Which of the Following Statements Best Describes Scarcity

question 275

Multiple Choice

Which of the following statements best describes scarcity?

• A) There will always be families living below the poverty line.
• B) Human wants are limited.
• C) Limited resources cannot satisfy all of our unlimited human wants.
• D) Resources are unlimited.

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Definitions:

360-Day Year

A simplified accounting method where the year is assumed to have only 360 days for the purpose of interest calculations.

Exact Interest

Interest calculation method based on a 365-day year or actual number of days in a loan period.

365-Day Year

A method of computing interest where the basis for the calculation is a full 365-day year, used to give a more precise daily rate.

360-Day Year

An accounting practice assuming twelve 30-day months, used for simplicity in calculations and financial models.