Question

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 resources​

Answer 1

$\huge\mathbb\color{purple}{MARHABAAN!!}$

Option A. Excessive Income is the correct answer.

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Answer 2

Excessive income is not concerned with the problem of choice

Explanation:

• Normally the problem of choice arises when the income is limited and people have wants that are unlimited. Due to this reason they must choose and leave the the other things. Therefore with limited resources the consumers is forced to make a choice
• But if the there is change in income and there is excessive income then he is not concerned with problem of choice. He can spend the income  buying large quantity of things. In the same manner if income declines then their buying power is reduced
• This is the problem faced by the economy as as a whole when there are unlimited wants and limited resources. The government  has the problem of choice and is forced to make decisions for allocating  the resources based on priority.

To know more about problem of choice

What is the meaning of economic problem or the problem of choice?

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