods and services. C.​ Mang Pedro will purchase fewer goods and services. Formative Assessment 1 (Summative Assessment) ​ ​ 1 SOCIAL SCIENCE 9 2nd Trimester, AY 2024 - 2025 Mr. Johnel Brit/Mr. John Brian S. Molina/Ms. Eunice C. Reyes  D.​ MangPedro’s consumption will have a slight difference. E.​ MangPedro’s consumption is hard to predict because the factor is unclear. 4.​ Which of the following scenarios shows the relationship between expectations regarding future prices that affect the supply of the producer? I.​ The price of rice per kilo will increase tomorrow afternoon; since the price is lower today, consumers will buy it today. II.​ The price of sugar per pack will decrease tomorrow morning; since the price is higher today, consumers will buy it tomorrow. III.​ The price of alcohol per bottle will decrease next week; since the price is higher this week, the supplier will produce more alcohol this week. A.​ I only​ ​ ​ ​ ​ D. I and II B.​ II only​​ ​ ​ ​ E. I, II, and III C.​ III only 5.​ When facing a shortage in the market, which of the following scenarios is likely to happen? A.​The price of rice will decrease, and the production of rice will decrease. B.​ The price of jackets will decrease, and the production of jackets will increase. C.​The price of gasoline will increase, and the production of gasoline will increase. D.​The price of halo-halo will increase, and the production of halo-halo will decrease. E.​ The price of buko juice will increase, and the production of buko juice will decrease. IDENTIFICATION B. Directions: Read the following statements. Identify if the situation shows Elastic, Inelastic, Perfectly Elastic, Perfectly Inelastic, and Unit Elastic/Unitary. Write your answers in the space provided for each item. 6. Despite significant price changes in onion per kilo, the quantity you demanded remains relatively small. 7. The amount of 50% change in the price of watermelon per kilo is the same as the 50% quantity you can buy. 8. A new iPad model decreases the price of a past model slightly, but demand remains high even with a slight price decrease. 9. A patient uses Losartan (medicine maintenance for high blood pressure), and the price will increase by next week. Since it is still needed, the demand for the medicine will remain the same. COMPUTING FOR DEMAND FUNCTION C. Directions: Given the data below, compute the missing values to complete the demand schedule. 10-13. Demand Function: Qd = 1200 - 5P Demand Schedule of Mango (per kilo) Point Price Quantity Demanded A 180 300 B 110 C 825 D 45 Formative Assessment 1 (Summative Assessment) ​ ​ 2 SOCIAL SCIENCE 9 2nd Trimester, AY 2024 - 2025 Mr. Johnel Brit/Mr. John Brian S. Molina/Ms. Eunice C. Reyes  E 1050 COMPUTING FOR SUPPLY FUNCTION D. Directions: Given the data below, compute the missing values to complete the demand schedule. 14-17. Supply Function: Qs = -350 + 15P Supply Schedule of Grapes (per kilo) Point Price Quantity Supplied A 26 40 B 32 C 430 D 62 E 730 ANALYZING DEMAND AND SUPPLY CURVE E. Directions: Given the graph below, answer the following questions. 18. Based on the graph, what is the equilibrium price? 19. What will happen to the demand curve if the quantity demanded decreases by 5 units from the equilibrium quantity? Will it shift to the left or the right? 20. What will happen to the equilibrium quantity if the price increases from 4 pesos to 6 pesos? Will it increase or decrease? ESSAY F. Directions: Read and understand the situation provided. Answer the given question. Refer to the rubric provided. Formative Assessment 1 (Summative Assessment) ​ ​ 3 SOCIAL SCIENCE 9 2nd Trimester, AY 2024 - 2025 Mr. Johnel Brit/Mr. John Brian S. Molina/Ms. Eunice C. Reyes  Rubric for Content 4 3 2 1 0 The student The student The student The student The answers the question/s, answers the answers the does not student reflecting correctly question; question; answer the has no and appropriately however, the answer however, the question or answer. on the lesson is missing some minor answer is missing the answer discussed. The details to accurately significant information neither reflects supporting details reflect the lesson to accurately reflect the the lesson discussed. lesson discussed. included are discussed. relevant to the given theme. 21-24. According to a Rappler News report, onion prices in Manila skyrocketed to P700 per kilo in December 2022 due to a supply shortage. The government's import restrictions further limited supply and disrupted local production (Yu, 2023). Discuss and propose potential methods or government intervention in addressing the issue of onion shortage in the Philippine market. Provide specific examples to support your arguments. __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ Formative Assessment 1 (Summative Assessment) ​ ​ 4 SOCIAL SCIENCE 9 2nd Trimester, AY 2024 - 2025 Mr. Johnel Brit/Mr. John Brian S. Molina/Ms. Eunice C. Reyes Key to Correction 1.​ A 2.​ C 3.​ C 4.​ C 5.​ A 6.​ Inelastic 7.​ Unit Elastic 8.​ Elastic 9.​ Perfectly Inelastic 10.​650 11.​75 12.​975 13.​30 14.​130 15.​52 16.​580 17.​72 18.​Php 4.00 19.​Shifting to the left 20.​Increase Formative Assessment 1 (Summative Assessment) ​ ​ 5 SOCIAL SCIENCE 9 2nd Trimester, AY 2024 - 2025 Mr. Johnel Brit/Mr. John Brian S. Molina/Ms. Eunice C. Reyes