Question I 1Dpnints w Identify the Graph and meaning. Cap Goods San - San Consumer Goods 0" Biased growth where more capital goods are made by firms leading to unbalanced 0r asymmetric growth. 0'" Unbiased growth where more capital goods are made by firms leading to unbalanced or asymmetric growth. 0\"" Biased growth where more Consumer goods are made by firms leading to unbalanced or asymmetric growth. ""Unbiased growth where the same amount of capital goods as Consumer goods are made by firms leading to a balanced or symmetric growth. Question 2 In the image in Q1, what is the rate of production from points C to D? A B in Quantity of Guns Produced C - 50 D +10 +10 Quantity of Butter Produced O A. Impossible Production O B. Increasing Production O C. Inefficient Production O D. Decreasing productionQuestion 3 Why do you think we see this kind of change in segment CD for Guns? (Please make sure you are looking at the guns axis.) Quantity of Guns Produced -50 +10 +10 Quantity of Butter Produced As we get to the extreme of most guns produced, we experience diminishing marginal utilityas our factory hits its limits of space, materials, capital equipment or labor available. As we get to the extreme of most guns produced, we experience constant marginal production as our factory hits its limits of space, materials, capital equipment or labor available. As we get to the extreme of most guns produced, we experience increasing marginal production as our factory hits its limits of space, materials, capital equipment or labor available. O As we get to the extreme of most guns produced, we experience diminishing marginal production as our factory hits its limits of space, materials, capital equipment or labor available.Question 4 What is the decrease in Guns from segment AB compared to the decrease in segment CD? Quantity of Guns Produced C - 50 +10 +10 Quantity of Butter Produced O They are about the same There is a much larger decrease in CD than AB O There is no relationship O There is a much larger decrease in AB than CDQuestion 5 What is the amount of butter produced between segment AB and segment CD? A B Quantity of Guns Produced C D +10 +10 Quantity of Butter Produced A Bit More in AB More in CD The Same O Much More in ABQuestion 6 10 points Save Answer What is GDP and its meaning? 0" GDP or Gross Domestic Product represents all the goods and services produced domestically or INSIDE a country, no matter who makes them or owns them. The more firms make more products in a nation, the more income is produced and can be saved as wealth of the people. 0'" GDP or Gross Domestic Product represents all the goods and services produced domestically or INSIDE a country, no matter who makes them or owns them. The more workers make more products in a nation, the more firmsmust buy the products. O"\"GDP or Gross Production Possibilities Curves represents all the goods and services chosen to be made domestically or INSIDE a country, no matter how they are chosen or made. The more rms choose between products in a nation, the more decisions are produced and can be viewed as wealth of the people. O""GDP or Gross Domestic Possibilities represents all the opportunity costs produced domestically or INSIDE a country, no matter who uses them. The more consumers chhose opportunities in a nation, the more purchases are made and can be spent as wealth of the people. Question 7 Identify the events in the diagram below. The Circular Flow of the Economy SUPPLY Goods and services INCOME Consumer expenditure 0OOOOOO Wages, rent, dividends Households Firms GDP Factors for production DEMAND O A. Firms produce goods with Resources provided by Households, then pay the Sales revenue out to Households as Income, and Consumers buy the Goods. O B. Firms produce goods for Consumers, who then provide Income for Firms. O C. Consumers provide Income to Firms, then Firms Sell Products to Foreign Countries. O D. GDP grows over time as Consumers produce goods which Firms then buy.Question 8 Please identify the following image: Quantity of Guns Produced -50 +10 +10 Quantity of Butter Produced O A. Circular Flow Of Economy O B. GDP Graph O C. Import Export Graph O D. Production Possibilities Curve