3. Indicate TRUE or FALSE for each of the following statements and defend your answers. (a)...

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3. Indicate TRUE or FALSE for each of the following statements and defend your answers. (a) When the price of a complementary commodity X increases, demand for commodity Yalso increases. la (b) When price increases, supply of an agricultural commodity in the immediate market period tends to be perfectly elastic. (c) In the last fiscal year, the Malawi Government had reduced unemployment in the agricultural sector by 25%. This statement is normative and deals with macroeconomics. [2 marks] (d) In the circular flow model of the capitalist economy, a professor's salary is determined in the products market. (e) In agro-based economies, the production possibilities frontier would shift rightward if unemployment rate increased from 15% to 22% of the labour force. [2 marks] 3. Indicate TRUE or FALSE for each of the following statements and defend your answers. (a) When the price of a complementary commodity X increases, demand for commodity Yalso increases. la (b) When price increases, supply of an agricultural commodity in the immediate market period tends to be perfectly elastic. (c) In the last fiscal year, the Malawi Government had reduced unemployment in the agricultural sector by 25%. This statement is normative and deals with macroeconomics. [2 marks] (d) In the circular flow model of the capitalist economy, a professor's salary is determined in the products market. (e) In agro-based economies, the production possibilities frontier would shift rightward if unemployment rate increased from 15% to 22% of the labour force. [2 marks]