Which of the Following Statements Regarding the Basic Economic Problem

question 117

Multiple Choice

Which of the following statements regarding the basic economic problem of scarcity is correct?​

• A)The problem exists only in countries that are not highly industrialized.
• B)The problem is likely to disappear as production increases.
• C)The problem is sure to disappear as technology improves.
• D)The problem will exist as long as resources are available in limited amounts.
• E)The problem will disappear as a person's income falls.

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Definitions:

Pleasure Principle

A psychoanalytic concept that describes the instinctual seeking of pleasure and avoidance of pain in order to satisfy biological and psychological needs.

Personality

A combination of features that delineates an individual's unique character.

Psychoanalytic Theory

A body of theories developed by Sigmund Freud that emphasizes the role of unconscious processes and experiences in early childhood on later personality and behavior.

After-The-Fact Explanations

Reasonings or interpretations provided retrospectively to justify or make sense of events that have already occurred.