BSED Major in Social Studies 2
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    BSED Major in Social Studies 2

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    These materials provide lecture notes, quizzes, and resources for BSED Social Studies students, covering key topics such as history, geography, economics, and political science. Marjhon Mascardo shares a personal note, reflecting on his college jour...

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    SocSci4 6. Demand and Change

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    1. What does a movement along the demand curve indicate?
    A. A change in quantity demanded due to a change in price.
    B. A shift in demand due to a change in consumer preferences.
    C. A change in both price and consumer preferences.
    D. A change in supply causing a shift in the demand curve.
    Answer: A. A change in quantity demanded due to a change in price. Explanation: A movement along the demand curve occurs when the quantity demanded changes in response to a change in price, while other factors remain constant.
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    2. Which assumption in economics isolates the effect of a specific variable while holding all other relevant factors constant?
    A. Ceteris Paribus Assumption
    B. Equilibrium Condition
    C. Laissez-faire Principle
    D. Opportunity Cost Principle
    Answer: A. Ceteris Paribus Assumption Explanation: "Ceteris paribus" is a Latin phrase meaning "all other things being equal." It allows economists to analyze the effect of one variable by holding other influencing factors constant.
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    3. If the price of a good increases and all other factors remain constant, what happens to the quantity demanded?
    A. It decreases.
    B. It increases.
    C. It remains the same.
    D. It fluctuates randomly.
    Answer: A. It decreases. Explanation: According to the law of demand, when the price of a good increases, the quantity demanded generally decreases, assuming other factors remain unchanged.
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    4. When consumer preferences for a product suddenly change, what kind of shift occurs in the demand curve?
    A. A movement along the demand curve.
    B. A rightward shift.
    C. A leftward shift.
    D. No shift occurs.
    Answer: B. A rightward shift. Explanation: If consumer preferences increase for a product, demand increases, resulting in a rightward shift of the demand curve.
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    5. What happens to the demand curve when there is an increase in the population of consumers?
    A. It shifts to the right.
    B. It shifts to the left.
    C. It remains unchanged.
    D. It becomes steeper.
    Answer: A. It shifts to the right. Explanation: An increase in population typically increases demand, leading to a rightward shift of the demand curve.
    6. Assuming all other factors are constant, what happens to the quantity demanded if the price of a substitute good decreases?
    A. It increases.
    B. It decreases.
    C. It remains the same.
    D. It depends on the elasticity of demand.
    Answer: B. It decreases. Explanation: If the price of a substitute good decreases, consumers are more likely to buy the substitute, decreasing the quantity demanded of the original good.
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