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Which of the statements given above is/are correct? i. Scarcity leads to the need for economic choices among alternative uses of resources. ii. The guiding principle of resource allocation is to maximize profit for producers. iii. Civil goods and war goods must be chosen based on societal needs and available resources. iv. The economic decision-making process is irrelevant to the satisfaction of consumer wants.a) i and iiib) ii and ivc) i, ii and iiid) iii 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. Scarcity leads to the need for economic choices among alternative uses of resources. ii. The guiding principle of resource allocation is to maximize profit for producers. iii. Civil goods and war goods must be chosen based on societal needs and available resources. iv. The economic decision-making process is irrelevant to the satisfaction of consumer wants.a) i and iiib) ii and ivc) i, ii and iiid) iii 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. Scarcity leads to the need for economic choices among alternative uses of resources. ii. The guiding principle of resource allocation is to maximize profit for producers. iii. Civil goods and war goods must be chosen based on societal needs and available resources. iv. The economic decision-making process is irrelevant to the satisfaction of consumer wants.a) i and iiib) ii and ivc) i, ii and iiid) iii and ivCorrect answer is option 'A'. Can you explain this answer?.

Solutions for Which of the statements given above is/are correct? i. Scarcity leads to the need for economic choices among alternative uses of resources. ii. The guiding principle of resource allocation is to maximize profit for producers. iii. Civil goods and war goods must be chosen based on societal needs and available resources. iv. The economic decision-making process is irrelevant to the satisfaction of consumer wants.a) i and iiib) ii and ivc) i, ii and iiid) iii and ivCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for Humanities/Arts. Download more important topics, notes, lectures and mock test series for Humanities/Arts Exam by signing up for free.

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