Economics · Oct / Nov 2020 · Paper 13 · Question 4
2281The role of markets in allocating resources
Economics is divided into two: microeconomics and macroeconomics. statement 1 When the price of oil falls there is an expansion in demand. statement 2 The Organization of the Petroleum Exporting Countries (OPEC) can influence the price of oil. Which combination correctly describes these two statements?
- Amacroeconomic statement / macroeconomic statement
- Bmacroeconomic statement / microeconomic statement
- Cmicroeconomic statement / macroeconomic statement
- Dmicroeconomic statement / microeconomic statement
As printed in the paper
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Correct answer: D. microeconomic statement / microeconomic statement
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