True or False

_____1. Leakages in the circular flow of goods and services include saving, taxes and imports while inflows are investments, government expenditures and exports.

______2. A change in demand refers to the movement of demand curve along the curve brought about by the change in the price of the good demanded.

______3. The expectation of buyers to price change has a direct effect to quantity supplied of the good.

______4. Market equilibrium exists when the Qd = Qs of the commodity in the market.

______5. Price elasticity of demand is elastic, when the %change in price is greater than the %change in quantity demanded.