WorksheetsBasic Problems of an Economy
Total questions: 21
Worksheet time: 14mins
Which of the following are NOT examples of "basic economic problems"?
Where to produce
How to produce
Why to produce
What to produce
The operator of a canteen in the government headquarters decides to sell fish balls and not siu mai anymore because the former can earn a higher profit. This is an example of using ____ to solve the problem of ____
government command ,
‘what to produce’
B. government command,
‘for whom to produce’
market mechanism,
‘what to produce’
market mechanism,
‘for whom to produce’
What is the basic economic problem?
the value forgone from the next best alternative
the fact that the world has finite resources but humans have infinite wants
too many resources
the fact that the world has infinite resources but humans have finite wants
Which of these is not a decision which is made to solve the basic economic problem?
What to produce
How to produce
Why to produce
For whom to produce
Which of the below is not scarce resource?
Oil
Sea water
Natural gas
Gold
Define scarcity
The infinite availability of resources
The cost of making a decision
Oil
The limited availability of resources
Goods with limited supply is known as
General goods
Free goods
Specific goods
economics goods
Economics problems are mainly a result of ________
Inaccurate statistical data in India
Excessive wastage of availability of resources
Lack of vision the part of the resource users
Limitation in availability of resources
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
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
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
Economic agents have to make choices due to ..........
Unlimited resources
The existence of free goods
Finite resources
Limited alternatives
Which is NOT a major economic problem?
When to produce?
What to produce?
How to produce?
For whom to produce?
Economics is said to deal mostly with the ____________ of resources.
Deprivation
Allocation
Usage
Consumption
Allocation and scarcity is a problem because people have unlimited ____________.
problems
wants and needs
resources
desires
How many central/ basic Problems are there :
2
3
4
2
