Which of the following is an example of scarcity, rather than shortage?
a) A popular toy is sold out during the busy holiday season
b) You have spent your last penny and payday is a week away
c) A person wants an endless supply of everything but cannot have it
d) Gasoline was rationed in America during World War II
Ans: c) A person wants an endless supply of everything but cannot have it
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What will be an ideal response?
The American Tire Company has been experiencing a steady loss of market over the past 40 years due to imports of lower-priced tires. Which argument would American Tire most likely present to Congress when it lobbies for trade restrictions?
a. infant industry argument b. declining industry argument c. national defense argument d. antidumping argument e. loss of domestic jobs