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1. In Russia, real income per capita fell by 57 percent in 1998.
2. People must keep their purchases according to their incomes, often making hard choices for small budgets.
3. The consumption of ice-cream in Russia is five times lower than in the USA
4. The sales of the Hungarian drug maker Gedeon Richter fell by $78 million in 1997, by $40 million in 1999 as the incomes of Russian people fell dramatically due to the crisis in 1998.
5. An increase in the price of an input will result in a reduction in the quantity of that input demanded.
6. How much can be produced per week by each industry depends on how workers are allocated for the industries.
7. The economist is to explain what demand is and how it affects the market price and quantity.
8. It is not always easy to explain why consumers prefer one good to another, but producers have to examine consumer preferences carefully as they depend on them.
9. We need a number of elementary things for life, such as food, water and housing. It is very difficult to decrease their consumption when the price increases, that is, demand for them is inelastic.