Which of the following is true?
A) Scarcity and poverty are basically the same thing.
B) Poverty implies that some basic level of need has not been attained.
C) Scarcity is the result of prices being set too high.
D) All of the above are true.

Question

Quizplus · Accepted Answer

Scarcity refers to a lack of resources relative to the demand for them, whereas poverty implies a lack of basic necessities needed for a decent standard of living. Scarcity can occur even if everyone's basic needs are met, while poverty implies that some basic level of need has not been attained. Option A is incorrect because scarcity and poverty are not the same things. Option C is also incorrect because scarcity is not the result of high prices, but rather the limited availability of resources.

Which of the Following Is True