Question

Assertion (A): Economic goods are limited in supply. 

Reason (R): Air sunlight and sea water are economic goods.

Options

• Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).

• Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).

• Assertion (A) is true but Reason (R) is false.

• Assertion (A) is false but Reason (R) is true.

Answer 1

Assertion (A) is true but Reason (R) is false.

Explanation:

• Assertion (A): Economic goods are limited in supply is true because economic goods are scarce relative to demand and hence limited in supply.
• Reason (R): Air sunlight and sea water are economic goods is false because air, sunlight and sea water are not economic goods. They are free goods available in abundance and not limited in supply, thus are not classified as economic goods.

Therefore, the assertion is correct, but the reason given is false and does not explain the assertion.