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Economics · Oct / Nov 2018 · Paper 13 · Question 2

2281The nature of the basic economic problem

Hospital services are provided by the government and paid for through taxation. People cannot always get the treatment they require because of long waiting lists. Of what is this an example?

  1. Aexternal cost
  2. Bmarket system
  3. Cperfectly inelastic supply
  4. Dscarcity

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Correct answer: D. scarcity

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