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. shortages apply to resource markets while scarcity applies to product markets.
D. scarcity is a type of shortage but shortage is a broader concept.
Answer: B
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A downward-sloping straight line exhibits a direct relationship between two variables
a. True b. False Indicate whether the statement is true or false
What would a leftward shift of the labor demand curve indicate?
a. Firms want to hire more workers than before at any given wage than before. b. Firms want to pay a higher wage than before at any given level of employment. c. Households want to supply fewer hours of work than before at any given wage rate. d. Firms want to hire fewer workers than before at any given wage rate. e. Households want to supply more hours of work than before at any given wage rate.
All economists agree that the economy is self-regulating
Indicate whether the statement is true or false
Checking account deposits are counted as part of the M1 money supply because
What will be an ideal response?