The value added approach involves adding up the value of the final product and the value of intermediate goods used in the production process

Scarcity means that: a. human desires are limited

b. resources are insufficient to satisfy all human desires. c. choices are unnecessary. d. all but the very wealthy must face choices.

Paul Volcker's inflation reduction efforts

a. failed to reduce inflation. b. failed to reduce expected inflation. c. resulted in the highest unemployment rate since the Great Depression. d. none of the above are correct.