The difference between scarcity and a shortage is that
A) scarcity is caused by poverty and shortages are caused by natural disasters.
B) shortages are a type of scarcity caused by natural disasters while scarcity is caused by human errors.
C) scarcity always is a part of human life while shortages usually are temporary.
D) shortages are always part of human life while scarcity is usually temporary.
C
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Producing goods can add to net wealth, but rendering services cannot. Explain.
What will be an ideal response?
If a flat tax plan allowed individuals to deduct a standard allowance of $15,000 and the flat tax rate was 10 percent, an individual earning $12,000 a year would not pay any income taxes
a. True b. False Indicate whether the statement is true or false
When economic profits are zero, accounting profits are most likely:
A. zero. B. negative. C. positive. D. All of these are likely.
Which of the following is an example of a payroll tax?
a. a tax on the wages that a firm pays its workers b. a "sin" tax on distilled alcohol c. a tax on corporate profits d. the portion of federal income taxes earmarked to pay for national defense