The catch-up effect refers to the idea that Select one: a. saving will always catch-up with investment spending. b. it is easier for a country to grow fast and so catch-up if it starts out relatively poor. c. population eventually catches-up with increased output. d. if investment spending is low, increased saving will help investment to "catch-up."

b. it is easier for a country to grow fast and so catch-up if it starts out relatively poor.

Explanation:

The catch-up effect refers to the idea that it is easier for a country to grow fast and so catch-up if it starts out relatively poor. It is an economic theory that states that poorer economies are likely to grow faster than already established economy and that these poorer economies will eventually be equal with the established economies in terms of per capital income.

"choosing is refusing" means individuals face an opportunity cost with each decision they make. economists state that every decision involves trade-offs. opportunity cost is the least desirable alternative given up as a result of a decision.

every society, in order to meet the needs of it's people, has to answer three basic questions:

- what should we produce?

- how should we produce it?

- for whom should we produce it?

this questions must be answered in order to, option b, aid in production decisions.

every country can't produce everything, no matter how rich their land is. it may be a matter of technology, resources or geographical conditions. so, these three questions must be resolved in order to get the most of the production of each land.

hope this !