Question

does the richest person in the world face the problem of scarcity?
a. no, because having money means that you can buy whatever you want to buy
b. no, because having money means that you do not have to choose between present and future consumption
c. yes, because even if you have money you will never be able to satisfy all of your wants and must therefore make choices
d. yes, because if the rich were to purchase a lot of goods at one time shortages would result.

Explanation:

Scarcity in economics refers to the situation where unlimited wants exist but resources (including time, goods, services, etc.) are limited. Even the richest person has unlimited wants (e.g., wanting more time, unique experiences, or more of certain goods) and cannot satisfy all of them. Option A is wrong as money can't buy everything (e.g., time). Option B is wrong as even the rich have to choose between present and future consumption (e.g., investing vs. spending now). Option D is incorrect as scarcity is not about short - term shortages from a single purchase but about unlimited wants vs. limited resources. Option C correctly states that the richest person still has unlimited wants and must make choices, so they face scarcity.

Answer:

C. Yes, because even if you have money you will never be able to satisfy all of your wants and must therefore make choices