Which of the Following Statements Is True About Scarcity

question 323

Multiple Choice

Which of the following statements is true about scarcity?

• A) Scarcity refers to the situation in which unlimited wants exceed limited resources.
• B) Scarcity is not a problem for the wealthy.
• C) Scarcity is only a problem when a country has too large a population.
• D) Scarcity arises when there is a wide disparity in income distribution.

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Definitions:

General Ledger

The primary accounting record of a company that uses double-entry bookkeeping, containing all the financial accounts and transactions of a business.

Accounts

Records summarizing all transactions related to a particular item over a period.

Posting

The process of transferring entries from the journal to the respective accounts in the ledger.

Journal Entries

Records in accounting that document every transaction affecting a company's financial position, detailing debits and credits to accounts.