Introduction to Supply and Demand FINAL

Multiple Choice

Why is understanding supply and demand important in economics?

• It helps predict consumer behavior and market trends.

• It only affects government policies.

• It is unrelated to pricing and production.

• It is mainly used for historical analysis.

Open Ended

In what ways can understanding supply and demand improve policy-making and economic planning?

Open Ended

What do you think will be the implication of 'Labubu craze' on our local market?

Fill in the Blank

The willingness and ability of the consumer to purchase or buy is called ___.

Multiple Choice

Which of the following is an example of an inferior good?

• Organic vegetables

• Designer clothes

• Instant noodles

• Luxury cars

Multiple Choice

Based on the demand schedule, what happens to the quantity demanded as the price decreases from 5 to 1?

• Quantity demanded increases

• Quantity demanded decreases

• Quantity demanded remains the same

• Quantity demanded fluctuates

Fill in the Blank

The demand curve is generally ___ sloping.

Multiple Select

Which of the following statements are correct about a rightward shift in the demand curve?

• It indicates an increase in demand.

• It indicates a decrease in demand.

• It is caused by factors other than price.

• It is caused by a fall in price only.

Open Ended

Compare and contrast the effects of a rightward and leftward shift in the demand curve. What do these shifts indicate about market demand?

Multiple Choice

Which of the following best describes the Law of Demand?

• As price increases, quantity demanded increases.

• As price decreases, quantity demanded decreases.

• As price increases, quantity demanded decreases.

• Price and quantity demanded are unrelated.

Open Ended

Explain how the willingness and ability of a supplier to supply goods can impact the market.

Multiple Select

Which of the following are determinants of supply?

• Price

• Cost of inputs

• Technology

• Consumer preferences

Multiple Choice

If management motivates its workers to do a better job, what is likely to increase?

• Productivity

• Cost of inputs

• Taxes

• Government regulation

Fill in the Blank

Anticipation of future events that can affect the supply curve is known as ___.

Open Ended

Based on the supply schedule, what is the relationship between price and quantity supplied?

Multiple Choice

What is the main characteristic of a supply curve?

• It is downward sloping

• It is upward sloping

• It is horizontal

• It is vertical

Multiple Select

Which of the following statements are true about shifts in the supply curve?

• A rightward shift means supply increases

• A leftward shift means supply decreases

• A rightward shift means supply decreases

• A leftward shift means supply increases

Fill in the Blank

According to the law of supply, the higher the price, the _____ the quantity supplied.

Multiple Choice

In what price where the consumers and sellers agreed?

• 10

• 20

• 30

• 40

Open Ended

How can the concepts of supply and demand be applied to understand the labor market?

Open Ended

What are the factors that affect the labor supply?

​Economics

Open Ended

What are the factors that affect the labor demand?

Open Ended

Why many Filipinos migrate to other countries for work?

Multiple Choice

If Philippines significantly increases its imports from United States, then?

• The Philippine peso will appreciate against the dollar.

• The US Dollar will appreciate against Philippine Peso.

• The Philippine peso will depreciate against the dollar.

• No effect.

Multiple Choice

Which of the following can improve a country’s trade balance?

• Increasing imports without changing exports

• Increasing exports or reducing imports

• Increasing domestic consumption of foreign goods

• Lowering tariffs on imported goods

Multiple Choice

When a country’s interest rates rise relative to another country, what usually happens to its currency?

• It depreciates due to capital outflows.

• It appreciates because of increased foreign investment.

• It stays the same regardless of interest rates.

• It becomes less attractive to investors.

Multiple Choice

If investors expect the Philippine peso to weaken in the future, what is likely to happen now?

• Increased demand for the peso.

• Decreased supply of the peso as investors but it.

• Increased supply of the peso as investors sell it.

• No change in the foreign exchange market.

Multiple Choice

How does higher inflation in the Philippines compared to its trading partners typically affect the peso?

• The peso appreciates

• The peso depreciates

• The peso remains stable

• Inflation has no effect on the peso

Open Ended

Is there a housing shortage in the Philippines or shortage of affordable housing?

Open Ended

Reflecting on today's lesson, how would you explain the law of supply and demand to someone unfamiliar with economics?