Which of the Following Is True

question 204

Multiple Choice

Which of the following is true?

• A) Scarcity and poverty are basically the same thing.
• B) Poverty implies that some basic level of need has not been attained.
• C) Scarcity is the result of prices being set too high.
• D) All of the above are true.

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Definitions:

Means Of Production

The physical, non-human inputs used for the production of economic value, such as factories, machines, and tools.

Circular Flow Model

Goods and services flow from business firms to households in exchange for consumer expenditures, while resources flow from households to business firms in exchange for resource payments.

Supply Products

The activity of making goods available to consumers, often involving manufacturing, distribution, and sale processes.

Demand Resources

The various inputs or factors that contribute to the demand side of the economy, influencing the quantity of goods and services demanded.