In command-system farm economy

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a) Read the statement below carefully, and decide whether it is true or false. And then explain your answer (whether “true “ or “false”).

In a command-system farm economy, the head of each household decides what crop to produce in the family farm.

b) Read the statement below carefully, and decide whether it is true or false. And then explain your answer (whether “true “ or “false”).

In the Circular Flow model of the market system, households are the ones who demand resources in the resource markets.

c) Read the statement below carefully, and decide whether it is true or false. And then explain your answer (whether “true “ or “false”).

The Law of Demand states that if gold becomes more expensive, then the demand for gold will increase and the D curve shifts to the right.

Reference no: EM131240558

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