The Problem of Economic Scarcity Applies

question 276

Multiple Choice

The problem of economic scarcity applies

• A)only in developed countries, because resources are scarce in these nations.
• B)only in underdeveloped countries, because there are no productive resources in these nations.
• C)only to an economy with an insufficient supply of money.
• D)to the economies of all nations, regardless of their level of development.

---

Definitions:

Tariff Classification

A system used by customs to categorize goods being imported or exported to determine duties and taxes.

Sight Draft

A financial document demanding immediate payment upon presentation to the drawee.

Sale of Goods Act

A set of laws that regulate the sale of goods, providing rights to buyers and obligations to sellers, including provisions for the quality, fitness, and description of the goods.

Consignee

The person or entity to whom goods are shipped and who is responsible for receiving the shipment.