Question

17 Which of the following would be a basic criteria for an item to be regarded as scarce?
a. It should not be available in shops
b. It should command a price
c. It should provide consumers with welfare
d. It should exist in smaller quantities


Please answer! I'm preparing for CIMA foundation level Econ exam!

Answer 1

@ganeshie8 can you please help me?

Answer 2

I think it is D.

Answer 3

Because scarce resourses are in small quantities.

Answer 4

ya even that's what I thought but here the answer is given as B!
i'm not 100% sure about the answers given though!

Answer 5

I'm confused now It has to be D and if not D it should be A,but not B :P

Answer 6

A is more like a chilish response! but i'm torn between C and D! for instance Water is something needed everyone and is considered scarce resource because it provides welfare for the people.

Answer 7

Go with D.

Answer 8

thank you! :D

Answer 9

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