A drought has destroyed orange crops in California. The drought has caused
A) scarcity because there are less oranges now than people want.
B) scarcity because people have to switch to oranges grown in Florida.
C) a shortage because people cannot obtain as many oranges as they wish to buy at the pre-freeze price.
D) a shortage because orange growers will have less income.
Correct Answer:
Verified
Q23: Economic goods are
A) abundant goods, about which
Q24: All of the following are economic resources,
Q25: Services can be thought of as
A) unvalued
Q26: Scarcity is
A) a shortage of goods and
Q27: Scarcity affects
A) only rich people.
B) only poor
Q29: Physical capital is distinguished from human capital
Q30: Scarcity exists because
A) the majority of people
Q31: Human capital is
A) what people get from
Q32: In economics, the term physical capital
A) refers
Q33: Scarcity
A) exists in all human societies.
B) is
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