Department of Education

REGION IX
Western Mindanao
A urora P ioneers M emor ial C ollege
(FORMERLY: Cebuano Barracks Institute )
Bonifacio St. Pob. Aurora Zamboanga Del Sur
Tel. No. : (062) 331-2332

MIDTERM EXAMINATION IN
APPLIED ECONOMICS

Name:___________________________________________________________________Date: ______________

Identification: No erasures allowed. No change of answers allowed.

____________________1. It is the study of how we make decisions in a world where resources are limited.
____________________2. The things that we need for survival.
____________________3. The things that we would like to have.
____________________4. It is a commodity or service being in short supply
____________________5. Anything that yields satisfaction to someone.
____________________6. Inputs used in the production of goods and services.
____________________7. Refers to anything that has a functional value which can be traded for goods and
services.
____________________8. Cover goods, services, products and the like that have price and are sold in a market.
____________________9. This is the process of training goods and or services for money and or its equivalent.
____________________10. It deals with the individual decision of units of the economy which is the firms and
household, and how their choices determine relative prices of goods and factors of production.

Enumeration: No erasures allowed. No change of answers allowed. 2 Points each.

What are the Types of Economic Systems?
11.
12.
13.
14.

What are the Philippine Basic Economic Problems?

15.
16.
17.
18.

Seven Dimension of Development?

19.
20.
21.
22.
23.
24.
25.

Essay: For 10 Points

Differentiate the Law of Demand, and the Law of Supply?

Prepared by: Mrs. Joan Mae A. Villegas

ANSWER KEY
Identification
1. Economics
2. Needs
3. Wants
4. Scarcity
5. Goods
6. Economic resources.
7. Wealth
8. Economic goods
9. Exchange
10. Microeconomics

Enumeration
11. Free market economy
12. Centralize economy
13. Mixed economy
14. Traditional economy

15. Non-inclusive growth despite of Economic Growth

16. Unemployed despite of improvements
17. Poverty
18. Population growth

19. Spiritual development

20. Human development
21. Social and cultural development
22. Political development
23. Economic development
24. Ecological development
25. Principles of sustainable development

Essay
The law of demand is the quantity of a commodity which buyers will buy at a given time and place will
vary inversely with the price while the law of supply states that the quantity offered for sale will vary directly
with price.