Which of the Following Is an Example of Scarcity

question 74

Multiple Choice

Which of the following is an example of scarcity?

• A) If you choose to play video games, you will not have as much time for exercise.
• B) If a city uses an acre of land to build a park, there will be less land for houses.
• C) If I decide to buy a new car, I may not have enough money to go away on vacation this year.
• D) All of the above are examples of scarcity.

Understand the effects of sales discounts, returns, and freight costs on transactions.

Compute adjustments for inventory shrinkage and the cost of merchandise purchased.

Understand the accounting treatment of expenses and revenue recognition for a merchandising business.

Understand the closure of accounts and calculation of financial ratios in accounting.

---

Definitions:

Metacognition

The awareness and understanding of one's own thought processes, including the ability to monitor, regulate, and reflect upon thinking and learning.

Monogenic Trait

A trait that is determined by a single gene, showing a simple form of inheritance and typically having two distinct phenotypes or expressions.

Gene-Environment Interactions

Describes how one's environment can affect the expression of genes and how genetic predispositions can influence responses to the environment.

Fluid Intelligence

The aspect of cognitive ability that involves the capacity to think logically and solve problems in novel situations, independent of acquired knowledge.