1 The study of the total consumption, production and exchange of individual, households and industries in a country.

Here are the answers to the questions: 1.1.1 The study of the total consumption, production and exchange of individual, households and industries in a country. D. macro economics Macroeconomics studies the economy as a whole, including total consumption, production, and exchange across all sectors. 1.1.2 Leakage in the circular flow model is represented by ... D. taxes Leakages are withdrawals from the circular flow of income. Taxes, savings, and imports are common leakages. Export earnings, investments, and government spending are injections. 1.1.3 Involves a subjective value judgement. C. normative statement A normative statement expresses an opinion or value judgment about what "should be," while a positive statement is objective and factual. 1.1.4 A negative economic growth for the two consecutive quarters A. recession A recession is typically defined as two consecutive quarters of negative economic growth (a decline in real GDP). 1.1.5 The lowest turning point of a business cycle is known as ... B. trough The business cycle consists of expansion, peak, contraction (recession), and trough. The trough is the lowest point before recovery begins. That's 2 down. 3 left today — send the next one.