Approximately what percentage of the world's economies experience scarcity? a) 10% b) 40% c) 85% d) 100%

Business Dec 10, 2020

Approximately what percentage of the world's economies experience scarcity?

a) 10%

b) 40%

c) 85%

d) 100%

Expert Solution

Answer: D

Every economy in the world experiences scarcity. This is evident by the fact that there is a limited amount of resources such as labor and capital. No nation on earth has solved this yet. Richer nations have a system that can best used scarce resources and thus they have a higher standard of living due to their increased production capabilities but scarcity still exists.

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