The Problem of Scarcity Implies That _____

question 9

Multiple Choice

The problem of scarcity implies that _____.

• A) resources that can meet human wants are finite
• B) human needs are limited
• C) both human wants and resources are limited
• D) both human wants and resources are infinite

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Definitions:

Manufacturer's Inventory

Includes raw materials, work in process, and finished goods held by a manufacturer, representing various stages of production.

Raw Materials Inventory

The total cost of all the components that will be used in the production of goods but have not yet been used.

Days' Sales

A financial metric measuring the number of days it takes for a company to convert its inventory into sales.

Raw Materials Used

The basic substances in their natural, modified, or semi-processed state used as inputs for production.