The problem of scarcity
A)applies to market-based economies.
B)applies to centrally planned economies.
C)applies only to the economies of less-developed countries.
D)applies to all of these economies, not just one type.

Question

Quizplus · Accepted Answer

The problem of scarcity exists in all economies, regardless of whether they are market-based or centrally planned. Scarcity refers to the limited availability of resources to satisfy unlimited wants and needs, which is a fundamental challenge faced by all economic systems. Therefore, both options A and B are incorrect, and option C is also incorrect because scarcity is a global issue that affects economies at all levels of development. Option D is the best choice because it accurately reflects the universality of the problem.

The Problem of Scarcity