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Q. |
Which of the following is not an economic problem? |
A. | Deciding between paid work leisure |
B. | Deciding between expenditure on one good and the other |
C. | Deciding between alternative methods of personal savings |
D. | Deciding between different ways of spending leisure time |
Answer» C. Deciding between alternative methods of personal savings | |
Explanation: The Theory of Economic Problem states that scarcity exists in the sense that only finite and insufficient resources are available to satisfy the needs and desire of all human beings. The fundamental economic problem is how to allocate scarce resources to the provision of various goods and services within the economy. |
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