Which of the following statements about economic scarcity is FALSE?
A) Scarcity occurs among the poor and the rich.
B) Scarcity only occurs if there are shortages and people wait in line to buy things.
C) Scarcity results from not having enough resources to produce all the things we want.
D) Scarcity results in the necessity to make choices.

Question

Quizplus · Accepted Answer

Scarcity is not only limited to situations where there are shortages and waiting in line to buy things. It is a fundamental economic concept that exists because human wants and needs are unlimited and resources are limited. Scarcity exists even in situations where there may not be a shortage of a particular good or service, but resources are still being used to produce that good or service when they could have been used elsewhere.

Which of the Following Statements About Economic Scarcity Is FALSE