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Economics · Oct / Nov 2020 · Paper 13 · Question 1

2281The nature of the basic economic problem

Why do consumers have to make choices when spending their income?

  1. AAdvertising encourages consumer spending.
  2. BConsumers have unlimited incomes.
  3. CConsumer wants cannot all be satisfied with their income.
  4. DNot all products will be attractive to consumers.

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Correct answer: C. Consumer wants cannot all be satisfied with their income.

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