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Questions and Answers
What is the central economic problem?
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?
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?
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?
If resources were unlimited, what would be the impact on satisfying wants?
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Which economic system does not have to deal with the central economic problem of scarcity?
Which economic system does not have to deal with the central economic problem of scarcity?
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