Scarcity refers to the situation in which
A)unlimited wants exceed limited resources.
B)unlimited resources exceed limited wants.
C)a country's population is larger than its resource base.
D)a nation's poverty level increases faster than its population.

Question

Quizplus · Accepted Answer

Scarcity refers to the fact that we have unlimited wants but limited resources to satisfy those wants. This means that we must make choices about how to allocate those resources, as we cannot have everything we want. Therefore, option A is the correct answer.

Scarcity Refers to the Situation in Which