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Test 1. Comprehension [10 marks] Write TRUE if the statement is right and FALSE if it is wrong. 1. Location is important to organize any business of interest. (1) 2. Disequilibrium means when supply is equal to demand. (1) 3. Elasticity is the degree of responsiveness of consumers when there is a small % of change on the price of a particular commodity or service. (1) 4. Inflation is the same with interest rate when you determine their percentage rates. (1) 5. Economics is NOT an abstract science. (1)