Applied Economics

Economics is both a social science and an applied science.

• True

• False

All the workers from different regions of the Philippines have the same minimum wage.

• True

• False

If the price of printers goes up, the demand for ink will also go up.

• True

• False

The producer is the one who purchases something at a store.

• True

• False

When there is a low supply of goods/services, then price will go up.

• True

• False

Buyers have the power to pressure on small businesses by demanding lower prices, higher quality, or additional services, or by playing competitors off one another.

• True

• False

A decrease in price of a substitute can cause the demand curve to shift

• True

• False

Which among the following concepts is not a main concern of an entrepreneur?

• Interest rate

• Poverty

• Wages

• Taxes

Which among the choices below describe the graph?

• Demand curve

• Equilibrium

• Inflation

• Supply curve

The change in the production technology will have no effect on the supply curve

• True

• False