What is scarcity and why does it exist? How is scarcity related to the study of economics?
What will be an ideal response?
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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The job loss rate
A) equals 1 minus the job finding rate. B) remains constant over the business cycle. C) rises in recessions. D) rises in expansions.
Economics
During 2005, the tax rate on the top income bracket in the U.S. tax system was _____
a. 28 percent b. 31 percent c. 35 percent d. 39 percent
Economics