Which of the Following Statements About Scarcity Is TRUE

question 402

Multiple Choice

Which of the following statements about scarcity is TRUE?

• A) Scarcity is no longer a problem for industrialized countries.
• B) Scarcity exists in all societies.
• C) Scarcity is a problem only for greedy people.
• D) Scarcity is a problem only in countries that do not use markets to organize economic activity.

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Definitions:

Dollar Value

The worth or purchasing power of one United States dollar in terms of goods or services.

Goods and Services

The products (goods) and activities (services) that are produced and sold to satisfy human wants and needs.

Law of Comparative Advantage

A principle that states that countries or individuals gain by producing goods for which they have a lower opportunity cost relative to other producers, leading to more efficient global resource allocation.

Economic Goods

Products or services that have a price and are consumed by individuals or groups to satisfy needs or wants.