Which of the following describes the difference between "scarcity" and "shortage"?
A) There is no difference; either word can be used to describe the situation that exists when there is less of a good or service available than people want.
B) There is a shortage of almost everything. Scarcity occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price.
C) In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price.
D) In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the equilibrium price.
C
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Two variables are said to be ________ if they move together
A) procyclical B) spurious C) correlated D) co-dependent
A typical consumer consumes both coffee and donuts. After the consumer's income decreases, the consumer consumes more coffee but fewer donuts than before. For this consumer, coffee is a normal good, but donuts are an inferior good
a. True b. False Indicate whether the statement is true or false
Through specialization and international trade, a nation:
A. can attain some combination of goods lying outside its production possibilities curve. B. can move from a high consumption-low investment to a high investment-low consumption point on its production possibilities curve. C. will only attain some combination of goods lying within its production possibilities curve. D. will cause its production possibilities curve to shift leftward.
Compare the special-interest effect with rent-seeking
Please provide the best answer for the statement.