alleryStart learning →Scarcity is described as a condition that is:
AConfined to poor countries
BConfined to wartime periods
CEntirely a modern problem
DAlmost ubiquitous in human nature
Answer & Solution
Correct answer: D. Almost ubiquitous in human nature
1. Economics would have nothing to say if resources were unlimited.
2. Scarcity of means to satisfy given ends is an almost ubiquitous condition of human nature.
3. It applies to rich and poor societies alike, since wants expand with means.
4. Confining it to particular places or eras would make economics a narrow subject.
5. It is the reason every choice carries an opportunity cost.
_Source: OpenStax Principles of Microeconomics for AP(R) Courses 2e (CC BY 4.0), Ch 2 'Choice in a World of Scarcity', sections 2.1-2.3_
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