Question 1 5.3 pts 1 Hour, 59 Minutes, 46 Seconds Da There is only one correct definition for each term. public good [ Choose ] An increase in the economy's ability to produce goods and serves and depicted by an outward shift in the country's PPF. results when AD expands so much that equilibrium output exceeds full employment output and the price level increases substitute good people seeking full-time paid employment who work only part-time or are employed at jobs below their capability. anything that is generally accepted in exchange for goods and services a measure of the absolute level of a price index (e.g. CPI) money A statement that reflects an opinion and cannot be proved or disproved by facts. A statement that be proved or disproved by reference to facts. a general rise in prices throughout the economy Economic Growth The most desired goods or services that are forgone in order to obtain something else when the price of good X rises, the demand for good Y increases, ceteris paribus The direct exchange of one product for another without using money. underemployment the output of final goods and services (real GDP) demanded at different price levels An economic system characterized by the private ownership of some resources and the public ownership of other resources. a good or service whose consumption by oneperson does not exclude consumption by others price level Unemployment because the skills demanded by employers do not match those of the unemployed. Premi opportunity cost [ Choose ] 8 31 91 Aggregate Demand [ Choose ] All inflation [ Choose ] Upload demand-pull inflation [Choose ] Barter [ Choose ] Mixed System [ Choose ] Positive Economic Statement [ Choose ]