1.1 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.