Which of the following best defines the economic problem of scarcity?

A surplus of goods and services.

Unlimited wants and limited resources.

Efficient allocation of resources.

Equilibrium between supply and demand.

How does scarcity affect economic choices?

It reduces the need for efficient allocation.

It limits the number of goods produced.

It forces individuals and societies to make choices.

It increases the availability of resources.

Which statement best describes the opportunity cost?

The total cost of producing a good.

The cost of choosing one option over the next best alternative.

The monetary value of a good or service.

The profit earned from a transaction.

What role does scarcity play in determining prices in a market economy?

It decreases prices due to increased supply.

It increases prices due to higher demand.

It stabilizes prices through government intervention.

It influences prices based on supply and demand dynamics.

How do societies address the problem of scarcity?

By producing only essential goods.

By maximizing production efficiency.

By making trade-offs and prioritizing needs.

Which factor is NOT a consequence of scarcity?

Innovation and technological advancements.

Why is scarcity considered a fundamental problem in economics?

It forces societies to confront trade-offs.

It reduces overall production efficiency.

It increases government intervention.

How does scarcity impact decision-making at the individual level?

It reduces the need for financial planning.

It necessitates weighing costs and benefits.

It decreases consumer spending.

It increases disposable income.

What role does scarcity play in the concept of specialization?

It reduces the need for division of labor.

It encourages individuals to diversify skills.

It limits production efficiency.

It promotes efficient allocation of resources.

How does scarcity contribute to the study of economics as a social science?

It limits the scope of economic analysis.

It focuses on maximizing individual welfare.

It forms the basis for studying human behavior.

It reduces the role of government in economic decision-making.

The Nature of the Economic Problem Free MCQ Practice Test with Solutions

	Economics for GCSE/IGCSE 71 videos\|82 docs\|39 tests

	Economics for GCSE/IGCSE 71 videos\|82 docs\|39 tests

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