Scarcity
a. exists because people have wants that are unlimited relative to the availability of resources to satisfy those wants
b. applies when a resource is not freely available
c. means that each society and each individual must make choices
d. exists in all societies
e. all of the above are true
E
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Which type of unemployment arises when changes in technology or international competition change the skills needed to perform jobs or change the location of jobs?
A) frictional B) structural C) cyclical D) skill-set E) fluctuating
Suppose GDP is $16 trillion, with $10 trillion coming from consumption, $2 trillion coming from gross investment, $3.5 trillion coming from government expenditures, and $500 billion coming from net exports. Also suppose that across the whole economy, depreciation (consumption of fixed capital) totals $1 trillion. From these figures, we see that net domestic product equals:
a. $17.0 trillion. b. $16.0 trillion. c. $15.5 trillion. d. None of the above