Final answer:
The best example of scarcity is the gasoline shortage in the 1970s, as it represents a direct instance where a resource was limited and could not meet all wants and needs.
Step-by-step explanation:
When considering which situation would be the best description of scarcity, option (b) the gasoline shortage in the 1970s is the most fitting. The concept of scarcity refers to the lack of enough resources to satisfy all wants and needs. It is a fundamental economic problem that forces individuals and societies to make choices about how to allocate these limited resources. While the other options highlight economic crises or government programs, they don't directly exemplify the economic concept of scarcity as clearly as the gasoline shortages do, which were a direct result of the limited availability of gasoline.
The complete question is:
Which situation would be the best description of scarcity?
a. the stock market crash in 1929
b. the gasoline shortage in the 1970s
c. climate change's impact on the sea level
d. the construction of infrastructure during Roosevelt's New Deal