Knowee
Questions
Features
Study Tools

Scarcity is correctly described by which of the following statements?Scarcity exists if there are more uses for resources than can be satisfied at one time.Scarcity exists if decisions must be made about alternative uses for resources.Scarcity would not exist in a society in which people wanted to help others instead of themselves. aI only bII only cIII only dI and II only eI, II, and III

Question

Scarcity is correctly described by which of the following statements?Scarcity exists if there are more uses for resources than can be satisfied at one time.Scarcity exists if decisions must be made about alternative uses for resources.Scarcity would not exist in a society in which people wanted to help others instead of themselves. aI only bII only cIII only dI and II only eI, II, and III

🧐 Not the exact question you are looking for?Go ask a question

Solution

The correct answer is dI and II only.

Scarcity is a fundamental concept in economics. It refers to the basic economic problem - the gap between limited resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible.

Statement I: "Scarcity exists if there are more uses for resources than can be satisfied at one time." This is correct. If there are more uses for resources than can be satisfied at one time, it means that resources are scarce.

Statement II: "Scarcity exists if decisions must be made about alternative uses for resources." This is also correct. The need to make decisions about how to use resources indicates that those resources are scarce.

Statement III: "Scarcity would not exist in a society in which people wanted to help others instead of themselves." This is incorrect. Scarcity is a condition based on resources, not on people's desires or behaviors. Even if everyone in a society wanted to help others instead of themselves, resources would still be limited and scarcity would still exist. Therefore, the correct answer is dI and II only.

This problem has been solved

Similar Questions

Which situation creates scarcity in an economy?A.Human and physical capital are used as factors of production when making goods.B.Citizens have more wants than they can fulfill with their available resources.C.Businesses disregard public needs and only supply goods that are cheap to make.D.Governments decide to distribute goods to make sure all citizens are equal.

Which statement below is accurate in regards to the relationship between shortages and scarcity?Group of answer choicesShortages and scarcity are the same thing.Shortages are temporary, scarcity is permanent.Shortages are permanent, scarcity is temporary.Scarcity can be solved by raising the price of a good or service.

Economic problem means scarcity of resources.Question 5AnswerTrueFalse

Scarcity guarantees that. A. wants will exceed demands. B. demands will be equal to wants. C. demands will exceed wants. D. most demands will be satisfied

Water scarcity can have dire consequences for which of the following?Question 6Select one:a.peopleb.environmentc.economyd.all of the above

1/3

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.