Question : Difference between resources and human wants

Option 1: Resources are scarce but human wants are unlimited

Option 2: Resources have alternative uses and human wants differ in priorities

Option 3: Both 1 and 2

Option 4: None of these

Question : Economic problem is a problem of ________.

Option 1: Choice

Option 2: Scarcity

Option 3: Unlimited resources

Option 4: Alternative uses

Question : Assertion: Scarcity is the fundamental economic problem faced by all societies.

Reason: Scarcity arises because human wants and needs are unlimited, while resources are limited.

Option 1: Both the assertion and reason are true, and the reason is a correct explanation of the assertion.

Option 2: Both the assertion and reason are true, but the reason is not a correct explanation of the assertion.

Option 3: The assertion is true, but the reason is false.

Option 4: The assertion is false, but the reason is true.

Question : The basic economic problem confronting all societies is how to allocate scarce resources between

Option 1: Alternative uses

Option 2: Rich and poor

Option 3: Agricultural sector and industrial sector

Option 4: None of the above

Question : Economics is all about making choices in the presence of ________.

Option 1: Scarcity

Option 2: Unlimited resources

Option 3: Limited resources

Option 4: All of the above