International trade does all the following except
What will be an ideal response?
reduce world output
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Governments can reduce depletion of resources by restricting access to the resource
Indicate whether the statement is true or false
The difference between scarcity and a shortage is that
A) scarcity is caused by poverty and shortages are caused by natural disasters. B) shortages are a type of scarcity caused by natural disasters while scarcity is caused by human errors. C) scarcity always is a part of human life while shortages usually are temporary. D) shortages are always part of human life while scarcity is usually temporary.
An assumption of the classical model is that
A) money illusion is widespread. B) people make decisions based on nominal prices rather than real prices. C) prices are flexible while wages are inflexible. D) people are motivated by self-interest.
How does inclusion of the current revenues and expenditures of the Social Security trust fund into the budget calculation affect the reported budget deficit of the federal government?
a. It increases the reported deficit. b. It reduces the reported deficit. c. It exerts no effect on the reported deficit. d. It increases the deficit during an economic boom but reduces it during a recession.