Jumpstart For you to understand the lesson well, do the following activities, Have fun and good luck! PRE-TEST Multiple Choice: Choose the letter of the correct answer. Write your answer on a separate...

Multiple Choice:

Extracted text: Jumpstart For you to understand the lesson well, do the following activities, Have fun and good luck! PRE-TEST Multiple Choice: Choose the letter of the correct answer. Write your answer on a separate sheet of paper. 1. What economic term refers to the amount of some goods or services that are consumers willing and able to purchase at each price? A. Demand I. B. Equilibrium C. Market D. Supply 2. What economic term refers to the quantity of goods that the seller is willing to offer for sale? B. Equilibrium C. Price D, Supply A. Demand 3. Which refers to the quantity of a commodity that producers are willing to sell at a particular price at a particular point in time? A. Quantity supplied B. Supply 4. Choose the word that makes the statement incorrect in this statement substitution effects of goods, when the price of mango increases, pineapple can be a substitute for mango. A. Increases B. Pineapple 5. Headline news today, September 28, 2020, that the price of gasoline per liter will rise on September 30, 2020. What is the result of this news? A. Supply of gasoline decreases. B. The price of a liter of gasoline falls today. C. Today's demand for gasoline increases. D. Today's supply of gasoline increases. C. Supply schedule D. Supply curve "In C. Substitute D. Substitution effects II. Identification: Read and analyze the question. Identify what is being asked in the sentence. Write your answer in a separate sheet of paper. 1. It states that other factors being constant (ceteris paribus), price, and quantity demand of any goods and services are inversely related to each other. When the price of a product increases, the demand for the same product will fall. 2. Using the same assumption of ceteris paribus, there is direct relationship between the price of a good and the quantity supplied of that good. 3. It is the interaction between buyer and sellers of trading or exchange. 4. The state in which the market supply and demand balance each other. 5. The total number of units purchased at that price. TRUE OR FALSE: Write the word TRUE if the statement is correct and FALSE if it is orrect about the non-price determinants of demand and supply. 1. A good for which consumers' tastes and preferences are greater, its demand would be large, and its demand curve will therefore lie at a higher level. 2. The higher income means greater purchasing power. 3. When the price of a substitute for a good fall, the demand for that goodwill 5.