Inflation tends to ________ during a business cycle expansion and ________ during a business cycle recession

If the elasticity of demand for a good at a certain price is greater than one, we describe demand as _____.

(A) Unitary elastic (B) Elastic (C) Inelastic (D) Variable

Which of the following sets of terms describes the problem of scarcity in economics?

A) goods, land, and needs B) labor, needs, and opportunity costs C) choices, opportunity costs, and trade-offs D) production, consumption, and wants