The Problem of "Scarcity" Applies

question 332

Multiple Choice

The problem of "scarcity" applies

• A) only in industrially developed countries because resources are scarce in these countries.
• B) only in underdeveloped countries because there are few productive resources in these countries.
• C) only in economic systems that are just beginning to develop because specialized resources are scarce.
• D) to all economic systems, regardless of their level of development.

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Definitions:

Beneficiary Payment

A payment made to someone entitled to receive benefits from a legal arrangement or insurance policy.

Whole-life Insurance

A type of permanent life insurance policy that covers the insured's entire lifetime and includes an investment component known as the policy's cash value.

Term-life Insurance

A type of life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term.

Premiums

Periodic payments made to an insurance company in exchange for coverage and protection against financial loss or damage.