= 2.3 Factors Affecting Demand and Supply Questions Question 1/10 What are goods that can be used in place of another good? Choose an answer Hint Complementary goods Substitute goods Normal goods Inferior goods2.3 Factors Affecting Demand and Supply 13 Questions Question 21'10 What is the amount of labor offered for hire over a particular period of time? Cheese an answer Hint Service demand Labor supply Labor demand Service supply 2.3 Factors Affecting Demand and Supplyr @ Questions Question 3!\") Which of the following is a nonwage factor of labor supply? Choose an answer Hint Price of other inputs Technology Required education Number of companies 2.3 Factors Affecting Demand and Supply Questions Question 4/10 Which of the following pairs are examples of substitutes? Choose an answer Hint Coffee and cream Bananas and apples Table and fans Pillows and blankets2.3 Factors Affecting Demand and Supply Questions Question 5/10 Which of the following pairs are examples of complements? Choose an answer Hint Coffee and cream Chairs and beds Table and fans Notebooks and pad papers2.3 Factor5 Affecting Demand and Supply a Questions Question 6110 Which of the following is an example of an inferior good? Choose an answer Hint Mobile data Jeepney rides Fast food Clothes 23 Factors Affecting Demand and Supply a Questions Question "\"10 The Republic Act 1133? or the Innovative Startup Act encourages local and foreign businesses to put up businesses in the country. It also encourages rms to expand and grow. Which side of the market will most likely shift rst, and in which direction? Choose an answer Hint Demand side, shift to the left Supply side, shift to the left Supply side, shift to the right Demand side, shift to the right = 2.3 Factors Affecting Demand and Supply E Questions Question 8/10 Based on the previous question, what happens to the equilibrium quantity and price? Choose an answer Hint Equilibrium quantity increases and equilibrium price decreases Equilibrium quantity decreases and equilibrium price increases Both equilibrium quantity and price decreases Both equilibrium quantity and price increases2.3 Factors Affecting Demand and Supply a Questions Question EH10 In 1999, Mobile ABC released its 3123 model where it sold over 160 million units. Twenty years later, in 2019, other mobile brands now dominate the smartphone market. For Mobile ABC phones, which side of the market is shifting and where? Choose an answer Hint Demand side, shift to the left Supply side, shift to the left Supply side, shift to the right Demand side, shift to the right 23 Factors Affecting Demand and Supply 13 Questions Question 10(10 Based on the previous question, What happens to the equilibrium quantity and price of Mobile ABC phones? Choose an answer Hint Both equilibrium quantity and price decreases Equilibrium quantity increases and equilibrium price decreases Equilibrium quantity decreases and equilibrium price increases Both equilibrium quantity and price increases = 2.2 Market Equilibrium Questions Question 1/10 Which of the following statements best defines market equilibrium? Choose an answer Hint It is a state of balance where the quantity supplied is greater than the quantity demanded at a given price. It is a state of balance where the quantity supplied is not equal to the quantity demanded at a given price. It is a state of balance where the quantity supplied is less than the quantity demanded at a given price. It is a state of balance where the quantity supplied is equal to the quantity demanded at a given price.2.2 Market Equilibrium E Questions Question 2/10 What is the market condition when there is excess supply in the market? Choose an answer Hint shortage disequilibrium equilibrium surplus2.2 Market Equilibrium Questions Question 3/10 When the market is in equilibrium, what will happen to the price of goods and services? Choose an answer Hint Price fluctuates. Price decreases. Price increases. Price stays the same.2.2 Market Equilibrium Questions Question 4/10 Which of the following market conditions are in market equilibrium? Choose an answer Hint Local demand for pork is 20 kilos per day at P150 per kilo while the local supply for pork is 10 kilos per day at P120 per kilo. Local demand and supply for pork are the same 30 kilos per day. The seller sells pork at P150 per kilo while the buyer would like to buy pork at P120 per kilo. Local demand for pork is 10 kilos per day at P180 per kilo while the local supply for pork is also 10 kilos per day at P200 per kilo. Local demand for pork is 10 kilos per day at P180 per kilo while the local supply for pork is also 10 kilos per day at the same price.2.2 Market Equilibrium Questions Question 5/10 Which of the following market conditions exhibit a shortage in the market? Choose an answer Hint There is an undetermined supply of laptops in the market before the start of the new school year. There is enough supply of laptops in the market before the start of the new school year. There is an excess supply of laptops in the market before the start of the new school year. There is not enough supply of laptops in the market before the start of the new school year.2.2 Market Equilibrium Question 6!