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Question 1 (4 marks) “Poland broke the shackles of Soviet communist domination three decades

Question: Question 1 (4 marks) “Poland broke the shackles of Soviet communist domination three decades ago. Free for the first time since World War II, Poland cast off its yoke of government control and central planning in favour of an American-style free enterprise system where consumers, not elected officials or bureaucrats, drive investment, production and buyingSee the answerSee the answerSee the answer done loading

Show transcribed image text 100% (1 rating)Answer:- 1) C. 2) D 3) D. 0.15 percent Explanation: QUESTION 1 Option C is correct because The Polish economy is based on free market principles, which means that prices are a significant factor in both the distribution of resources and the establish…View the full answerTranscribed image text: Question 1 (4 marks) “Poland broke the shackles of Soviet communist domination three decades ago. Free for the first time since World War II, Poland cast off its yoke of government control and central planning in favour of an American-style free enterprise system where consumers, not elected officials or bureaucrats, drive investment, production and buying decisions.” Source: https://www.chronline.com/stories/brunell-commentary-our-economy-works-when-consumers-pick- winners 273515 Accessed: 14/10/21 The result to the Polish economy is that prices will determine… a. only the mix of output to be produced and the resources to be used in the production process. b. only the resources to be used in the production process and for whom the output is produced. c. the mix of output to be produced, the resources to be used in the production process, and for whom the output is produced. d. only for whom the output is produced and the mix of output to be produced. Question 9 (4 marks) “U.S. consumer prices increased solidly in September as Americans paid more for food, rent and a range of other goods, putting pressure on the Biden administration to urgently resolve strained supply chains, which are hampering economic growth.” Source: https://www.reuters.com/world/us/us-consumer-prices-increase-solidly-september-2021-10-13/ Accessed: 14/10/21 By definition, demand is the quantity of goods… a. desired by consumers. b. ordered by consumers in a particular period. c. consumers are willing and able to buy at particular prices in a certain period. d. that consumers want to buy Question 14 If the price elasticity of demand is 0.15, and the price is doubled, this will lead to a a. 30 percent increase. b. 15 percent decrease. c. 0.30 percent increase. d. 0.15 percent decrease. (4 marks) in the quantity demanded.

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