Kindly give brief explanation of the ff. answer per number. choose best answer

Multiple Choice Questions (1 pt. each) X Choices 1. efficiency is obtaining an optimal A. Capacitative outcome where needs and wants are met using scarce B. Creative resources based on socially determined standards. C. Allocati D. Productive 2. describe inputs in production that A. Fixed Inputs cannot be easily be changed in a short period of time. B. Variable Inputs C. Machinery D. Raw materials 3. occurs when a consumer responds to A. Demand effect a price change of one good by switching to another good. B. Income effect C. Substitution effect D. Budget effect 4. describes the pattern in which the A. Satisficing consumption of the first few minutes of a good provides B. Opportunity cost more satisfaction than later units consumed. C. Diminishing marginal returns D. Decreasing economies of scale 5. In the circular flow diagram, households provide A. goods; wages in exchange for firms' provision of B. wages; goods C. wages; labor D. labor; wages