ECS1501 TEST BANK
University of South Africa
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ECS1501 TESTS BANK exam prep
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---85november 20212021/2022A+
- 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...
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