Question

Consider the following and decide which, if any, economy is without scarcity:(a) The pre-independence Indian economy, where most people were farmers.(b) A mythical economy where everybody is a billionaire.(c) Any economy where income is distributed equally among its people.(d) None of the above.

Answer 1

option D is correct answer because scarcity causes choice and choice implies the decision making relates to usage of limited or rare resources in an economy so if there is no scarcity means there is no choices and no economy.