Microeconomics: Demand and Supply
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Questions and Answers

What occurs when someone is willing to work but does not have a paid job?

  • Unemployment (correct)
  • Underemployment
  • Employment
  • Labor Supply

    • What is one of the effects of a weak peso on domestic tourists?

  • They can travel abroad at a lower cost
  • Inflation decreases
  • They need more pesos to buy dollars (correct)
  • The government reduces their debt

    • What is the condition in which workers are employed in less than full-time or regular jobs?

  • Underemployment (correct)
  • Labor Supply
  • Unemployment
  • Employment

    • What accounts for roughly 30% of the workforce and about 14% of GDP in the Philippines?

    <p>Agriculture</p> Signup and view all the answers

    What happens to the pump-prices of gasoline and other petroleum products when the peso depreciates?

    <p>They increase</p> Signup and view all the answers

    What is one of the benefits of a weak peso for exporters and OFWs?

    <p>They receive more pesos for every dollar they exchange</p> Signup and view all the answers

    When the quantity demanded changes a lot when prices change a little, a product is said to be?

    <p>Elastic</p> Signup and view all the answers

    According to George Bernard Shaw, what is the root of all virtue?

    <p>The love of the economy</p> Signup and view all the answers

    What type of economy is the Philippines transitioning to?

    <p>Service-based economy</p> Signup and view all the answers

    What is one of the effects of a weak peso on foreign tourists visiting the Philippines?

    <p>They find it attractive to visit the Philippines with their dollars buying more pesos</p> Signup and view all the answers

    What is the primary purpose of labor laws and regulations?

    <p>To protect labor from abuses by employers</p> Signup and view all the answers

    What is one of the effects of a weak peso on the government?

    <p>The government's debt servicing increases</p> Signup and view all the answers

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