What is scarcity and why does it exist? How is scarcity related to the study of economics?
Scarcity exists because resources are limited while wants are unlimited. Scarcity means we are unable to have as much as we would like. Economics is the study of how human beings attempt to maximize satisfaction in the face of scarcity.
Economics
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As of the end of 1994 which of the countries in our survey had the largest proportion of stock held by the government?
A) The United Kingdom B) The United States C) Japan D) Germany
Economics
If a person is concerned that an additional $1,000 income will move him/her into a new tax bracket, that person is worried about the:
A. proportional rate. B. regressive tax rate. C. marginal tax rate. D. flat tax rate.
Economics