The Scarcity Problem

question 37

Multiple Choice

The scarcity problem:

• A)has been eliminated in the richest countries
• B)persists only because countries have failed to eliminate unemployment
• C)has been solved in all industrialised nations
• D)persists because society cannot give every individual the highest standard of living to which he or she might aspire

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Definitions:

Holder

An individual or entity that legally possesses a negotiable instrument, like a check or bond, and has the right to enforce its terms.

Immunity

A provision or status that protects a person or entity from legal action or liability under certain conditions.

Drawee

The party directed by a drafter (e.g., the issuer of a check) to pay a certain sum of money to the party named in the document.