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Question
The main reasons for existence of economic problems are:
(i) Wants of people are unlimited and keep on multiplying and cannot be satisfied due to limited resources.
(ii) Resources are unlimited in relation to their demand and economy can produce all that people want.
(iii) Resources are not only scarce but they can also be put to various uses.
Alternatives:
Options
(ii) and (iii)
(i) and (ii)
(i) and (iii)
All of the above
MCQ
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Solution
(i) and (iii)
Explanation:
Economic problems arise because human wants are unlimited while resources are scarce, and those scarce resources have alternative uses. Statement (ii) is incorrect because resources are limited in relation to demand.
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