WorksheetsScarcity
Total questions: 9
Worksheet time: 5mins
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 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
