Question

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

Explanation:

To determine the answer, we analyze the concept of scarcity. Scarcity exists because human wants are unlimited while resources (including time, even for the richest) are limited. Option A correctly states that even the richest can't satisfy all wants (due to unlimited wants) and must make choices, so they face scarcity. Option B is wrong as money doesn't eliminate the fact that wants are infinite (e.g., new desires, time constraints). Option C is wrong because money doesn't remove the need to choose between present and future consumption (e.g., saving vs. spending now). Option D is incorrect as scarcity isn't about short - term shortages from a single purchase but about the fundamental mismatch between wants and resources.

Answer:

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