Which of the following statements is true regarding scarcity?
A)An economy experiences scarcity only when the incomes of its citizens decline.
B)Scarcity affects poorer countries only.
C)Scarcity could be overcome if people would make all choices in the social interest.
D)All citizens in a wealthy economy experience scarcity.
E)Poor people experience scarcity more often than do rich people.

Question

Quizplus · Accepted Answer

Scarcity is a universal problem and affects all citizens, regardless of the level of wealth in the economy. This is because resources are limited relative to the unlimited wants and needs of individuals and society as a whole. Even in wealthy economies, there are still limited resources that must be allocated efficiently to satisfy the competing demands of individuals and groups.

Which of the Following Statements Is True Regarding Scarcity