For each of the following statements, indicate whether it is TRUE or FALSE overall, and give a reason for your answer. 1.1 The fundamental economic problem involves the efficient allocation of scarce resources. [3 marks] 1.2 The following scenario is an example of the post-hoc fallacy: The data from a 2019 survey study indicate a positive correlation between cognitive ability and financial literacy levels, implying that cognitively stronger individuals will be more financially literate than cognitively weaker individuals. [3 marks] 1.3 A house can be described as a heterogenous good because most houses look identical to one another. [3 marks] 1.4 Capital goods are an important type of private property. (Use an example to motivate your answer) [3 marks]