Scarcity Exists When

question 40

Multiple Choice

Scarcity exists when:

• A) a choice must be made among two or more alternatives.
• B) we face the notion of "all other things unchanged."
• C) countries and people find themselves facing poverty.
• D) the notions of normative economics come into play.

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Definitions:

Community

A group of people living in the same place or having a particular characteristic in common, often sharing a sense of identity and belonging.

Puritanism

A movement within the Church of England aiming at purifying the church of Roman Catholic practices, emphasizing predestination, and leading a godly life.

Calvinism

A major branch of Protestantism that follows the theological teachings and principles of John Calvin, emphasizing the sovereignty of God, predestination, and the authority of the Bible.

Continental

Referring to the main continent of Europe, often used in the context of geographic descriptions, continental climates, or the "continental system" implemented by Napoleon to blockade British trade.