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

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Multiple Choice: Encircle the letter of the correct answer.

1. A situation where there are not enough resources to satisfy our wants.
a. surplus b. scarcity c. economics d. none of these
2. What does “there’s no such thing as a free lunch” mean?
a. Some things cost nothing b. most things cost nothing
b. Most things cost something d. everything costs something
3. Economic system where women tend crops and raise children while men
hunt?
a. Mixed b. market c. traditional d. command
4. Economic system where government officials decide the distribution of
all resources.
a. Mixed b. market c. command d. traditional
5. Economic system where there is resistance to the introduction of new
farming methods?
a. Mixed b. traditional c. command d. market
6. An example of a loan?
a. Cash b. check c. credit card d. stored-value card
7. An example of a stored-value card?
a. Credit card b. debit card c. gift card d. insurance card
8. Type of money issued by the U.S. government?
a. Commodity money b. fiat money
b. Near money d. representative money
9. Producing fewer goods and services than possible?
a. Efficiency b. utilization c. underutilization d. none of these
10. Father of modern economics?
a. Alexander Hamilton b. Adam Smith
b. Mr. Weissinger d. None of these

Essay:

11. How does the taxation system in the Philippines help the government in
attempting to correct inequalities in the distribution of income and health?
Explain based on your own understanding in three to five sentences. (NOTE OWN
EXPLAINATION)
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12. As we are facing the pandemic what is your observation in our economic
situation here in the Philippines? Is it the pandemic give a big impact in
our economy? Defend your answer. In 100-150 words (NOTE OWN EXPLAINATION)
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♦♦♦♦♦ GOD BLESSED♦♦♦♦♦

Prepared by:

Joan Mae A. Villegas