Which of the Following Statements Is True About Scarcity

question 323

Multiple Choice

Which of the following statements is true about scarcity?

• A) Scarcity refers to the situation in which unlimited wants exceed limited resources.
• B) Scarcity is not a problem for the wealthy.
• C) Scarcity is only a problem when a country has too large a population.
• D) Scarcity arises when there is a wide disparity in income distribution.

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Definitions:

Financial Institutions

Organizations that provide financial services to their clients or members, including banks, credit unions, investment companies, and insurance companies.

Start-Up Funds

Capital that is required to start a new business, covering initial operational costs and investments.

Business Incubators

Organizations or programs designed to support the successful development of entrepreneurial companies through an array of business resources and services.

Economic Development

The process by which a nation improves the economic, political, and social well-being of its people, often measured by increases in standards of living, income, and employment.