When a society cannot produce all the goods and services people wish to have, it is said that the economy is experiencing
a. scarcity.
b. shortages.
c. inefficiencies.
d. inequities.
A
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If the price level last year was 220 and this year is 250, what is the inflation rate between the two years?
A) 30 percent B) 13.6 percent C) 12.2 percent D) 20 percent
Which of the following is NOT a predictable result of a price ceiling set below the market clearing price?
A) an illegal market in the good B) excess quantity supplied C) excess quantity demanded D) lines to purchase the product
Time inconsistency refers to a situation where:
A. we change our minds about what we want in response to gaining complete information. B. we change our minds about what we want simply because of the timing of the decision. C. we typically choose the same thing, regardless of when the decision is being made. D. None of these statements is true.
Currently, which country emits the largest amount of carbon dioxide (CO2)?
a. United States b. United Kingdom c. China d. Russia