This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Explain why both rich and poor people experience scarcity. What will be an ideal ... (Read 67 times)

Bob-Dole

  • Hero Member
  • *****
  • Posts: 547
on: Jun 29, 2018
Explain why both rich and poor people experience scarcity.
 
  What will be an ideal response?

Question 2

In calculating GDP, economists
 
  A) measure total expenditure as the only true measure.
  B) can measure either total expenditure or total income.
  C) measure total income as the only true measure.
  D) measure total income minus total expenditure.
  E) measure total income plus total expenditure.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

memslove

  • Sr. Member
  • ****
  • Posts: 321
Reply #1 on: Jun 29, 2018
Answer to Question 1

Scarcity exists when people's wants exceed their ability to satisfy the wants. People's wants are literally infinite, so just as a poor person can want more, so too can a richer person. Therefore both rich and poor experience scarcity.

Answer to Question 2

B


Bob-Dole

  • Member
  • Posts: 547
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

AISCAMPING

  • Member
  • Posts: 347
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Blastomycosis is often misdiagnosed, resulting in tragic outcomes. It is caused by a fungus living in moist soil, in wooded areas of the United States and Canada. If inhaled, the fungus can cause mild breathing problems that may worsen and cause serious illness and even death.

Did you know?

According to the National Institute of Environmental Health Sciences, lung disease is the third leading killer in the United States, responsible for one in seven deaths. It is the leading cause of death among infants under the age of one year.

Did you know?

Drugs are in development that may cure asthma and hay fever once and for all. They target leukotrienes, which are known to cause tightening of the air passages in the lungs and increase mucus productions in nasal passages.

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

Did you know?

Lower drug doses for elderly patients should be used first, with titrations of the dose as tolerated to prevent unwanted drug-related pharmacodynamic effects.

Retinopathy. Illustration of a normal retina (left) and a diseased retina (right). The diseased reti Retinopathy. Illustration of a normal retina (left) and a diseased retina (right). The diseased reti
Earth Affects People; People Change Earth Earth Affects People; People Change Earth
Children’s interactions with older siblings may help promote an understanding of other people’s ... Children’s interactions with older siblings may help promote an understanding of other people’s ...
For millions of people, the United States represents a land of opportunity and freedom from ... For millions of people, the United States represents a land of opportunity and freedom from ...
Government By the People, 2016 Presidential Election, 26th Edition Government By the People, 2016 Presidential Election, 26th Edition
Explain the assumptions that must be satisfied in order to validly use the one-way ANOVA ... Explain the assumptions that must be satisfied in order to validly use the one-way ANOVA ...
Video: Acid-base imbalances - compensation of metabolic acidosis and alkalosis

For a complete list of videos, visit our video library