Question

economists define a group of goods available for consumption as which of the following?
○ resources
○ an economic model
○ an opportunity set

question 19
2 pts
what is meant by inflation?
○ when it is impossible to get more of something without experiencing a trade - off of less of something else.
○ when it is impossible to produce more of one good without decreasing the quantity produced of another good.
○ whatever must be given up to obtain something that is desired.
○ rise in the overall level of prices.

Explanation:

For the first question, an opportunity set represents a group of goods available for consumption. Resources are inputs for production, and an economic model is a theoretical construct. For the second question, inflation is defined as a rise in the overall level of prices. The other options describe concepts like trade - offs and opportunity cost.

Answer:

First question: C. an opportunity set
Second question: D. Rise in the overall level of prices