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Questions and Answers
Economic scarcity is the central problem of economics.
Economic scarcity is the central problem of economics.
True (A)
Unlimited resources eliminate the need for economic decision-making.
Unlimited resources eliminate the need for economic decision-making.
False (B)
Efficient allocation of resources ensures maximum satisfaction of human needs and wants.
Efficient allocation of resources ensures maximum satisfaction of human needs and wants.
True (A)
The concept of scarcity refers to the limited availability of economic resources relative to unlimited demand.
The concept of scarcity refers to the limited availability of economic resources relative to unlimited demand.
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Economically literate citizens understand the economic problems of our nation.
Economically literate citizens understand the economic problems of our nation.
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