Question:
The problem of scarcity
(1) exists only in developing economies.
(2) exists only in market economies.
(3) exists because prices of goods and services are too high.
(4) exists now but will be eliminated with economic growth.
(5) exists because of limited resources.
Correct Answer:
(5)
Answer Explanation:
Scarcity is the fundamental, universal economic problem. It exists across all economic systems and stages of development because human wants are virtually infinite, while the resources available to fulfill them are strictly limited.
Topic: Basic Concepts Year: 2017
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