Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Micro Economics: Introduction

Question:

In an Economy, problem of choice arises. Arrange the following in order :

(A) Leads to scarcity of resources

(B) Demands are unlimited

(C) Problems of choice arises

(D) Our resources are limited

Choose the correct answer from the options given below :

Options:

(D), (B), (A), (C)

(A), (C), (B), (D)

(A), (B), (C), (D)

(C), (D), (B), (A)

Correct Answer:

(D), (B), (A), (C)

Explanation:

The correct answer is option (1) : (D), (B), (A), (C)

(D) Our resources are limited: This statement acknowledges that resources available in any economy are finite.

(B) Demands are unlimited: This statement reflects that human wants and desires are essentially limitless.

(A) Leads to scarcity of resources: Limited resources compared to unlimited wants lead to scarcity.

(C) Problems of choice arises: Scarcity necessitates choices about how to allocate resources among competing uses, leading to the problem of choice.