When Economists Speak of Scarcity,they Are Referring to the

question 36

Multiple Choice

When economists speak of scarcity,they are referring to the

• A) condition in which society is not employing all its resources in an efficient way.
• B) condition in which people's wants outstrip the limited resources available to satisfy those wants.
• C) economic condition that exists in only very poor countries of the world.
• D) condition in which society produces too many frivolous goods and not enough socially desirable goods.

---

Definitions:

Act of God

A natural and unavoidable catastrophe that interrupts the expected course of events and is not caused by human intervention.

Shed

A simple roofed structure used for storage, hobbies, or as a workshop.

Liability

The state of being legally responsible for something, especially in terms of debts or legal wrongs.

Disclaimer of Liability

A statement intended to specify or delimit the scope of rights and obligations that may be exercised and enforced by parties in a legally recognized relationship.