SECTION A: 30 TRUE/FALSE (T/F) STATEMENT QUESTIONS (30 MARKS)
Please provide your answer in the table below
(each correct answer is worth 1 mark):
Please insert “T” if the statement is true or “F” if the statement is false
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The study of microeconomics and macroeconomics differs in that microeconomics studies the economy in terms of private individuals and firms while macroeconomics includes the effect of an industry.
Assume that croutons and soup are complementary goods. The effect on the soup market of a decrease in the price of croutons (other things being equal) would best be described as an increase in the quantity of soup demanded.
Suppose the price of a bus ticket rises from $2.75 to $3.00 and the number of tickets sold falls from 10 000 to 8 500, the price elasticity of demand is elastic.
Product differentiation refers to the attempt by firms to make their products look like those of the other firms in the industry.
Australian gross domestic product (GDP) is the market value of all final goods and services produced in Australia by Australian citizens during a year.
Samantha was being treated unfairly by her boss, so she quit the job and two days later found another position. For two days, Samantha experienced structural unemployment.
An inflation hedge is an asset that increases in value at a rate equal to or greater than the rate of inflation.
Attachments:
3174544_1_Major-Assessment-Questions-SP2-2019.docx
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