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What is the difference between scarcity and shortage? Give an example of each and argue whether or not (for each of your examples) the problem of scarcity or shortage will ever be solved. If so, how?
Microeconomics, Economics
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Question - Suppose that a consumer cannot vary hours of work as he or she chooses. In particular, he or she must choose between working q hours and not working at all, where q >0. Suppose that dividend income is zero, an ...
Question: Suppose the full-employment level of real GDP is increasing at a rate of 3% per period and the money supply is growing at a 4% rate. What will happen to the long-run inflation rate, assuming constant velocity? ...
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