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Economics · May / June 2017 · Paper 11 · Question 1

2281The nature of the basic economic problem

Which combination of terms gives the general definition of the economic problem?

  1. Abigger families, less food, starvation
  2. Bfalling supply, rising demand, shortage
  3. Chigher population, fewer jobs, unemployment
  4. Dlimited resources, unlimited wants, scarcity

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Correct answer: D. limited resources, unlimited wants, scarcity

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