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Scarcity and Resource Allocation in Economics
5 Questions
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Scarcity and Resource Allocation in Economics

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Questions and Answers

What is the central economic problem?

  • Unlimited resources and limited wants
  • Single-use resources and limited wants
  • Unlimited wants and limited resources (correct)
  • Limited wants and unlimited resources

    • Which example illustrates the problem of scarcity?

  • Coal being used for a single purpose
  • Unlimited availability of coal for industrial use
  • Limited demand for coal in the market
  • Coal being used for multiple purposes (correct)

    • What is the division of the central economic problem into four basic economic problems based on?

  • Resource allocation (correct)
  • Consumer preferences
  • Government regulations
  • Market demand

    • If resources were unlimited, what would be the impact on satisfying wants?

    <p>All wants would be satisfied</p> Signup and view all the answers

    Which economic system does not have to deal with the central economic problem of scarcity?

    <p>None of the above</p> Signup and view all the answers

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