UNIT 01 / BASIC ECONOMIC IDEAS AND RESOURCE ALLOCATION

Scarcity, choice and opportunity cost1.1 test

100 questions with explanations after each answer.

Practice mode

QUESTION 01 / 100Easy

Which statement best describes the fundamental economic problem?

Select one answerAResources are limited relative to wants.BWants are limited whenever income increases.CResources and wants are both fixed at the same level.DResources are unlimited but wants are limited.

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1 of 100

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Question 1