Which of the Following Best Describes Scarce Resources

question 74

Multiple Choice

Which of the following best describes scarce resources?

• A) Resources that most people cannot afford to buy
• B) Resources that can only be distributed efficiently by the government
• C) Resources for which the quantity demanded is the same for all economic agents
• D) Resources for which the quantity that people want exceeds the quantity that is freely available

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Definitions:

Inventory Reporting

The process of accounting for inventory levels, costs, and valuation in financial statements.

Dollar-Value LIFO

An inventory valuation method that uses the last-in, first-out (LIFO) principle, but adjusts for changes in the value of money, typically through the use of a price index.

Cost Index

An index that measures the change in cost of a specific basket of goods and services over time.

Ending Inventory

The aggregate value of goods up for sale at the termination of an accounting interval.