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.

Question

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.

Quizplus · Accepted Answer

The basic economic problem of scarcity exists because resources are available in limited amounts. As long as resources are limited, scarcity will remain a fundamental economic problem. Choices A, B, C, and E are incorrect because they suggest that scarcity is temporary or dependent on certain factors, which is not true.

Which of the Following Statements Regarding the Basic Economic Problem