Scarcity and shortages differ in that A) scarcity is caused by ...

[wrbasek0]

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.

Question 2

The macroeconomist would most likely study
 
  A) the effects of changing apple prices on the market for oranges.
  B) the effects of an increase in wage rates on a woman's decision to enter the labor force.
  C) the effects of a lower income tax rates on the nation's total production of goods and services.
  D) the effect of increased union wages on the cost of producing automobiles.

[al]

Answer to Question 1

B

Answer to Question 2

C

[wrbasek0]

Correct answers!

[al]

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