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.
Correct Answer:
Verified
Q1: The problem of economic scarcity applies
A) only
Q2: Scarcity is caused by
A) unlimited wants running
Q4: Entrepreneurs are important to market economies because
A)
Q5: Which of the following are considered factors
Q6: Which of the following statements about scarcity
Q7: All of the following are examples of
Q8: In the production of goods and services,
Q9: In every economic system, choices must be
Q10: In economic terminology, when a resource is
Q11: Scarcity
A) does not exist in the United
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