The difference between scarcity and a shortage is
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.
C) scarcity always is a part of human life while shortages usually are temporary.
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Voucher programs for housing
A. provide rent vouchers for existing housing stock. B. are underutilized with a surplus of housing stock. C. provide down payment assistance to purchase homes. D. are known as Section 8.
Which combination of fiscal policy actions would be most stimulative for an economy in a deep recession?
a. Increase taxes and government spending b. Decrease taxes and government spending c. Decrease taxes and increase government spending d. Increase taxes and decrease government spending
To reduce the federal funds rate, the Fed can:
A. buy government bonds from the public. B. increase the discount rate. C. increase the prime interest rate. D. sell government bonds to commercial banks.