HINIGARAN INSTITUTE INC.

Riverside, Hinigaran Negros Occidental

MIDTERM EXAM
Applied Economics
Grade 12
June 29-30, 2017

NAME:_______________________________________LRN:_____________________SCORE:

GRADE&SECTION:______________________________DATE:____________________

I. Identification
Instructions: Read and understand the questions carefully and identify what is being asked. Write your answer on the
space provided.

1. What does ASEAN stand for? 1. _________________

2. He is the longest serving Prime Minister in the world history. 2. _________________
3. It is a table that shows the relationship of prices and the specific quantities demanded 3. _________________
At each of these prices.
4. What is the main problem of the Philippine Economy? 4. _________________
5. It is an interaction between buyers and sellers of trading and exchange. 5. _________________
6. A type of market where workers offer services and look for job, and where employers 6. _________________
look for workers to hire
7. It is the application of Economic Theory and Econometrics in specific settings with the 7. _________________
the goal of analyzing potential outcomes.
8. Who attributed to be the first to use the phrase “Applied Economics” to designate the 8. _________________
application of Economic Theory to the interpretation and explanation of particular
economic phenomena?
9. It is the discipline that is used to apply existing scientific knowledge to develop more 9. _________________
practical application.
10. It is the common type of market. 10. ________________

II. Multiple Choice

Instructions: Read the questions carefully. Encircle the letter of your choice.

1. He is a well-known Economist that described Economics as a study of mankind in the ordinary business of life.
a. Alfred Marshall b. Karl Marx c. Lee Kuan Yew d. John Neville Keynes

2. When did Lee Kuan Yew died?

a. March 21, 2015 b. March 22, 2015 c. March 23, 2015 d. March 24, 2015

3. When did Lee Kuan Yew was born?

a. September 16, 1923 b. September 17, 1923 c. September 18, 1923 d. September 19, 1923

4. What is the main problem of the Philippine economy despite improvements reported by the National Statistics Office?
a. Poverty b. Unemployment c. Population Growth d. Teenage Pregnancy

5. It is the application of Statistical method to the study of economic data and problems.
a. Census of Population b. Econometrics c. Demographic Economics d. Economic Statistics

6. How many years did Lee Kuan Yew served as a Prime Minister of Singapore?
a. 28 years b. 29 years c. 30 years d. 31 years

7. One of the countries that belong to ASEAN integration

a. Australia b. New Zealand c. Vietnam d. Switzerland

8. It is felt when a change in the price of a good changes consumer’s real income or purchasing power.
a. Income effect b. Substitution Effect c. Ceteris Paribus d. Price Control

9. The Law of Demand states that: “If the price of the good increases, the capacity of the consumer to buy that certain
goods also increases.”
a. True b. False c. Maybe d. No comment
10. The Law of Supply states that: “as the price increases, the quantity supplied of that product also increases.”
a. True b. False c. Maybe d. No comment

III. Solving

A. Using the following demand function, solve for the Demand Schedule of consumer Edward given the following prices
for bottled water. Show your process. Qd=60-P/2

Prices per bottle Number of Bottles

0
2
4
6
8
10
12
14
16
18

B. On the other hand, for Barber, a seller of bottled water in the market. The Supply function is given as: Qd=5+5P

Price Supply
0
2
4
6
8
10
12
14
16
18

IV. Essay
Instructions: Explain the question below in not more than 5 sentences. (5 points)

1. Why do poor spend more than what they earn?

“Live according to your needs; Spend according to what you earn.”

Prepared By:
Ms. Jan Estares Saguta-On
Applied Economics Instructor