TRUE OR FALSE

1.A change in price will move points on demand and supply curves.

2.When two people trade, one must lose for the other to win.

3.If the demand for a product is elastic, the quantity demanded changes by a larger percentage than the percentage change in price.

4.If a country has a comparative advantage in producing a product, it must also have an absolute advantage in producing that product.

5.If the demand for a product is elastic, the quantity demanded changes by a larger percentage than the percentage change in price.

6.Trade only occurs if there are only winners, and no losers, as a result of the trade.

7.When the price of chips rose by 10 %, the quantity of chips sold fell 4 %. This indicates that the demand for chips is elastic.