Which of the Following Is True Regarding Scarcity

question 57

Multiple Choice

Which of the following is true regarding scarcity?

• A)Scarcity could be eliminated if all economies of the world would work together to solve world hunger.
• B)Scarcity could be eliminated if we had full employment.
• C)It is impossible to eliminate scarcity, given limited resources and unlimited wants.
• D)Scarcity could be eliminated if all economies of the world would adopt communism.
• E)Scarcity could be eliminated if all economies of the world would adopt a free market system.

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Definitions:

Digital Video Camera

An electronic device that records video in a digital format, allowing for easy storage, editing, and playback on various digital devices.

Film Video Cameras

Devices specifically designed to capture moving images on photographic film, historically used in filmmaking and entertainment.

Creative Destruction

A concept in economics introduced by Joseph Schumpeter, where innovation leads to old technologies or products being replaced by new and more efficient ones, driving economic growth.

Derived Demand

The demand for a resource that depends on the demand for the products it helps to produce.