Author Question: Which of the following statements is TRUE about scarcity? A) Both rich and poor people face the ... (Read 131 times)

jho37 · **on:** Jun 29, 2018

Which of the following statements is TRUE about scarcity?

A) Both rich and poor people face the problem of scarcity.
B) Scarcity exists only when supply is insufficient to meet demand.
C) Scarcity exists only when a shortage exists.
D) Scarcity can be eliminated when a country becomes richer.

Question 2

Scarcity refers to

A) a shortage in a good or service.
B) the ability of society to consume all that it produces.
C) the inability of society to satisfy all human wants because of limited resources.
D) the inability of an individual to purchase a good or service due to her limited income.