Which of the Following Statements Is True

question 64

Multiple Choice

Which of the following statements is true?

• A) Gold is not a scarce resource.
• B) Both life-saving drugs and ice cream are examples of scarce goods.
• C) If a scarce resource is given away for free, everyone will be able to consume it.
• D) Scarcity means that there is an imbalance between unlimited resources and limited wants.

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Definitions:

Price

The monetary value assigned to a product or service, indicating how much a buyer must pay to acquire it.

Technological Advance

The development and application of innovative tools, machinery, and methods to improve efficiency, productivity, and outcomes in various fields.

Retail Market

A marketplace where goods and services are sold directly to consumers, typically involving transactions of smaller quantities.

World Supply

Refers to the total amount of a particular good or service that is available for purchase on the global market.