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Help with Economic questions1. When the price of a product rises, consumers shift their purchases to

Help with Economic questions1. When the price of a product rises, consumers shift their purchases to other products whose prices are now relatively lower. This statement describesA. an inferior good.B. the substitution effect.C. the income effect.D. the rationing function of prices.2. The coincidence-of-wants problem associated with barter refers to the fact thatA. for exchange to occur, each seller must have a product that some buyer wants.B. specialization is restricted by the size or scope of a market.C. buyers in resource markets and sellers in product markets can never engage in exchange.D. money must be used as a medium of exchange, or trade will never occur.3. The two general types of economic systems that exist today aresocialism and central planning.laissez-fairesystems and pure command systems.market systems and command systems.market systems and capitalism.4. Thelargestfunctional share of the national income consists ofcorporate profits.proprietors’ income, that is, the income of unincorporated businesses.interest and rental income.wages and salaries.5. Which one of the following statements about the budget line iscorrect?The budget line shows the minimum amount of two goods that a consumer can purchase with a given money income.The budget line shows the amount of product A that a consumer is willing to give up to obtain one more unit of product B.The budget line shows all possible combinations of two goods that yield the same level of utility to the consumer.The budget line shows all possible combinations of two goods that can be purchased, given money income and the prices of the goods

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