CITY OF MANILA

DIVISION OF CITY SCHOOLS MANILA

UNIVERSIDAD DE MANILA
SENIOR HIGH SCHOOL

APPLIED ECONOMICS
(MIDTERM)

NAME: ________DATE:______________________
GRADE AND SECTION: ____STUDENT NO.:______________SCORE:________________

GENERAL DIRECTION:
1. Read all the instructions/directions carefully before answering the exam.
2. Strictly no erasures or alteration.
3. Raise your hand if you have any question with regard to the examination.
4. You are not allowed to talk with your seatmates/classmates.
5. Cellular phones are not allowed during the examination,
GOOD LUCK 

I. IDENTIFICATION: Identify the following. Write your answer on the space provided before each
number.

___________1. A factor of production that ___________10. A proposition about certain

integrates land, labor, and capital related variables that explains a
to create new product. certain phenomenon.

___________2. A social science which studies ___________11.Father of neo-classical

the production, distribution and
consumption of goods and
services.
___________3. An economic system where all
economic resources are owned
by private entities.
___________4. A sustained elevation of an entire
society and social system toward
a better and more humane life.
___________5. Refers to self-respect, reputation,
pride and acknowledgement.
economics.
___________12. A representation or framework
which presents significant
principles and describes how
variables are related.
___________13. An economic system where all
resources are owned by the
government.
___________14. Ensuring that society is able to
provide for basic needs like food,
shelter, health, and protection.

___________6. . Known father of Economics. ___________15. Occurs when an individual has

___________7. Provides for a wide variety of
choices for societies as well as
minimizing eternal limitations.
___________8. Refers to human inputs such as
manpower skills that are used in
transforming resources into
different products that meet our
needs.
___________9. A principle in economic analysis
which focuses on describing
what exist and how things work.
made choice, thereby sacrificing
all other alternative choices.
___________16. The application of economic
theory and econometrics in real-
world situations.
___________17. Focuses on the outcome of
economic behavior, evaluates and
makes judgments and proposes
courses of action.
___________18. It is a situation wherein needs
and wants far exceed the
available resources.
 CITY OF MANILA
DIVISION OF CITY SCHOOLS MANILA
UNIVERSIDAD DE MANILA
SENIOR HIGH SCHOOL

APPLIED ECONOMICS
(MIDTERM)

___________19.A man-made factor of ___________23. Refers to all natural resources

production used to create another that exist without man’s
product. intervention.

___________20.Economists assume that ___________24. Refers to the assumption which

individuals act a logical and controls the effects of other
predictable manner and pursue variables apart from those that are
goals which will benefit them. being analyzed in the study.

___________21. Refers to the cost of giving up ___________25. In analyzing the behavior of

an alternative when making a individuals and firms in market, it
choice. is assumed that participants
expect to gain something from
___________22. A latin phrase which means “all their transactions.
things being equal”.

__
II. MULTIPLE CHOICE: Write the letter of the correct answer on the space provided.
Avoid erasures.

________1. It is the amount of goods and services consumers are willing to purchase given a certain price
D. Demand

________2. Describes the total amount of a specific good or service that is available to consumers.
C. Supply

_______3. It determines if demard curve is steep or flat

A. Price Elasticity of Demand

________4. A state where economic forces such as supply and demand are balanced and in the absence of
external influences values of economic variables will not change.
A. Equilibrium

________5. It occurs when the quantity demanded exceeds the quantity supplied.
B. Shortage

________6. It is experienced when the price of a good is above the equilibrium price.
C. Surplus

________7. In this basic commodity, there is no need to advertise or promote because it is already a basic
need.
D. Water

________8. Nsa Saktan wants to know how individuals make choices in allocating scarce resources to satisfy
their unlimited needs. What branch of Social Science wil Nsa Saktan study?
B. Economics

________9. It is the application of economic theory and econometrics is specific settings with the goal of
analyzing potential outcomes.
A. Applied Economics

_______10. DZMM Radio Patrol reported that there will be insufficient resources on rice. This will cause
to get the price of rice get high. What is the condition where there are sufficient resources to
satisfy all needs and wants of a population?
B. Scarcity

_______11. He states that economics as an inquiry about the nature and causes of wealth of nations.
C. Adam Smith
 CITY OF MANILA
DIVISION OF CITY SCHOOLS MANILA
UNIVERSIDAD DE MANILA
SENIOR HIGH SCHOOL

APPLIED ECONOMICS
(MIDTERM)

_______12.

_______13

________14.

_______15.

_______16.

_______17.

_______18.

________19.

_______20.

III. ENUMERATION: List down the following.

1-8 Challenges to Philippine Socio 14

Economic Development

1.

2.
15-16 Types of Underemployment
3.
15.
4.
16.
5.
17-18 Types of Inflation
6.
17.
7.
18.
8.
19-25 Theories of Economic Development
9.
19.
10-14 Types of Unemployment
20.
10.
21.
11.
22.
12.
23.
13.
24.
 CITY OF MANILA
DIVISION OF CITY SCHOOLS MANILA
UNIVERSIDAD DE MANILA
SENIOR HIGH SCHOOL

APPLIED ECONOMICS
(MIDTERM)

25. 28.

26-30 Determinants of Demand 29.

26. 30.

27.

IV. COMPUTATION: Write your solutions at the back of the paper.

1-20 Get the Qd and Price and make a demand curve.

PRICE QD
25 Qd = 500-20P
40
20 500-Qd
18 P=
15 20
6
160
300
360
5
23
14
450
4
350
400
150
16
29
17

PRICE QS
900
1,650
13
800
9
2,000
1,000
1,050
5
1,100
1,500
23
 CITY OF MANILA
DIVISION OF CITY SCHOOLS MANILA
UNIVERSIDAD DE MANILA
SENIOR HIGH SCHOOL

APPLIED ECONOMICS
(MIDTERM)

20 21-40 Get the Qs and Price and make

a Supply Schedule.
650
2,500
3,000
700
27
29
18

Qd = 500+50P
Qs-500
P=
50

41-50 Get the Elasticity of Demand and Supply. Indicate if elastic, inelastic, unitary, perfectly
inelastic or perfectly elastic.

DEMAND SUPPLY

NO. Q1 Q2 P1 P2 NO. Q1 Q2 P1 P2

1 200 150 45 30 1 300 250 20 10

2 150 100 50 25 2 250 200 60 30

3 450 400 20 15 3 350 300 45 15

4 250 100 45 30 4 450 300 70 50

5 350 200 25 15 5 250 100 35 20

 Q2 - Q1 Q1+Q2
X
P2-P1 P1+P2
CITY OF MANILA
DIVISION OF CITY SCHOOLS MANILA
UNIVERSIDAD DE MANILA
SENIOR HIGH SCHOOL

APPLIED ECONOMICS
(MIDTERM)

Good Luck 