\") Below is the demand and supply schedule for 1-liter ethyl alcohol bottles produced by a local manufacturer for a month at the start of the global health crisis brought by the COVID-19 disease. Price of 1!. ethyl alcohol Demand for alcohol Supply of alcohol per bottle (in bottles} {in bottles] P325 2.500 900 P300 2.000 1.000 P350 1,500 1.200 r4130 1.400 1.400 P 450 1.200 1,300 Identify the price where the market equilibrium exists. Choose an answer Hint P300 P450 P350 P400 2.2 Market Equilibrium Questions Question 7\"!) The graph below shows the demand and supply for smartphones before the start of the school year in preparation for remote learning. 50m mdmdnm 30m 35m At what point in the graph will the market reach equilibrium? Choose an answer Hint Point D Point C Point B Point A 2.2 Market Equilibrium Questions Question 8110 The graph below shows the demand and supply for smartphones before the start of the school year in preparation for remote learning. The smartphone market experienced a shortage three days before the ofcial opening of classes. If there are only 30 smartphones in the market, What is the price per piece of a smartphone? Choose an answer Hint 96,000 93,500 cannot be determined 93,000 2.2 Market Equilibrium Questions Question 9I10 The global demand for air conditioning units will grow by 5.6 billion in 2050. It is expected that 10 new air conditioning units will be sold every second for the next 30 years according to the International Energy Agency. In a local appliance store selling air conditioning units, the demand for air conditioning units is qd= 8000 - 0.25P, while the supply function is (15' = 100 + 0.25P. What is the equilibrium price per air conditioning unit? Choose an answer Hint 1318,800 1316,5300 917,300 1315,300 2.2 Market Equilibrium Questions Question 1DI1D The global demand for air conditioning units will grow by 5.6 billion in 2050. It is expected that 10 new air conditioning units will be sold every second for the next 30 years according to the International Energy Agency. In a local appliance store selling air conditioning units, the demand for air conditioning units is qd= 8000 - 0.25P, while the supply function is as: 100 + 0.25P. Solve the equilibrium quantity for the given local appliance store selling air conditioning units. Choose an answer Hint 4,100 units 4,000 units 4,250 units 4,050 units 2.1 The Law of Demand and Supply E Questions Question 1/10 Which term refers to the quantity of a product that buyers wish to purchase at each possible price at a given time? Choose an answer Hint Demand Quantity supplied Quantity demanded Supply2.1 The Law of Demand and Supply a Questions Question 21'10 Which term refers to the quantity of a product that sellers wish to produce and sell at each possible price at a given time? Choose an answer Hint Quantity supplied Demand Quantity demanded Supply 2.1 The Law of Demand and Supply 13 Questions Question 3:10 In the demand equation 00" = a - i'.')(.r\":')J which among the 1variables determines the slope of the demand curve? Choose an answer Hint 2.1 The Law of Demand and Supply El Questions Question 4i1 Based on the demand function 00' = 66 - 3P, what is 00' if P: 12? Choose an answer Hint 10 4O 30 20 2.1 The Law of Demand and Supply E Questions Question 5/10 Based on the supply function Qs = 4 + 2P, what is Qs if P= 7? Choose an answer Hint 16 14 18 202.1 The Law of Demand and Supply' E Questions Question END Which of the following is an example of market activity? Choose an answer Hint Clicking items and including them in a wishlist Selling and huyin g items through online shopping Sellers are marketing their products to different shoppers A sales clerk talking to a customer about a good book recommendation 2.1 The Law of Demand and Supply a Questions Question 7(10 Why does the demand curve slope downward? Choose an answer Hint Lower prices of a product encourage consumers to purchase more of it. Price and quantity demanded are directly (positively) related. The larger the number of buyers in a market, the lower the product price Producers offer less of a product for sale as the price of the product falls. 