Micro

Introduction

Easy

In the course of basic economic activities, every society has to face a scarcity of resources, and the scarcity of resources rises which of the following problem?

Production.

Consumption.

Choice.

Exchange.

✅ Correct Option: 3

Since resources are scarce relative to unlimited wants and have alternative uses, every society must decide how to allocate them, what to produce, how to produce and for whom. Scarcity therefore gives rise to the fundamental problem of choice, which is the central problem of economics.

2025: 29 May Shift 1

Positive Economics deals with_______________

2026: 21 May Shift 1

An economy in which both the private and the public sector coexist is known as a ....................

2026: 11 May Shift 1

What causes the production possibility frontier concave downward shape towards the origin?

2025: 22 May Shift 1

......... is an economy in which there is both the private sector and the government.

2026: 21 May Shift 2

A set of arrangements where economic agents can freely exchange their endowments or products with each other is known as:

2025: 28 May Shift 2

In the course of production, exchange and consumption of goods and services, every society has to face a scarcity of resources; and it is the scarcity of resources that gives rise to the problem of .............

In the course of basic economic activities, every society has to face a scarcity of resources, and the scarcity of resources rises which of the following problem?

Solution

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