ECS1501 TEST BANK

ECS1501 TEST BANK Question 1 As an economic concept, scarcity applies to [1] neither the poor nor the rich. [2] the poor but not the rich. [3] the rich but not the poor. [4] both the poor and the rich. THE CORRECT OPTION IS 4 Explanation Scarcity is an economic concept that applies to all individuals rich or poor and to all countries regardless of level of development. Generally resources accessible to individuals and other economic agents are limited and insufficient to meet the agen...

ECS1501 EXAM PACK 2018 ECS1501 EXAM PACK 2018