Which Statement Is True

question 249

Multiple Choice

Which statement is true?

• A)The economic problem is limited to poverty.
• B)Scarcity is no longer an economic problem in the United States.
• C)If we all had more money there would be less scarcity.
• D)None of these statements are true.

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Definitions:

Recession

A phase of short-term economic downturn characterized by decreased trading and industrial output, generally recognized by a drop in Gross Domestic Product across two consecutive quarters.

National Debt

The aggregate financial obligations incurred by a government of a country through borrowing.

Tax Revenue

The income gained by the government through taxation, which is then used to fund public services and governmental functions.

Budget

An estimate of income and expenditure for a set period of time.