NORTHEASTERN CEBU COLLEGES, INC.

P.G. Almendras St., Danao City Cebu

MIDTERM EXAM IN DISCIPLINES AND IDEAS IN THE SOCIAL SCIENCES

11 – MERCURY AND VENUS
Prepared by: Ms. Aubrey Kaye P. Conde

Name:____________________________________Date:___________
Grade and Section:__________________________Score:__________
I. Identification. Fill in the blanks the correct answer. No erasures.
1. What is one of the fields of economics that is often associated with welfare economics, it
focused on providing explanations and arguments on how economic policies should be?
________________________
2. What was first conceived as the study of the allocation of resources within the household level?
________________________
3. What refers to the entirety of available goods that market can offer? ____________________
4. What process wherein raw materials are transformed into usable goods or commodities?
______________________
5. Who coined the term “mercantilism” in 1743? ______________________
6. What is the ancient Greek word which means custom/law? ___________________________
7. What is the strict government regulation of trade within its territories? __________________
8. What is the published treatise that proposed methods that could be used efficiently to manage
an economy under a dictatorial regime? ________________________
9. Who is an English economist that supports the mercantilist paradigm? ____________________
10. What human action that is based on a calculated purpose or objectives? ___________________
11. Who is the father of modern economics? ___________________________
12. Who is the Italian theologian and philosopher discussed the concept of “just price” in his work
Summa Theologica? __________________________
13. Who is an English economist that proposed in his work “On the Principles of Political Economy
and Taxation” that the importance of product maybe sustainable and efficient? _____________
14. What focuses on understanding the interconnection between the concepts of rationality,
individualism, and equilibrium? ________________________
15. Who is the British economist that is one of the key theorist in the field of macroeconomics?
_____________________
16. What involves in the development of mathematical method with the aid of computers? _______
17. What focuses its analysis on the equitable allocation of resources and good among populace,
which in turn affects social welfare? ______________________________
18. What term that was first coined by Pawel Ciompra in 1910? ______________________
19. What refers to a method in production wherein the process of producing goods and services is
concentrated to a particular group of individuals or region? ______________________
20. What utilizes economic theories and formulas to real world scenarios with the goal of predicting
possible events and outcomes? ________________________

II. True or False. Write true if the statement is true and write the correct answer if the
statement is false. No erasures.

___________1. Positive economic is viewed as the descriptive form of economics wherein its chief
aim is to describe and explain economic phenomena or behavior.

___________2. Thomas Mun is a British economist who is one of the major critics of Smith.

___________3. Behavioral Economics provides an analysis that fuses economics principles with
psychological framework.

___________4. Microeconomics focuses on small scale market interactions that transpire between
individuals consisting business forms and households.
___________5. Demands represent the actual quantity of goods or services that the public requires
from the market.

___________6. Thomas Malthus argued that the continuous increase in population also demands
decrease in production which in turn increase labor force.

___________7. Alfred Marshall work is “A Discourse of trade from England unto the East Indies
(1621)”.

___________8. Market is an anthropological concept.

___________9. Economic of Education is the process that involved in the harvest and transfer of
raw materials and products entail consequences to the environment.

___________10. Oikos means house.

III. Enumeration. Write the correct answer. No erasures.

a. Name the fields of economics

1.

2.

3.

4.

b. List the key concepts of economics

5.

6.

7.

8.

c. Enumerate the research method in economics.

9.

10.

11.

12.

13.

14.

15.

d. Name the current applications of economics

16.

17.

18.

e. List the reasons why Marshall argued that Smith’s theory is problematic.

19.

20.
IV. 5 pts – content
Essay. Answer the questions BRIEFLY. 10 pts
3 pts – grammar
2 pts- following instruction
10 pts – total
1. What is the difference between supply and demand? Cite an example(s).