Question 3 05 pts Approximately what percentage of the world

Question 3 0.5 pts Approximately what percentage of the world\'s economies experience scarcity? o 10% o 40% ? 85% o 100% Question4 0.5 pts Resources are scarce for households but plentiful for economies. plentiful for households but scarce for economies. scarce for households and scarce for economies plentiful for households and plentiful for economies.

Solution

Question 3:

Approximately 100% of the world\'s economies experience scarcity.

Explaination :

It is so because scarcity means the limitation of supply in relation to the demand. In other words, scarcity is a situation, when wants exceed the available resources. As a result, goods are not available and any society irrespective of whatever amount of resources it has never able to satisfy all wants of its people. It is so because of the humans unlimited wants.

It is human nature. Human wants are never ending, that\'s why the scarcity is approximately experienced by almost all the world\'s economies because scarcity is universal.

Other options are incorrect

Option a), b) and c) is incorrect because scarcity is universal.

Option D) is correct.

Question 4:

Resources are scare for household and scare for economies.

Explaination:

Resources are always scare for the economy as explained in question 3 as scarcity is universal and also in an economy if the resources are scare for household it will also scare for the economy because economy ( a closed economy) is made by household, firms and government.

Other options are incorrect :

Option a), b) and d) are incorrect because resources are always scare to satisfy the wants of humans.