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.
Answer: C
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A surplus in a labor market exerts an upward pressure on the equilibrium wage rate
a. True b. False Indicate whether the statement is true or false
Data shows that countries that invest more and channel more of those investments into productive projects will generally have
a. higher rates of current consumption. b. higher future incomes. c. lower rates of economic growth. d. lower real interest rates.
Which of the following are effects of an increase in government spending financed by a tax increase?
a. the tax increase reduces consumption; the change in the interest rate reduces residential construction b. the tax increase reduces consumption; the change in the interest rate raises residential construction c. the tax increase raises consumption; the change in the interest rate reduces residential construction d. the tax increase raises consumption; the change in the interest rate reduces residential construction
Trade policies
a. affect a country's overall trade balance, but affect all firms and industries the same. b. affect a country's overall trade balance, but affect some firms or industries differently than others. c. do not affect a country's overall trade balance, but affect some firms or industries differently than others. d. do not affect either a country's overall trade balance or specific firms or industries.