A basic economic problem of any society is
...A basic economic problem of any society is
High level of illiteracy
Irregular power supply
Population growth
Resource allocation
Correct answer is D
The fundamental economic problem is the issue of scarcity and how best to produce and distribute these scare resources. Scarcity means there is a finite supply of goods and raw materials. Finite resources means they are limited and can run out.
The following will occur when maximum price is fixed below the free market price EXCEPT that ...
Which of the following is not a feature of a perfect market? ...
Division of labour is limited by? ...
A central argument of cardinal utility is that utility is ...
The equilibrium position of a firm is attained ...
Which of the following statements is true? ...
Which of the following is most likely to be of benefit to a debtor? ...