QUESTION 8 Which of the following is/are the characteristic(s) of a household? [I]: It represents all the people who liv

[answerhappygod]

Question 8 Which Of The Following Is Are The Characteristic S Of A Household I It Represents All The People Who Liv 1 (73.84 KiB) Viewed 27 times

QUESTION 8 Which of the following is/are the characteristic(s) of a household? : It represents all the people who live together and who make joint economic decisions. [II]: In a mixed economy, most of the factors of production are owned by households. [III]: Households largely determine what goods and services are produced. A. [1] and [II] only B. [1] and [III] only C. [1] and [III] only D. . [1] and [III] QUESTION 9 (4 Marks) Housing prices in the UK are generally very high, particularly in certain areas of the country such as the South East. This makes it difficult for many people to be able to afford to buy their own houses. In England, average houses prices are now almost 8 times the average worker's salary; in parts of the West Midlands, the high prices have been caused by demand growing faster than supply. Source: (Gillespie: 2019) Figure 9.9 below shows how market conditions have changed in the housing market. Figure 9.9 market conditions and house prices HOUSE PRICES Q/month (4 Marks) Equilibrium has moved from P1Q1 to P2Q2. The most likely explanation for the changes shown is a A. Fall in mortgage interest rates and an increase in the number of houses built B. Fall in mortgage interest rates and a decrease in the number of houses built C. Rise in mortgage interest rates and an increase in the number of houses built D. Rises in mortgage interest rates and a decrease in the number of houses built.