In the production of goods and services, trade-offs exist because
A. society has only a limited amount of productive resources.
B. human wants and needs are limited at a particular point in time.
C. we have abundant resources to choose from.
D. not all production is efficient.
Answer: A
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Two goods are considered substitutes only if a(n)
a. decrease in the demand for one leads to a decrease in the supply of the other b. increase in the demand for one leads to a decrease in the supply of the other c. increase in the price of one leads to an increase in the demand for the other d. decrease in the price of one leads to an increase in the demand for the other e. decrease in the supply of one leads producers to switch to production of the other
An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease