Refer to Figure 9.3. If the government establishes a price ceiling of $1.00, how many pounds of berries will be sold?

What is the relationship between scarcity and shortage, as economists use the terms?

A) Scarcity and shortage cannot exist simultaneously. B) Shortages are the basic cause of scarcity. C) Scarcity creates shortages in the long run. D) Scarcity is relative while shortages are absolute. E) Scarcity is unavoidable but shortages are not.

When the unemployment rate is ________ the natural unemployment rate, real GDP is ________ potential GDP

A) below; above B) above; the same as C) the same as; below D) the same as; above E) above; above