If a good is scarce, does that imply that there is a shortage of it?
What will be an ideal response?
No. If a good is scarce, that means that it is limited in supply. All resources in the economy arescarce.
Economics
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Explain the concept of diminishing returns
What will be an ideal response?
Economics
What explains the appreciation of the Japanese yen relative to the Canadian dollar from 1970 to the early 1990s?
A) Japanese productivity rose faster than Canadian productivity. B) Japanese inflation rose faster than Canadian inflation. C) Canadian consumers reduced their preferences for Japanese goods. D) High tariffs and restrictive quotas in Canada caused the value of the dollar to decline.
Economics