The Basic Economic Problem of Scarcity

question 25

Multiple Choice

The basic economic problem of scarcity

• A)has always existed and will continue to exist.
• B)will eventually disappear as technology continues to advance.
• C)is a problem only in developing economies.
• D)does not apply to the wealthy in society.

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Definitions:

Restrictions

Limitations or constraints placed on actions, activities, or movements.

Facebook

Facebook is a widely-used social networking platform that allows users to create profiles, share photos and videos, send messages, and keep in touch with friends, family, and groups.

Twitter

A social media platform allowing users to post and interact with messages known as "tweets"; limited to short text messages and media.

Firms

Businesses or companies engaged in commercial, industrial, or professional activities.