Applied Economics

MINDANAO MISSION ACADEMY

Accountancy, Business and Management
Semi-Final Examination
February 21-22, 2019

Name: _____________________________________ Section: ______________ Score:_____________________

“Those who walk with God always reach their destination”

I. Identification: Identify what is being described in each statement. Write your answers on the space provided
before the number.

_______________1. means the act of using goods and services to satisfy human wants during a given period of time.
_______________2. To measure happiness of satisfaction.
_______________3. Goods that we buy more of when the price falls.
_______________4. Goods that we buy less when their price falls.
_______________5. Process that create/adds value or utility
_______________6. The functional relationship between inputs and outputs in the process of production.
_______________7. The rate of change of output as a result changes in one variable input
_______________8. The rise in quantity demanded due to a rise in purchasing power of real income
_______________9. The factors of production that is carry out the production is called______.
_______________10. Refers to the product as a result of the combination of input in the production process.

II. Multiple Choice: Encircle the letter of the best answer

1. Andie, a customer of Jollibee, was satisfied with the food she ordered and the service she experienced. In
return, she remained loyal to Jollibee. What Socio-Economic Impact does this situation belong?
a. Impact on the Consumer d. Impact on Household
b. Impact on Suppliers and Investors e. Impact on the community
c. Impact on the Government
2. Paradise Corporation offers scholarship for low-income families in the municipality where they operated.
What Socio-Economic Impact does this situation belong?
a. Impact on the Consumer d. Impact on Household
b. Impact on Suppliers and Investors e. Impact on the community
c. Impact on the Government

3. For years of searching, finally, Jasmine was hired in a newly opened corporation. As a result, jasmine can
now send her sibling to school and buy them their needs. What Socio-Economic Impact does this situation
belong?
a. Impact on the Consumer d. Impact on Household
b. Impact on Suppliers and Investors e. Impact on the community
c. Impact on the Government

4. Due to huge projects of building a market building, the municipality of Luga-it needs more fund. In order to
raise their fund, the municipal officers voted to raise their municipal taxes. What Socio-Economic Impact
does this situation belong?
a. Impact on the Consumer d. Impact on Household
b. Impact on Suppliers and Investors e. Impact on the community
c. Impact on the Government

5. Andrew, the maker and wholesaler of burger buns, was happy because of its huge sales for the month of
September. Thanks to its newly opened burger stores. What Socio-Economic Impact does this situation
belong?
a. Impact on the Consumer d. Impact on Household
b. Impact on Suppliers and Investors e. Impact on the community
c. Impact on the Government

III. Graph Analysis:

Applied Economics

What does the above graph explains about the theory of consumer’s behavior?

IV. Essay:

1. What is the difference between Variable Cost and Fixed Cost?

2. What does this saying means?

“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their
regard to their own interest.”

“The best preparation for tomorrow is doing your best today”