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The scarcity problem: A
The scarcity problem:
A. persists only because countries have failed to achieve continuous full employment.
B. persists because material wants exceed available productive resources.
C. has been solved in all industrialized nations.
D. has been eliminated in affluent societies such as Australia.
Expert Solution
The correct option is (b).
The scarcity problem persists because material wants exceed available productive resources.
The whole study of economics revolves around unlimited human wants and limited resources. There is always a tradeoff between unlimited wants and limited available resources. The limited resources and unlimited wants lead to the problem of scarcity.
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