1. Consumerism (E) preaches the concept of happiness through consumption. Suppose people desire to save less and consume more due to the promotion of consumerism. (a) With the aid of a diagram, explain how this event affects real national income and the general price level in the short run. (b) With the aid of a diagram, explain the adjustment from short run equilibrium to long run equilibrium. (c) From the result in (b) about the change in the general price level, what economic phenomenon can be observed? Define the economic phenomenon.

Fill in the table below, giving a numerical value for letters A, B, C, and D. TC AFC AVC 50 1 90 A B D 30 2.

uestion 3 If you want to minimize interest payments on a loan, you'll need one that has a simple interest rate so that yo John opened an account, and knew exactly how much it would be worth at the end of the year, because it used year. What is simple interest? Oa. Interest only on original amount saved or borrowed Ob. interest on original amount saved, borrowed and other interest earned Oc. a fee paid for the use of someone else's money Od. taxes on the original amount saved or borrowed L A Moving to another question will save this response. →

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