To an economist, scarcity means that:
a. it is very time-consuming to find a good.
b. at a zero price, the available quantity of a good is insufficient to meet people's wants.
c. a good is unavailable even at very high prices.
d. at the current market price, the amount available is less than the amount that people want and are willing to pay for.
e. resources are unlimited but people's desires are limited.
b
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The major cause of a 3-4% increase in unemployment over a short time period is likely to be a structural unemployment change
Indicate whether the statement is true or false
Based on the table showing unemployment rates and earnings by educational attainment, which group has the highest earnings level?
a. people with a doctoral degree
b. people with a professional degree
c. people with an associate’s degree
d. people with a high school diploma