Question

principles of microeconomics 72697 fa26
ch2 hw
question completed 1 of 46 | my score: 1/46 pts (2.17%)
concept question 1.1
question 1/1 pt (completed)
concept question 1.2
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scarcity
a. results from unlimited resources coupled with limited wants.
b. results from unlimited wants coupled with limited resources.
c. is the same thing in economic terminology as a shortage.
d. can be eliminated with improvements in technology.
concept question 1.3
question 0/1 pt
concept question 1.4
question 0/1 pt
concept question 1.5
question 0/1 pt

Explanation:

To determine the correct answer about scarcity:

• Option A: Scarcity is not from unlimited resources (resources are limited), so A is wrong.
• Option B: Scarcity occurs because human wants are unlimited while resources (like land, labor, capital) are limited. This matches the economic definition of scarcity.
• Option C: Scarcity is a fundamental economic problem due to limited resources/unlimited wants, while a shortage is a market - specific situation (e.g., temporary lack of a good due to price controls). So they are not the same, and C is wrong.
• Option D: Technology improvements can help use resources better but can't eliminate scarcity (since wants remain unlimited), so D is wrong.

Answer:

B. results from unlimited wants coupled with limited resources.