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1. Studying how advertising affects consumer demand * 2 points Microeconomics Both Macroeconomics and Microeconomics Macroeconomics 2. Calculating the unemployment rate 2 points Macroeconomics O Microeconomics O Both Macroeconomics and Microeconomics 3. Analyzing the the effects of a free trade agreement between two nations * 2 points Macroeconomics C Microeconomics Both Macroeconomics and Microeconomics13. An example of a transfer payment is 2 points profit O rent free education provided by government O wages 14. Which of the following would be excluded from Phil GDP for 2023? The 2 points sale of a haircut the value of a lawyer's services. O a home built in 2022 and first sold in 2023. O All of things mentioned in these answers should be counted in 2023 GDP.6. A 3 percent increase in the price of tea causes a 6 percent increase in the 2 points demand for coffee. The cross elasticity of demand for coffee with respect to the price of tea is: O -0.5 +0.5 O -2.0 O +2.0 7. Suppose a consumer has $100 to spend on two goods, shoes and shirts. 2 points If the price of a pair of shoes is $20 per pair and the price of a shirt is $15 each, which of the following combinations is unaffordable to the consumer? O O pairs of shoes and 0 shirts 2 pairs of shoes and 4 shirts 5 pairs of shoes and 0 shirts O O pairs of shoes and 7 shirts3. By using the data below calculate the GDP for 2020 using the 3 points expenditures approach. Item 2019 2020 2021 2022 Level (in million pesos) 1. Household Final Consumption Expenditure 14,288,333 13,476,075 14,610,149 10,376,189 Il. Government Final Consumption Expenditure 2,433,439 2,739,671 3,021,100 2,198,093 Ill. Gross Capital Formation 5,153,069 3,129,566 4,111,887 2,916,909 A. Gross Fixed Capital Formation 5,300,100 3,824,091 4,327,283 3,153,906 B. Changes in Inventories 148,526 -695,464 -216,438 -237,686 C. Valuables 1,495 939 1,047 689 IV. Exports of Goods and Services 5,539,739 4,524,306 4,996,724 3,664,442 V. Less: Imports of Goods and Services 7,896,717 5,918,045 7,329,292 5,360,576 VI. Statistical Discrepancy 47,012 Net Primary Income from the Rest of the World 1,954,197 1,360,427 693,869 447,120 Your answer 4. By using the data below calculate the GNI for 2022 using the 3 points expenditures approach. Item 2019 2020 2021 2022 Level (in million pesos) 1. Household Final Consumption Expenditure 14,288,333 13,476,075 14,610,149 10,376,189 Il. Government Final Consumption Expenditure 2,433,439 2,739,671 3,021,100 2,198,093 Ill. Gross Capital Formation 5,153,069 3,129,566 4,111,887 2,916,909 A. Gross Fixed Capital Formation 5,300,100 3,824,091 4,327,283 3,153,906 B. Changes in Inventories -148,526 -695,464 -216,438 -237,686 C. Valuables 1,495 939 1,042 689 IV. Exports of Goods and Services 5,539,739 4,524,306 4,996,724 3,664,442 V. Less: Imports of Goods and Services 7,896,717 5,918,045 7,329,292 5,360,576 VI. Statistical Discrepancy -47,012 Net Primary Income from the Rest of the World 1,954,197 1,360,427 693,869 447,120 Your answer8. As Elaine drinks additional cups of tea at breakfast, Elaine's 2 points marginal utility from tea decreases. O total utility from tea increases. O total utility from tea decreases. O Both answers A and B are correct. 9. The total utility of a product is calculated by: 2 points O summing the marginal utility from the first unit of a product that is consumed and the last unit of a product that is consumed. O multiplying the marginal utility of a unit of the product consumed times the average quantity consumed. O summing the marginal utilities for each successive unit of the product that is consumed. O multiplying price times quantity and dividing by the marginal utility.Computations 1. If the price rises by 3%, the quantity demanded falls by 1.5 %. Calculate 2 points the price elasticity of demand. Your answer 2. If the price falls from 6 to 4, the quantity demanded rises from 8000 to 2 points 12000. Calculate the price elasticity of demand by using midpoints. Your answer 3. By using the data below calculate the GDP for 2020 using the 3 points expenditures approach. Item 2019 2020 2021 2022 Level (in million pesos) 1. Household Final Consumption Expenditure 14,288,333 13,476,075 14,610,149 10,376,189 Il. Government Final Consumption Expenditure 2,433,439 2,739,671 3,021,100 2,198,093 Ill. Gross Capital Formation 5,153,069 3,129,566 4,111,887 2,916,909 A. Gross Fixed Capital Formation 5,300,100 3,824,091 4,327,283 3,153,906 B. Changes in Inventories 148,526 -695,464 -216,438 -237,686 C. Valuables 1,495 939 1,042 689 IV. Exports of Goods and Services 5,539,739 4,524,306 4,996,724 3,664,442 V. Less: Imports of Goods and Services 7,896,717 5,918,045 7,329,292 5,360,576 VI. Statistical Discrepancy 47,012 Net Primary Income from the Rest of the World 1,954,197 1,360,427 693,869 447,1203. Analyzing the the effects of a free trade agreement between two nations * 2 po'nts O Macroeconomics O Microeconomics 0 Both Macroeconomics and Microeconomics 4. Predicting the beginning and end of a recession * 2 come 0 Macroeconomics 0 Both Macroeconomics and Microeconomics O Microeconomics 5. Predicting customer reactions to increasing gasoline prices * 2 come 0 Macroeconomics 0 Both Macroeconomics and Microeconomics O Microeconomics