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Questions and Answers
What happens to the supply of labor when there is an increase in population?
What is the advantage to the country of origin when there is labor migration?
What is the role of labor in an economy?
What happens to the quantity demanded of labor when the supply of labor increases?
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What happens to the quantity of labor demanded when there is a decrease in the supply of labor?
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What is the reason for people migrating from one country to another for labor purposes?
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What was the response of the Philippine government to the housing shortage?
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What is the main cause of the housing shortage in the Philippines?
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What happens to the quantity demanded when the price of a product increases?
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What is the consequence of the real estate boom in the Philippines?
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What happens to the supply when the government imposes a tax on a product?
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What happens to the demand for a product when the price of complementary goods increases?
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Study Notes
Labor and Migration
- An increase in population leads to an increase in the supply of labor
- Labor migration benefits the country of origin by reducing unemployment, increasing remittances, and gaining access to foreign skills and knowledge
- Labor plays a crucial role in an economy by contributing to production, generating income, and influencing economic growth
Demand and Supply of Labor
- An increase in the supply of labor leads to a decrease in the quantity demanded of labor
- A decrease in the supply of labor leads to an increase in the quantity demanded of labor
Labor Migration
- The main reason for people migrating from one country to another for labor purposes is to seek better job opportunities, higher wages, and improved living standards
Housing in the Philippines
- The Philippine government responded to the housing shortage by implementing policies to increase the supply of housing units and providing subsidies to low-income families
- The main cause of the housing shortage in the Philippines is the rapid urbanization and population growth
Demand and Supply of Goods
- An increase in the price of a product leads to a decrease in the quantity demanded
- The real estate boom in the Philippines leads to an increase in housing prices and rents, making it difficult for low-income families to access housing
Government Intervention
- Imposing a tax on a product leads to a decrease in the supply of that product
- An increase in the price of complementary goods leads to a decrease in the demand for the original product
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Description
Test your knowledge of labor, population, and migration economics with this quiz. Explore concepts such as labor supply, population effects on labor, and the advantages of labor migration.
