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If all the world's resources were to magically increase 100 fold, then: A
If all the world's resources were to magically increase 100 fold, then:
A. the scarcity principle would still govern behavior.
B. economics would no longer be relevant.
C. the scarcity principle would disappear.
D. everyone would be satisfied.
E. trade-offs would become unnecessary.
Expert Solution
The answer is A).
There is scarcity as long as resources are not limited. When the world's resources are increased by 100 fold, they are still not unlimited. Hence, scarcity still exists, though to a lesser extent, and thus the scarcity principle would still govern behavior. Moreover, even when resources are increased, some resources, for example, time, will remain as scarce as before, and thus the same scarcity principle will still apply.
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