ACTIVITY 1-4 APPLIED ECO

Labor supply is defined as the amount of labor offered for hire within a given time span.

• TRUE

• FALSE

R.A. 7582 is also known as the Price Act.

• TRUE

• FALSE

Labor demand is defined as the number of labor employers wish to hire at a given time.

• TRUE

• FALSE

Prime commodities are products that are important to the customers for their lives and survival.

• TRUE

• FALSE

Basic commodities are products that are not considered basic necessities but are necessary to customers.

• TRUE

• FALSE

According to the Malthusian theory, the more the population increases, the more the resources to supply their needs increases.

• TRUE

• FALSE

Wage push inflation is an average spike in the prices of commodities due to an increase in income.

• TRUE

• FALSE

The suggested retail price is a list of all proposed retail prices created by different implementing agencies.

• TRUE

• FALSE

Employment is defined as an arrangement where the employer will provide services for the employee.

• TRUE

• FALSE

Unemployment occurs when people are in between jobs or, if they do not have work, are actively seeking it.

• TRUE

• FALSE