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Author Question: Empirical evidence on the U.S. economy suggests that household spending and income have an inverse ... (Read 71 times)

eruditmonkey@yahoo.com

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Empirical evidence on the U.S. economy suggests that household spending and income have an inverse relationship.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

Does economic growth eliminate scarcity?



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mk6555

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Answer to Question 1

False

Answer to Question 2

Growth does not eliminate scarcity. When output grows more rapidly than population, people are better off. But they still face trade-offs. At any point along the production possibilities curve, to get more of one thing, one must give up something else.




eruditmonkey@yahoo.com

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)


deja

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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