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Midterm Exam Applied Econ.

This document contains a midterm examination in applied economics for Aurora Pioneers Memorial College. The exam includes 10 multiple choice questions testing economic concepts like scarcity, different economic systems, money and efficiency. It also includes 2 essay questions asking students to explain in 3-5 sentences how the Philippine taxation system helps correct income and health inequalities. The second essay question asks students to discuss in 100-150 words their observations on the economic impact of the COVID-19 pandemic in the Philippines and whether it has significantly impacted the economy. The exam was prepared by Joan Mae A. Villegas for an economics class.

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Joan Mae Angot - Villegas
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251 views2 pages

Midterm Exam Applied Econ.

This document contains a midterm examination in applied economics for Aurora Pioneers Memorial College. The exam includes 10 multiple choice questions testing economic concepts like scarcity, different economic systems, money and efficiency. It also includes 2 essay questions asking students to explain in 3-5 sentences how the Philippine taxation system helps correct income and health inequalities. The second essay question asks students to discuss in 100-150 words their observations on the economic impact of the COVID-19 pandemic in the Philippines and whether it has significantly impacted the economy. The exam was prepared by Joan Mae A. Villegas for an economics class.

Uploaded by

Joan Mae Angot - Villegas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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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:________________________________Section:_____________Date:____________

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)
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
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)
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

♦♦♦♦♦ GOD BLESSED♦♦♦♦♦

Prepared by:

Joan Mae A. Villegas

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