Which of the following statements is TRUE about scarcity?
A) Both rich and poor people face the problem of scarcity.
B) Scarcity exists only when supply is insufficient to meet demand.
C) Scarcity exists only when a shortage exists.
D) Scarcity can be eliminated when a country becomes richer.
A
Economics
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A) per capita real GDP. B) nominal GDP. C) consumption by households. D) real GDP.
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Prices are regarded as sticky in ________
A) new Keynesian and traditional Keynesian theory B) real business cycle and new Keynesian theory C) real business cycle and traditional Keynesian theory D) traditional Keynesian, new Keynesian and real business cycle theory
Economics