Which of the following is an example of scarcity?
A. Adam has more than enough food to eat each day.
B. Benito is wealthy so he has everything he could ever want.
C. Camden would like to have more designer clothes than he can afford.
D. Dennis takes as many vacations as he would like since he won the lottery.
Answer: C
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Which of the following is not a consequence of deflation?
A. Deflation causes uncertainty about the future. B. The threat of deflation can make people reluctant to borrow for long periods. C. Deflation causes the real value of money to fall. D. Firms may be reluctant to undertake investments for fear that the prices at which they can sell their output will drop.
The short-run aggregate supply curve shows how ________ cause output to rise
A) increases in inflation B) decreases in unemployment C) decreases in nominal interest rates D) all of the above E) none of the above