BASIC ECONOMIC PROBLEMS OF SOCIETY

Name of school?

Economics problems are mainly a result of ________

• Inaccurate statistical data in Nigeria

• Excessive wastage of availability of resources

• Lack of vision the part of the resource users

• Limitation in availability of resources

  Economic problems arise when _________

• Manufactured goods are in short supply

• Money is in short supply

• Buyers are many

• Scarcity and choice are involved

Which of the following is not a basic economic problem of society?

• What to produce

• Efficient use of resources

• Factor of production

• How to produce

    The fundamental problem of economics is _____

• Money

• Poverty

• Unemployment

• The scarcity of resources relative to wants

   In any economic system, which of the following is not an economic problem?

• What goods and services to produce

• For whom to produce goods or services

• What techniques of production to be adopted

• Equal distribution of the goods and services

Most of the problems in economics arise as a result of _______

• Competing demands for the scarce resource

• Increase in the demand for more goods and services

• The desire of producers to supply more goods and services

• The need to reduce the level of poverty

   A basic economic problem of any society is ______

• Resource allocation

• Population growth

• Irregular power supply

• High level of illiteracy

   Economics problems arise because _______

• Money is scarce

• Resources are scarce relative to wants

• Man is insatiable

•   Man engages in too many economic activities

The basic problem that economics attempts to solve is the __________

• Ranking of goods and services

• Pricing of goods and services

• Scarcity of resources

• Satisfaction of producers needs