GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The basic economic problem results from scarcity.
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True
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False
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Scarcity, or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants. Therefore, we have to choose. We have to make trade-offs.
Detailed explanation-2: -Answer and Explanation: The correct answer is d. The problem will exist as long as resources are available in limited amounts.
There is 1 question to complete.