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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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
Producing goods can add to net wealth, but rendering services cannot. Explain.
What will be an ideal response?