Question

to which of the following household - type(s) does the phrase \unlimited wants and limited resources\ apply?
i. a low - income household
ii. a middle - income household
iii. a high - income household
a. i only.
b. ii only.
c. both i and ii, but not iii.
d. i, ii, and iii.

Explanation:

The concept of "unlimited wants and limited resources" is a fundamental economic principle. Wants are desires for goods, services, or experiences, and they are essentially unlimited for all households, regardless of income level. Resources (like money, time, etc.) are limited even for high - income households (e.g., a high - income household still has a finite amount of time to spend on activities or a finite budget if they consider long - term financial goals like retirement, philanthropy, etc.). So low - income, middle - income, and high - income households all face unlimited wants and limited resources.

Answer:

D. I, II, and III.