Explain why both rich and poor people experience scarcity
What will be an ideal response?
Scarcity exists when people's wants exceed their ability to satisfy the wants. People's wants are literally infinite, so just as a poor person can want more, so too can a richer person. Therefore both rich and poor experience scarcity.
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The ________ is a measure of the price level and is calculated by dividing ________ by ________ and multiplying by 100
A) CPI; real GDP; nominal GDP B) PPI; nominal GDP; real GDP C) PPI; real GDP; nominal GDP D) GDP deflator; nominal GDP; real GDP E) GDP deflator; real GDP; nominal GDP
________ is an odorless and colorless gas, a product of the combustion of fossil fuels and burning wood. It is a leading cause of accidental poisoning in the U.S
a. Radon b. Carbon monoxide (CO) c. Nitrogen dioxide d. Sulfur dioxide