The fact that even a rich country like Canada faces the economic problem of scarcity implies that
A) scarcity must be a problem related to the use of land and labour in Canada.
B) scarcity must be the result of mismanagement of natural resources by Canadian businesses.
C) scarcity must be largely due to the inefficiency of the government in Canada.
D) wants and human desires in Canada exceed available resources.
E) Canada is not a rich country after all.

Question

Quizplus · Accepted Answer

The economic problem of scarcity arises because human wants and desires exceed available resources. This is a universal problem faced by all societies, irrespective of their wealth or resources. Therefore, the fact that even a rich country like Canada faces this problem implies that the wants of Canadians cannot be satisfied with the resources available in the country.

The Fact That Even a Rich Country Like Canada Faces