11:25'S Change in quantity supplied * 2 points refers to a shift in the entire supply curve either to the right or left True O False Hungary has public ownership * 2 points of property resource with free market system as its coordinating mechanism. Thus, Hungary's economic system is socialism. True O False When consumers tend to * 2 points replace a cheap product for an expensive product, it is what we call substitution effect True O False The market system is the * 2 points basic coordinating mechanism in a capitalistic economy True O False The main determinant of * 2 points demand is price while income for supply True False By full employment we mean * 2 points that all available resources should be employed. No workers should be involuntarily out of work. True O False Luxuries are capable of * 2 points satisfying human wants. Needless to say, what is a luxury to Juan may be a necessity to Pedro, and what s necessity today may have been a luxury a few years ago. True O False John Stuart Mill introduced the * 2 points division of labor as the chief factor in economic growth O True O False Economic security states that * 2 points business executives, workers, and consumers a high degree of freedom in their economic activities True O False When two products are * 2 points complements, the price of one good and the demand for the other good are directly related. True False Page 2 of 6 Back Next Clear form Never submit passwords through Google Forms. This form was created inside of CENTRAL LUZON STATE UNIVERSITY. Report Abuse