Read the following statements carefully and choose the correct alternatives given below:
Statement 1: Nobody faces scarcity of resources.
Statement 2: Human needs are unlimited as compared to resources.
Answer & explanation
Correct answer: option 4
EVERYBODY faces scarcity of resources but since the question says "NOBODY" faces scarcity of resources, statement 1 is wrong. Very common saying in economics "Resources are scarce whereas, wants are unlimited".