Economics (AS & A Level) · Feb / March 2023 · Paper 12 · Question 10
9708Scarcity, choice and opportunity cost
Why does the basic economic problem of scarcity apply to both the rich and the poor?
- AThe choices people make are not dependent on income inequalities.
- BConsumers pay the same prices for goods and services to satisfy their wants.
- CHuman wants exceed what can be produced from available resources.
- DNatural resources are unevenly distributed amongst nations.
As printed in the paper
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Correct answer: C. Human wants exceed what can be produced from available resources.
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