2.1 The Law of Demand and Supply E Questions Question 8/10 Why does the supply curve slope upward? Choose an answer Hint Higher prices of a product encourage sellers to produce more of it. It describes the collective behavior of buyers in the market. It shows that producers will offer more of a product for sale at lower prices. It shows an inverse relationship between price and quantity supplied.2.1 The Law of Demand and Supply Questions Question 9/10 Which of these characteristics best describes the similarities between quantity demanded and quantity supplied? Choose an answer Hint Both describe the overall behavior of the market. Both shift from either left or right. Both describe the ability and willingness of the buyer and seller. Both are present in the market.2.1 The Law of Demand and Supply E Questions Question 10/10 Which of the following statements is true in market equilibrium? Choose an answer Hint In market equilibrium, demand and supply balance each other out. In market equilibrium, demand is always greater than supply. In market equilibrium, price always changes depending on the demand. In market equilibrium, supply is always greater than demand.1.1 Economics as a Social Science Questions Question 2/10 Which of the following economic concepts are modeled in the production possibilities frontier? Choose an answer Hint efficiency and inefficiency scarcity, choice, and opportunity cost scarcity, allocation, and utility macroeconomics and microeconomics1.1 Economics as a Social Science @ Questions Question 3!\") As rational beings, humans will likely choose which of the following? Choose an answer Hint high monetary cost high opportunity cost most utility least utility 1.1 Economics as a Social Science B Questions Question 4ND You chose to spend an hour of your free time to prepare for an exam instead of going to bed an hour earlier. Because of your added preparation, you achieved a perfect score on your test. What is the opportunity cost of this decision? Choose an answer Hint one hour of sleep one hour of playing Video games perfect score on the exam one hour of studying 1.1 Economics as a Social Science Questions Question 5/10 You are the owner of a coffee shop who recently hired five new employees. You decide that every day, four employees will work on their assigned tasks while one employee gets to rest the whole day. Why is this an inefficient policy? Choose an answer Hint There is still an available employee who could do other assigned tasks. Five employees are too many to run a coffee shop. The resting employee will occupy a vacant seat that a paying customer could have used. Hiring new employees means having to train them, which will take time.1.1 Economics as a Social Science a Questions Question 6110 Which of the following situations best exhibits the concept of scarcity? Choose an answer Hint The population of certain sh species is dropping due to overshing. A registered voter is choosing between two candidates in a local election. College students are choosing to forego degree programs in favor of alternative options. A company is expanding and becoming more costeffective at producing their products. 1.1 Economics as a Social Science a Questions Question 7'10 Mr. Reyes is known for his small food stall near his home. He only sells 100 cups of homemade ice cream daily. Usually, by 1:00 pm, all products are sold out. Many customers still come after this time, but Mr. Reyes is unable to sell them ice cream anymore. Which of the following economic concepts is shown in this example? Choose an answer Hint choice macroeconomics scarcity opportunity cost 1.1 Economics as a Social Science @ Questions Question 8110 As one of the rst pandemic hotspots, Italy had to begin following the triage system. A triage system is where health professionals have to consider the likelihood of survival when deciding which patients would receive priority care. In this scenario, which of the following economic concepts is used to help consider the patients' likelihood of survival? Choose an answer Hint opportunity cost utility scarcity choice 1.1 Economics as a Social Science Questions Question 9I10 China has begun adopting a rmer stance against pollution. They have increased regulations, requiring businesses to have environmentallyfriendly operations. However, there are growing concerns that this hardline approach will negatively affect the economy. Which of the following best represents the opportunity cost of China's decision to impose more environmental regulations? Choose an answer Hint China will have to help support the economic agents who will be negatively affected by the new regulations. Companies will no longer be able to ignore environmental regulations, potentially increasing their costs and prices. Chinese citizens will benet from a cleaner environment due to less pollution. China will receive a lot of support from environmentalist groups. 1.1 Economics as a Social Science B Questions Question 101F111 Which of the following arguments could disprove the idea that humans are rational beings? Choose an answer Hint Humans are also relational beings by nature, and in their decisionmaking, also consider the happiness of other people. When humans have to make difcult choices, sometimes they do not choose at all. Humans are naturally inclined to prioritize their satisfaction. Some humans do not know what they want or desire. 