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Which of the statements given above is/are correct?
i. The economic problem arises due to the scarcity of resources and unlimited wants.
ii. The decision of what to produce is solely based on consumer preferences without considering resource limitations.
iii. The distribution of goods in an economy does not address the inequality of income among individuals.
iv. Alternative uses of resources require an economy to make choices about production.
- a)i and iv
- b)ii and iii
- c)i, iii and iv
- d)ii and iv
Correct answer is option 'A'. Can you explain this answer?
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Which of the statements given above is/are correct? i. The economic pr...
Understanding the Economic Problem
The economic problem fundamentally arises from the interplay between limited resources and unlimited wants. Let’s analyze the statements to understand their validity.
Statement i: Correct
- The economic problem indeed arises due to the scarcity of resources and the infinite nature of human wants. This is a foundational concept in economics, illustrating that resources are insufficient to meet all desires.
Statement ii: Incorrect
- The decision of what to produce is not solely based on consumer preferences. While consumer demand plays a significant role, resource limitations and production costs also heavily influence these decisions. Thus, this statement does not hold.
Statement iii: Incorrect
- The distribution of goods in an economy does address income inequality. Economic systems often attempt to redistribute resources through taxation, welfare programs, and various policies aimed at reducing inequality. Therefore, this statement is misleading.
Statement iv: Correct
- Alternative uses of resources necessitate making choices about production. An economy must prioritize how to allocate its limited resources effectively, highlighting the importance of opportunity costs in decision-making.
Conclusion: Why Option 'A' is Correct
- Only statements i and iv are accurate, making option 'A' the correct answer. These statements encapsulate the essence of the economic problem and the necessity of making choices due to scarcity.
In summary, a clear understanding of resource allocation and consumer preferences is crucial in evaluating economic scenarios.
The economic problem fundamentally arises from the interplay between limited resources and unlimited wants. Let’s analyze the statements to understand their validity.
Statement i: Correct
- The economic problem indeed arises due to the scarcity of resources and the infinite nature of human wants. This is a foundational concept in economics, illustrating that resources are insufficient to meet all desires.
Statement ii: Incorrect
- The decision of what to produce is not solely based on consumer preferences. While consumer demand plays a significant role, resource limitations and production costs also heavily influence these decisions. Thus, this statement does not hold.
Statement iii: Incorrect
- The distribution of goods in an economy does address income inequality. Economic systems often attempt to redistribute resources through taxation, welfare programs, and various policies aimed at reducing inequality. Therefore, this statement is misleading.
Statement iv: Correct
- Alternative uses of resources necessitate making choices about production. An economy must prioritize how to allocate its limited resources effectively, highlighting the importance of opportunity costs in decision-making.
Conclusion: Why Option 'A' is Correct
- Only statements i and iv are accurate, making option 'A' the correct answer. These statements encapsulate the essence of the economic problem and the necessity of making choices due to scarcity.
In summary, a clear understanding of resource allocation and consumer preferences is crucial in evaluating economic scenarios.
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Which of the statements given above is/are correct? i. The economic pr...
Statement i is correct as the economic problem stems from the conflict between limited resources and unlimited wants. Statement ii is incorrect because the decision of what to produce must consider the limitations of resources. Statement iii is incorrect because the distribution of goods does address income inequality. Statement iv is correct as alternative uses of resources necessitate choices in production. Therefore, the correct statements are i and iv.
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Which of the statements given above is/are correct? i. The economic problem arises due to the scarcity of resources and unlimited wants. ii. The decision of what to produce is solely based on consumer preferences without considering resource limitations. iii. The distribution of goods in an economy does not address the inequality of income among individuals. iv. Alternative uses of resources require an economy to make choices about production.a) i and ivb) ii and iiic) i, iii and ivd) ii and ivCorrect answer is option 'A'. Can you explain this answer?
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Which of the statements given above is/are correct? i. The economic problem arises due to the scarcity of resources and unlimited wants. ii. The decision of what to produce is solely based on consumer preferences without considering resource limitations. iii. The distribution of goods in an economy does not address the inequality of income among individuals. iv. Alternative uses of resources require an economy to make choices about production.a) i and ivb) ii and iiic) i, iii and ivd) ii and ivCorrect answer is option 'A'. Can you explain this answer? for Humanities/Arts 2024 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about Which of the statements given above is/are correct? i. The economic problem arises due to the scarcity of resources and unlimited wants. ii. The decision of what to produce is solely based on consumer preferences without considering resource limitations. iii. The distribution of goods in an economy does not address the inequality of income among individuals. iv. Alternative uses of resources require an economy to make choices about production.a) i and ivb) ii and iiic) i, iii and ivd) ii and ivCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the statements given above is/are correct? i. The economic problem arises due to the scarcity of resources and unlimited wants. ii. The decision of what to produce is solely based on consumer preferences without considering resource limitations. iii. The distribution of goods in an economy does not address the inequality of income among individuals. iv. Alternative uses of resources require an economy to make choices about production.a) i and ivb) ii and iiic) i, iii and ivd) ii and ivCorrect answer is option 'A'. Can you explain this answer?.
Which of the statements given above is/are correct? i. The economic problem arises due to the scarcity of resources and unlimited wants. ii. The decision of what to produce is solely based on consumer preferences without considering resource limitations. iii. The distribution of goods in an economy does not address the inequality of income among individuals. iv. Alternative uses of resources require an economy to make choices about production.a) i and ivb) ii and iiic) i, iii and ivd) ii and ivCorrect answer is option 'A'. Can you explain this answer? for Humanities/Arts 2024 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about Which of the statements given above is/are correct? i. The economic problem arises due to the scarcity of resources and unlimited wants. ii. The decision of what to produce is solely based on consumer preferences without considering resource limitations. iii. The distribution of goods in an economy does not address the inequality of income among individuals. iv. Alternative uses of resources require an economy to make choices about production.a) i and ivb) ii and iiic) i, iii and ivd) ii and ivCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the statements given above is/are correct? i. The economic problem arises due to the scarcity of resources and unlimited wants. ii. The decision of what to produce is solely based on consumer preferences without considering resource limitations. iii. The distribution of goods in an economy does not address the inequality of income among individuals. iv. Alternative uses of resources require an economy to make choices about production.a) i and ivb) ii and iiic) i, iii and ivd) ii and ivCorrect answer is option 'A'. Can you explain this answer?.
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