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1. Which of the following consists of those who seek and those who deliver labor services?
A. Labor market B. Labor supply C. Labor demand D. Labor market equilibrium
2. What goods are important needs for the consumers’ lives and survival?
A. Basic commodities B. Prime commodities C. General commodities D. Commercial commodities
3. Which of the following terms describes the number of labor employers wish to hire at a given time?
A. Labor demand B. Labor market C. Labor supply D. Labor market equilibrium
4. Due to a rise in the number of customers, Ring’s bakery needs to hire another baker. However, they also
need to increase prices to compensate for the added expense. Which of the following factors best describes
this scenario?
A. Employment B. Unemployment C. Population D. Wage
5. Around 51% of all Filipinos live in urban areas. Meanwhile, commodity pricing in urban cities is 13% to
16% higher than in rural towns. Which of the following factors best explains this scenario?
A. Population B. Unemployment C. Employment D. Wage
6. Having been struck by the COVID-19 pandemic, retailer Juan de la Cruz needs to lay off workers to avoid
more losses. However, he also noticed that more people have become price-sensitive. Because of this, he has
decided to sell his merchandise at a discount. Which of the following factors best explains this scenario?
A. Unemployment B. Population C. Employment D. Wage
7. Which of the following statements is not true about wages?
A. When wages increase, there is a decrease in purchasing power.
B. As companies increase wages, they need to compensate through pricing.
C. Any wage increase creates a circular impact on commodity pricing.
D. An increase in wages can lead to an average rise in prices or inflation.
8. The suggested retail price is a list containing all of the proposed pricing of all commodities. This list is
prepared by different implementing agencies. Which of the following agencies will likely contribute less to
this list?
A. Department of Justice B. Department of Trade and Industry
C. Department of Health D. Department of Agriculture
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