The terms scarcity and shortage are synonyms
Indicate whether the statement is true or false
False
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Suppose Amber Crombie and her husband Fitch spend $1400 this year on healthcare and medicines for the chronic nasal congestion they suffer living next to smelly Lake Lillypad. How does their expenditure affect GDP?
A) It doesn't affect GDP at all. B) GDP would decrease by $1400. C) GDP would increase by $1400. D) GDP would increase by $1400 only if the healthcare and medicines cured their chronic nasal congestion; if it remains uncured, then GDP would remain unchanged.
A shortage will result whenever:
a. the government imposes a price floor below equilibrium price. b. the government imposes a price ceiling above equilibrium price. c. the government imposes a price floor above equilibrium price. d. the government imposes a price ceiling below equilibrium price.
Suppose a country, whose production and consumption of cell phones is large relative to the world market, has just entered the global market. If the country is a net-importer of cell phones, we would expect:
A. an increase in both world price and quantity of cell phones. B. a decrease in world price, and increase in world quantity of cell phones. C. an increase in world price and decrease in world quantity of cell phones. D. a decrease in both world price and quantity of cell phones.
What is the difference between total cost and variable cost in the long run?
What will be an ideal response?