Scarcity and shortages differ in that
A) scarcity is caused by natural disasters and shortages are caused by mistakes people make.
B) scarcity is a condition of human life while shortages are usually temporary phenomena related to an imbalance between the amount desired and the amount produced.
C) scarcity is a type of shortage but shortage is a broader concept.
D) shortages apply to resource markets while scarcity applies to product markets.
B
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The growth of clothing exports originating in Bangladesh is the result of the
A) high productivity of workers in Bangladesh. B) low wages in Bangladesh. C) low productivity of workers in other countries. D) low productivity of workers in Bangladesh in industries other than those that produce clothing for export. E) high wages in other countries.
Command-and-control means of regulation achieve their results more slowly but more reliably
Indicate whether the statement is true or false
James insured his car with a renowned insurance company that checked his driving skills and verified his accident records before insuring his car. After paying two premiums for this insurance, James took to drinking and driving. This action of James is likely to create:
a. an economic loss. b. a positive externality. c. an economic bad. d. a moral hazard. e. diseconomies of scale.
When there is a fixed or limited supply of some good (such as oil, water, or a mineral), the environmental situation is essentially _______________ , and realists predict that states will do all they can to control these resources.
Fill in the blank(s) with the appropriate word(s).