Question

1. Objective Type Questions
A. Multiple Choice Questions: Choose the Correct Answer
1. Which of the following is not concerned with the problem of choice?
(a) Excessive income
(b) Alternative use of resources
(c) Unlimited wants
(d) Limited (scarce) resources
2. Principal characteristics of resources are:
(a) they are scarce in relation to our needs (b) they have alternative uses
(c) both (a) and (b)
(d) none of these
3. In which of the following situations, does scarcity arise?
(a) Supply of resources > Demand for resources
(b) Supply of resources < Demand for resources
(c) Supply of resources = Demand for resources
(d) None of these
4. Economic problem arises due to the fact that:
(a) resources are scarce
(b) human wants are unlimited
(c) resources have alternative uses (d) all of these
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Answer 1

Answer:

1 d

2 b

3 b

4 d

Explanation:

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Answer 2

Answer:

1) (a) Excessive income

2) (c) both (a) and (b)

3) (b) Supply of resources < Demand for resources.

4) d) all of these  above

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