1.
How does the study of economics
depend on the phenomenon of scarcity?
2.
Explain why an economys income
must equal its spending.
3.
What is the difference between
the GDP deflator and the Consumer Price Index?
4.
Explain how higher savings
leads to a higher standard of living.MID-TERM1.
How does the study of economics
depend on the phenomenon of scarcity?2.
Explain why an economys income
must equal its spending.3.
What is the difference between
the GDP deflator and the Consumer Price Index?4.
Explain how higher savings
leads to a higher standard of living.
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