In a free trade area, member nations have no trade barriers among themselves, but are free to set their own trade policies toward nonmembers

Scarcity can best be defined as a situation in which

A) there are no buyers willing to purchase what sellers have produced. B) there are not enough goods to satisfy all of the buyers' demand. C) there is more than enough money to satisfy consumers' wants. D) the resources we use to produce goods and services are limited.

Eric lost his job because a recession caused his employer's sales to fall. This is an example of:

a. involuntary unemployment. b. frictional unemployment. c. structural unemployment. d. cyclical unemployment.