Explain why both nations with high living standards and nations with low living standards face the problem of scarcity. If you won $1 million in a lottery, would you escape the scarcity problem?
What will be an ideal response.
Ans:
A poor nation with people who lack food, clothing, and shelter certainly experiences wants beyond the availability of goods and services to satisfy these unfulfilled wants. On the other hand, no wealthy nation has all the resources necessary to produce everything everyone in the nation wishes to have. Even if you had $1 million and were completely satisfied with your share of goods and services, other desires would be unfulfilled. There is never enough time to accomplish all the things that you can imagine would be worthwhile.
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A) 1920s. B) 1930s. C) 1940s. D) 1950s.
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