The Tradeoff Between Current Consumption and the Production of Capital

question 361

Multiple Choice

The tradeoff between current consumption and the production of capital goods also reflects a tradeoff between

• A) satisfying today the needs of the poor and the wants of the wealthy.
• B) economic growth and technological change.
• C) current consumption and future consumption.
• D) the future production of capital goods and future consumption of goods.

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Definitions:

Nutrient Cycle

The natural process of recycling nutrients in various chemical forms from the environment to organisms and back to the environment.

Gaseous Phase

A state of matter characterized by neither a defined shape nor volume, with molecules moving freely, much faster than in liquid or solid states.

Phosphorus Cycle

The worldwide circulation of phosphorus from the abiotic environment into living things and back into the abiotic environment.

Nitrogen-Fixing Bacteria

Bacteria capable of converting atmospheric nitrogen into organic compounds usable by plants.