What is scarcity?
What will be an ideal response?
Scarcity is a situation where limited resources make it impossible to fulfill all of our wants.
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The Suffolk System
a. operated similarly to the modern Federal Deposit Insurance Corporation. b. led to lower discount rates on the notes of country banks in New England. c. was established by Nicholas Biddle. d. was used primarily prior to 1863 in Louisiana. e. All of the above.
Identify the correct statement. a. A budget deficit is a flow variable, while debt is a stock variable. b. A budget deficit is a stock variable, while debt is a flow variable. c. A budget deficit and debt are both stock variables
d. The budget deficit decreases when aggregate demand decreases. e. Debt increases when the budget deficit decreases.
Which of the following do not contribute to long-term economic growth?
a. substantial increases in the money supply b. increased productivity c. savings and investment d. new production technologies
In the above figure, an increase in income is best demonstrated by a
A. shift of D2 to D1 in Graph A, if good A is a normal good. B. movement along D0 from P2 to P1 in Graph B. C. shift of D1 to D2 in Graph A, if good A is a normal good. D. movement along D0 from P1 to P2 in Graph B.