In Economics, the Term "Scarcity" Refers to the Fact That

question 41

Multiple Choice

In economics, the term "scarcity" refers to the fact that

• A) everything really worthwhile costs money.
• B) even in wealthy countries like the United States, some people are poor.
• C) no society can produce enough to satisfy fully the desires of people for goods and services.
• D) sometimes shortages of a good arise when its price is set below the market equilibrium.

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Definitions:

Marcus Garvey

A prominent Black nationalist leader who advocated for the Pan-Africanism movement and the return of the African diaspora to their ancestral lands.

Malcolm X

An African American Muslim minister and human rights activist in the 1950s and 60s, known for his advocacy for the rights of blacks and his criticism of the civil rights movement for its emphasis on nonviolence.

Martin Luther King, Jr.

An influential American civil rights leader known for his advocacy for nonviolent resistance and his role in advancing civil rights and racial equality in the United States.

Homophily

The tendency of individuals to associate and bond with similar others, often leading to social and economic networks characterized by high degrees of similarity in beliefs, values, and social status.