Section B [32 marks] 1. A list of economics terms is provided below: (i) Normative statement (vil) Mixed economy (ii) Price floor (viii) Complementary goods (iii) Scarcity (ix) Concave (iv) Opportunity cost (x) Price ceiling (V) Ceteris paribus (xi) Elasticity of demand (vi) Positive statement You are required to: Choose an economic term from (i) to (xi) above that best matches each of the definitions or descriptions below: Definition/Description Economic term Example: An economy where economic decisions are passed down from Government (vii) authority and where the government owns the resources. Measures the highest value of the forgone alternative. (b) Statement which describes how the world should be. (c) Statement which describes how the world as it is. (d) The shape of the production possibility boundary curve is usually a line. (e The same as other things being constant. (f) Goods that are often used together so that consumption of one good tends to enhance consumption of the other. g A legal minimum price. (h) Measures the degree of responsiveness of quantity due to changes in price. When human wants for goods and services exceed the available supply. (i A legal maximum price Note: Each economic term c d only use