MICRO ECONOMICS

1.how does the study of economics depend on the phenomenon of scarcity?
2. Explain why an economy’s 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.
5. One of the responses to the current economic problems has been to extend the duration of unemployment compensation. Is this a wise move?
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