The scarcity problem:
A) persists only because countries have failed to achieve continuous full employment.
B) persists because economic wants exceed available productive resources.
C) has been solved in all industrialized nations.
D) has been eliminated in affluent societies such as the United States and Canada.

Question

Quizplus · Accepted Answer

The scarcity problem exists because there are limited resources to fulfill unlimited human wants and needs. It is a fundamental economic problem that cannot be fully resolved but can be alleviated through efficient allocation and utilization of resources. Choices A, C, and D are incorrect as they do not accurately represent the nature of the scarcity problem.

The Scarcity Problem