3. Which of the following is not correct about most economic models? They are composed of equations and diagrams. They contribute very little to economists' understanding of the real world c. They omit many features of the real-world economy d. In constructing models, economists make assumptions 4. In the circular-flow diagram, firms produce goods and services using factors of production output using inputs. c. factors of production using goods and services d. Both (a) and (b) are correct. 5. In economics, capital refers to the finances necessary for firms to produce their products b. buildings and machines used in the production process, c. the money households use to purchase firms' output. d. stocks and bonds.Which one of the following is true? Select one: Microeconomics describes what economic agents actually do, whereas macroeconomics describes what economic agents ought to do, b. Microeconomics is the study of an economy as a whole o. The study of the unemployment rate is covered under macroeconomics d. Macroeconomics studies how individuals make choices e. The study of the inflation rate is covered under microeconomicsBSIT (SEM-1) ECONOMICS Assignment 1 Q. Compare the characteristics of "The Command System" and "The Market System' on the basis of following five fundamental questions in Economics! I) What goods and services will be produced? 2) How will the goods and services be produced" 3) Who will get the goods and services? 4) How will the system accommodate change" 5) How will the system promote progress?Assignment 1 - Ceteris Paribus 0 Answer the following questions: Provide your opinion and analysis and 'justify' your responses. 1. What is the concept of Ceteris Paribus? 2. In this age of instantaneous communication (due to the proliferation of Information and Communication Technologies) is this 'fundamental' law of economics in need of being reworked. If so, why? If not, why not? 3. Are there any industrial sectors where economic forecasting is still viable based on this assumption (the economic forecasts are valid assuming that all things remain the same) Or has our 'information society' made this fundamental assumption irrelevant? You will have to look beyond your textbook to find a definition of Ceteris Paribus. Your answer (no more than 1000 words) is sent to me via the 'Assignment' under the 'Activites' tab by midnight of the Sunday of Week 4. (See schedule) Attachments OK here