Question : Economic goods are considered scarce resources because they
Option 1: cannot be increased quantity
Option 2: do not exist in adequate quantity to satisfy the requirements of the society
Option 3: are of primary importance in satisfying social requirements
Option 4: are limited to man-made goods
Correct Answer: do not exist in adequate quantity to satisfy the requirements of the society
Solution : The correct answer is (b) do not exist in adequate quantity to satisfy the requirements of the society.
Economic goods are considered scarce resources because they are not available in unlimited quantities relative to the demand or wants of society. There is a limited supply of economic goods, and their availability is insufficient to fully satisfy all the needs and wants of individuals in society. This scarcity necessitates choices and trade-offs in resource allocation.
Question : Which of the following is the primary reason for India's poor people having limited economic opportunities?
Option 1: Inadequate skills and literacy
Option 2: Resources are scarce
Option 3: The majority of them live in rural areas.
Option 4: None of the above
Question : Which of the following is a common consequence of caste prejudice in Indian society?
Option 1: Increased social mobility
Option 2: Enhanced economic development
Option 3: Greater political participation
Option 4: Restricted access to resources
Question : Urban settlements are often characterized by:
Option 1: Low levels of pollution
Option 2: High levels of social interaction
Option 3: Predominance of primary economic activities
Option 4: Limited access to healthcare
Question : What is the full form of NSDL?
Option 1: National Society Development Limited
Option 2: National Securities Depository Limited
Option 3: National Social Development Limited
Option 4: National Safety Development Limited
Question : The products that directly satisfy human demands are referred to as:
Option 1: Producer goods
Option 2: Intermediate goods
Option 3: Capital goods
Option 4: Consumer goods
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