Choices Are Made Whenever

question 129

Multiple Choice

Choices are made whenever

• A)money is limited.
• B)there are too many alternatives.
• C)resources are limited relative to human wants.
• D)the society has abundant resources.
• E)different people in an economy want different things.

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Definitions:

Rate of Inflation

The annual rate at which the overall cost of goods and services rises in an economy, indicating a time-specific escalation in general price levels.

Rate of Unemployment

The fraction of the labor force that is in a state of unemployment but is engaged in seeking employment.

Mainstream Economists

Economists who adhere to widely accepted theories and models within the field, focusing on the analysis and understanding of economic phenomena.

Persistent Inflation

Sustained increase in the general price level of goods and services in an economy over a period of time.