1.3 Philippine Socioeconomic Development in the 21st Century Questions Question 4/10 What characteristic of a typical mixed economy might be attributed to the traditional economic system? Choose an answer Hint The culture of working long hours to climb the corporate ladder. Normal inheritance laws have wealth and assets transferring from parent to child in the event of a parent's death. The presence of locally elected officials who are expected to address issues affecting the community. Parents working hard to be able to provide a better future for their children.1.3 Philippine Socioeconomic Development in the E] 21st Century Questions Question 5110 Which of the following would count towards the unemployment rate of a country? Choose an answer Hint Soa is a 26yearold who just left her previous employer and is currently looking for a new job. Josh is a 20yearold fresh graduate from college who is in no rush to nd employment. Carlo just recently retired at the age of 68 and is currently looking for new hobbies to spend his time on. Maxine is currently working as a sales representative of a major insurance rm in the country. 1.3 Philippine Socioeconomic Development in the 21st Century Questions Question 2/10 Hyperinflation will increase which of the following components of GDP? Incorrect! Hint Consumption Imports Exports Investments1.3 Philippine Socioeconomic Development in the a 21st Century Questions Question 15110 In 2019 , Country A experienced its lowest average price levels in over a decade. Using 2015 as the base year, what can you infer about the real GDP of 2019? Choose an answer Hint The nominal GDP of 2019 will have the same value. It will be higher than the nominal GDP of 2019. It will be the same as the real GDP of 2015. It will be lower than the nominal GDP of 2019. = 1.3 Philippine Socioeconomic Development in the 21st Century Questions Question 7/10 How does corruption worsen the economic problem? Choose an answer Hint Corruption causes distrust between the government and its constituents. Corruption only benefits the small minority of those who are in power. Corruption prevents the effective implementation of programs that benefit the majority. Corruption affects the opinion of the international community on our country.1.3 Philippine Socioeconomic Development in the a 2'Ist Century Questions Question 3110 How did the power crisis in the 1990s negatively affect the socioeconomic situation of the country? Choose an answer Hint The lack of power led to periods of unproductiveness in businesses, schools, hospitals, government agencies, and other institutions. The lack of power caused foreign investors to avoid betting on a risky economy. The lack of power caused the population to lose trust in their government and their ability to address issues. The lack of power forced the government to provide more licenses for businesses to enter the energy sector. 1.3 Philippine Socioeconomic Development in the a 21 st Century Questions Question 9!\") Data shows that the population is growing at a faster rate than the economic growth the country is experiencing. What can we conclude from this? Choose an answer Hint The increase in population negatively affects the GDP per capita. The increase in population is contributing to the increase in economic growth. The increase in population is a result of more nancial security amongst the people. The increase in population will lead to a higher unemployment rate as more people compete for a limited number of jobs. 1.3 Philippine Socioeconomic Development in the a 21 st Century Questions Question 101'10 Which of the macroeconomic goals would you use to justify the redistribution of land from hacienda owners to farmers here in the Philippines? Choose an answer Hint Equity in income distribution Economic growth Low unemployment Steady and low ination PETRON 3674 likee 1707 65 2719 DINE IN JIFIES CITO THE GOOD ONE4:36 ~ 0.00 4G | 55% KB/S learn.quipper.com/en/assignments/6: 5 Unit 1: Introduction to Applied Economics E 1.3 Philippine Socioeconomic Develop... Question 2/10 Hyperinflation will increase which of the following components of GDP? Incorrect Consumption Imports Exports Investments Inflation refers to an increase in average price levels in an economy. Hyperinflation is a type of inflation characterized by a rapid and significant increase in overall prices. Considering the price of imported goods will not change, hyperinflation would make imports or goods from abroad comparatively more affordable. Next Question E O2.1 The Law of Demand and Supply Questions Question 6/10 Which of the following is an example of market activity? Choose an answer Hint Clicking items and including them in a wishlist Selling and buying items through online shopping Sellers are marketing their products to different shoppers A sales clerk talking to a customer about a good book recommendation Answer \"I CJ A