Supply, Demand, and Norms Assessment

The video tutorial introduces key economic concepts, focusing on the laws of demand and supply, and their role in determining market prices and quantities. It explains the law of demand, highlighting how price changes affect consumer purchasing behavior. The tutorial also covers factors influencing demand, such as consumer preferences and income. Additionally, it explores various societal norms, including religious, moral, etiquette, and legal norms, providing examples and discussing their significance in daily life. The video concludes with a summary and encourages viewer engagement.

What happens to the supply of goods when prices are high?

• Supply fluctuates

• Supply increases

• Supply remains the same

• Supply decreases

What is the relationship between the price of a product and the quantity demanded according to the law of demand?

• Fluctuating relationship

• No relationship

• Negative relationship

• Positive relationship

Which of the following is NOT a factor affecting demand?

• Price of substitute goods

• Consumer preferences

• Number of producers

• Consumer income

What is the source of religious norms?

• Divine revelation

• Societal customs

• Government laws

• Human conscience

Which of the following is an example of a religious norm?

• Wearing formal attire

• Paying taxes

• Respecting other people's beliefs

• Driving within speed limits

What is the basis of moral norms?

• Government regulations

• Divine commandments

• Human conscience

• Societal customs

Which of the following is an example of a moral norm?

• Paying taxes

• Returning a lost wallet

• Following traffic rules

• Wearing a uniform

What is the consequence of violating moral norms?

• Economic loss

• Divine retribution

• Social exclusion

• Legal punishment

Which of the following is an example of a social norm?

• Paying taxes

• Respecting traffic signals

• Wearing appropriate clothing

• Praying regularly

What is the nature of legal norms?

• Optional

• Flexible

• Advisory

• Mandatory