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Economics · Oct / Nov 2018 · Paper 12 · Question 2

2281The nature of the basic economic problem

What do economies aim to achieve in tackling the economic problem of scarcity?

  1. Aequal balance between public and private sectors
  2. Bequal reward for equal effort
  3. Cincreased competition in the use of resources
  4. Doptimum allocation of finite resources

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Correct answer: D. optimum allocation of finite resources

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