19. Fill in the blanks with appropriate economic terms or suggestions to complete the sentences below. (a) Price of a good represents the marginal (b) If a good can only be obtained by making a sacrifice, then the good is a () To measure how the quantity demanded/supplied changes relative to a change in price, we use the for a producer. good. concept of (d) is used to exchange goods and services if there is no in the economy (e) A/an occurs if quantity demanded is greater than quantity supplied at the prevailing price. () The total value of production in an economy measured at the current prices is called (g) An example of an expansionary fiscal policy is (h) To deal with scarcity, we
19. Fill in the blanks with appropriate economic terms or suggestions to complete the sentences below. (a) Price of a good represents the marginal (b) If a good can only be obtained by making a sacrifice, then the good is a () To measure how the quantity demanded/supplied changes relative to a change in price, we use the for a producer. good. concept of (d) is used to exchange goods and services if there is no in the economy (e) A/an occurs if quantity demanded is greater than quantity supplied at the prevailing price. () The total value of production in an economy measured at the current prices is called (g) An example of an expansionary fiscal policy is (h) To deal with scarcity, we
Chapter1: The Art And Science Of Economic Analysis
Section: Chapter Questions
Problem 2.2P
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Transcribed Image Text:19. Fill in the blanks with appropriate economic terms or suggestions to complete the sentences
below.
(a) Price of a good represents the marginal
(b) If a good can only be obtained by making a sacrifice, then the good is a
() To measure how the quantity demanded/supplied changes relative to a change in price, we use the
concept of
(d)
for a producer,
good
is used to exchange goods and services if there is no
in the
economy.
(e) A/an
occurs if quantity demanded is greater than quantity supplied at the
prevailing price.
() The total value of production in an economy measured at the current prices is called
(g) An example of an expansionary fiscal policy is
(h) To deal with scarcity, we
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