If scarcity was not a fact,
A)people could have all they wanted of goods and services for free.
B)it would no longer be necessary to make choices.
C)poverty, defined as the lack of a minimum level of consumption would also be eliminated.
D)all of the above would be true.

Question

If scarcity was not a fact,
A)​people could have all they wanted of goods and services for free.
B)​it would no longer be necessary to make choices.
C)​poverty, defined as the lack of a minimum level of consumption would also be eliminated.
D)​all of the above would be true.

Quizplus · Accepted Answer

Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. If scarcity was not a fact, people could indeed have all they wanted without cost, making choices on allocation unnecessary, and effectively eliminating poverty defined by lack of access to goods and services, as all three statements logically follow from the absence of scarcity.

If Scarcity Was Not a Fact