In economics, all the items that people would consume if they had unlimited income are known as

Holding all else constant, a country's standard of living will rise if its

A. nominal GDP grows at a faster rate than real GDP. B. nominal GDP grows at a slower rate than real GDP. C. the rate of population growth exceeds the rate of growth of real GDP. D. the rate of population growth is less than the rate of growth of real GDP.

The substitution effect of a price change refers to

A) the change in quantity demanded that results from a change in price making a good more or less expensive relative to other goods that are substitutes. B) the shift of a demand curve when the price of a substitute good changes. C) the movement along the demand curve due to a change in purchasing power brought about by the price change. D) the shift in the demand curve due to a change in purchasing power brought about by the price change.