In 2020, tornadoes damaged parts of the U.S. Midwest, destroying homes, businesses, schools, and infrastructure. In strictly economic terminology, these tornadoes are said to have caused
A. scarcity, because the damages made food and shelter scarce.
B. tradeoffs, because some areas of the country were damaged when others were not.
C. shortages, because supplies were cut off and goods were destroyed.
D. scarcity, because some goods were difficult to get.
Answer: C
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A) increase the demand for the Weber grill. B) increase the demand for the George Foreman Grill. C) decrease the demand for the Weber grill. D) decrease the demand for the George Foreman Grill.
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What will be an ideal response?
Per capita real GDP levels provide one possible measure of a country's standard of living
Indicate whether the statement is true or false
Distinguish between macroeconomics and microeconomics
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