Short Answer Questions 1. [10 points in total] Fill in the blank spaces to complete the sentences. It can be one word or multiple words. a) The fundamental problem that everyone everywhere faces is that b ) attempt to describe the world as it is. c) The comparison among producers of a good according to their productivity is called d) A competitive market is one with many buyers and sellers, and each has a effect on the market price. e) Any output produced is purchased by someone and results in to someone in the economy. f) Economists use a to evaluate changes in the "cost of living". g) Constant return to scale implies that as inputs are doubled, output will exactly double. h) The idea that people borrow or save as necessary to smooth consumption over their lifetime is called i) is the process by which unions and firms agree on the terms of employment. j In a system, people exchange one good or service for another