Which of the Following Statements About Economic Scarcity Is FALSE

question 320

Multiple Choice

Which of the following statements about economic scarcity is FALSE?

• A) Scarcity occurs among the poor and the rich.
• B) Scarcity only occurs if there are shortages and people wait in line to buy things.
• C) Scarcity results from not having enough resources to produce all the things we want.
• D) Scarcity results in the necessity to make choices.

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Definitions:

Process Costing

An accounting methodology used to assign costs to masses of similar units of product to calculate the cost per unit, typically used in industries where products are indistinguishable, like chemicals or food processing.

Petroleum

A naturally occurring liquid found beneath the Earth's surface that can be refined into fuel, lubricants, and petrochemicals.

Sugar Refining

The process of converting raw sugar into refined sugar, involving the removal of impurities and color to produce pure, white sugar for consumption.

Computer Manufacture

The process involving the assembly and production of computer hardware and components, often involving complex electronic and mechanical processes.