Which of the following is NOT true in regards to “Resources”?

• Resources are unlimited.
• Resources can be put to single use only.
• Abundance of resources leads to the problem of choice.

1, 2 and 3

All of the statements mentioned above are NOT true.

• Resources are unlimited: This is incorrect. Resources are not unlimited; they are finite. This is because resources exist in limited quantities relative to the demand for them
• Resources can be put to single use only. This is incorrect. Resouces have alternate uses.
• Abundance of resources leads to the problem of choice. This is incorrect. Scarcity of resources lead to the problem of choice.

The problem of choice which arises in the economy is due to the fact that the resources are limited and have alternate uses. As, human wants are unlimited and resources are scarce, it results in picking the resource for using it for one purpose which would maximise the utility of the individual. This is how the problem of choice arise.