Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Micro Economics: Introduction

Question:

__________ gives rise to the problem of choice.

Options:

Cost

Production

Endowment

Scarcity

Correct Answer:

Scarcity

Explanation:

Production, exchange and consumption of goods and services are among the basic economic activities of life. In the course of these basic economic activities, every society has to face scarcity of resources and it is the scarcity of resources that gives rise to the problem of choice.