SS9 Review Quiz 1

It refers to the use of goods and services to satisfy man's needs and wants.

• Allocation

• Consumption

• Production

• Distribution

According to the Law of Demand, all things being equal, if the price of a good goes down...

• its demand will remain the same

• its demand will also go down

• its demand will increase

• its demand will change accordingly

Based on the table below, at what point will disutility set in?

• apple no. 4

• apple no. 5

• apple no. 6

• apple no. 7

Based on the Law of Diminishing Marginal Utility, the satisfaction one gets from consuming an additional unit of the same good _____ as the total utility increases.

• remains the same

• increases

• decreases

• stays constant

What does the term "ceteris paribus" or "all other things being equal" mean?

• all other factors are not important

• all other factors that may affect the demand or supply are undefined

• only the price can affect either the demand or the supply

• other factors that may affect the demand or supply remain unchanged

Given the demand function, Qd = 100 - 5(P), what will be the demand if the price is 12?

• 30

• 35

• 40

• 45

The demand for all goods and services increased after the release of employees' 13th month pay. What is the factor that affected the demand in this situation?

• price

• occasion

• number of buyers

• income

The demand for pork went down due to an increase in its price. How is this shown graphically?

• a movement along the demand curve

• a shift of the demand curve to the right

• a shift of the demand curve to the left

• a demand curve showing constant demand

At what price will the demand be lowest?

• P2

• P3

• P4

• P5

The supply of rice went down after a devastating typhoon. Which graph illustrates this scenario?

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