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QUESTION 1: 5 points (1 for each part), True or False (1) Economics uses scientific methods to understand how scarce resources are exchanged within society. T or F (2) The capitalist economic system relies on government using capital to produce goods and return a profit. T or F (3) Monopolies last long as customers go elsewhere, and new businesses come in to compete. Whilst bad businesses that offer low-quality goods will get a bad reputation and go out of business. T or F (4)A mixed economy is one of the most common forms of economic systems in the long term, T or F (5) Changes in the determinants of supply and/or demand result in a new equilibrium price and quantity. T or F