Question

question 15
1 pts
which of the following is not an example of scarcity?

doug has an unlimited supply of apples in his orchard.

each member of a household cannot get everything he or she wants.

only some people can afford to buy a ferrari.

every individual in society cannot attain the highest standard of living to which he or she might aspire.

Explanation:

Scarcity refers to the limited availability of resources relative to unlimited wants. Let's analyze each option:

• Option 1: Doug has an unlimited supply of apples, so there's no scarcity of apples here as supply is not limited.
• Option 2: Household members can't get everything they want, showing limited resources (or goods/services) relative to wants, so this is scarcity.
• Option 3: Only some can afford a Ferrari, meaning Ferrari is a scarce good (limited in availability for all who want it), so this is scarcity.
• Option 4: Individuals can't attain the highest standard of living, indicating limited resources (income, goods, etc.) relative to the want for a high standard of living, so this is scarcity.

Answer:

A. Doug has an unlimited supply of apples in his orchard.