Directions: Identify the word or Ideas described In each statement. Plck your answer from the pool of words and write your best choice on a separate sheet of paper. A. economic rent B.investrnent C.savings D. census E. minimum F. wags . H. unemployment |. labor supply J. population . L. gross income 1. P1P?!\" B T B. Q It refers to the lowest wags per hour that the worker may be paid as mandated by the law. It is the source of labor supply although not all of a country's population are part of the labor supply. It refers to the postponed consumption at present. It refers to the building up the capital stock for more future production and consumption. It is the positive difference between the actual payment made for a factor of production {such as land. labor or capital} to its owner and the payment level expected by the owner, due to its exclusivity or scarcity. . It is another word for labor force in the country. . It is the compulsory contribution to state revenue. levied by the government on worker's income and business profits. It is a payment made to or for factor of production over and above the amount expected by its owner. . It is an ofcial count of the population of a contain local administrative unit in the Philippines. 10. It Is a persistent problem or situation where someone of working age Is not able to get a job but would like to be In full-time employment. ll. MODIFIED TRUE DR FALSE Directions: Read the given statements and write T It they are TRUE. Dtenlvlse, write F and give the word or phrase that correctly replaces the underlined part. 11. Minimum wages in the other regions in the Philippines are lower depending on the cost of living in the specic region or sector. 12. Full-time workers are those who work for 40 hours or more while part-time workers work for less than 40 hours. 13. The population of the Philippines is relatively increasing. 14. of a country's population is part of the labor supply. 15. The population of the Republic of the Philippines reached more than 50 million people in 2M4. 15. Based on the projected population, the demand for products and services will naturally decrease. 1?. The people of a country are very important as a resource used in the production it goods and services. 18. The problem of inadequate wage is intertwined with the problem of unemployment. | I 19. The setb'ng of minimum wages by the government assures protection for the employers. 2|]. Economic rent exists due to market Imperfections