Question : Which of the following is not an economic problem?
Option 1: Deciding between paid work and leisure.
Option 2: Deciding between expenditure on one good and the other.
Option 3: Deciding between alternative methods of personal saving.
Option 4: Deciding between different ways of spending leisure time.
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Correct Answer: Deciding between different ways of spending leisure time.
Solution : The correct option is Deciding between different ways of spending leisure time.
The lack of resources and the need to divide them among a variety of competing applications are considered an economic dilemma. What to produce, how to produce it, and for whom to create it are the three main economic issues. Deciding between different ways of spending leisure time has nothing to do with production or consumption.
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