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Mindanao Mission Academy Accountancy, Business and Management

1. This document appears to be an exam for a course in applied economics. 2. It contains multiple choice and fill-in-the-blank questions testing knowledge of economic concepts like markets, demand, supply, and resources. 3. It also includes problems asking students to draw demand and supply graphs based on price and quantity data provided in tables.

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HLeigh Nietes-Gabutan
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32 views1 page

Mindanao Mission Academy Accountancy, Business and Management

1. This document appears to be an exam for a course in applied economics. 2. It contains multiple choice and fill-in-the-blank questions testing knowledge of economic concepts like markets, demand, supply, and resources. 3. It also includes problems asking students to draw demand and supply graphs based on price and quantity data provided in tables.

Uploaded by

HLeigh Nietes-Gabutan
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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MINDANAO MISSION ACADEMY

Accountancy, Business and Management


First Midterm Examination name:____________________________
APPLIED ECONOMICS score:_________

Test 1: Identification C. Solve for the supply schedule given the following prices.
1. An interaction between buyers and sellers___________
2. An economic system in which decisions are based on Quantity
Prices
traditions and practices upheld over the years and Demanded
passed on from generation to 0 15
generation_______________ 2
3. A type of market where workers offer services and look 4
for jobs, and where employers look for 6
workers__________ 8
4. Division of economics that is concerned with the overall
performance of the entire economy. _____________ D. Using the above data, draw the supply graph. Use the
5. A condition where there are insufficient resources to given table below.
satisfy all the needs and wants of a population.
___________
6. Felt when a change in the price of a good changes
demand due to alternative consumption of substitute
goods. _____________
7. There is an inverse relationship between the price of a
good and the quantity demanded for that
good___________
Test III. Identification: Identify whichEconomic Resource is
8. Quantity of goods that a seller is willing to offer for
referred by each number.
sale____________
____________1. Entertainers
9. There is a direct relationship between the price of a good
____________2. Minerals
and the quantity supplied of that good_______________
____________3. Forests
10. The application of economic theory and econometrics is
____________4. Marine Resources
specific settings with the goal of analyzing potential
____________5. Teachers
outcomes.______________
____________6. Teachnology
____________7. Production Equipment
____________8. Engineers
Test 11: Problem Solving
____________9. Call Center Agents
A. Solve for the demand schedule of a consumer given the ____________10. Business Proprietor
following prices.
IV. Using the data below, Identify what is the Quantity
Prices Quantity Demanded Demanded and Quantity supplied for the given price.
0 25
4 14

8 12

12 10

16 8

B. Using the above data, draw the demand graph. Use the 4

given table below. 2

0
10 20 30 40 50 60 70 80

1. Price -12 3. Price – 4


Qd – Qd -
Qs – Qs -
2. Price – 8 4. Price - 10
Qd – Qd -
Qs – Qs -

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