Comprehension
Read the case study given below and answer the question :
In reality working of an economy is much complex than a society. During the course of basic economic problems, every society has to face scarcity of resources. This scarcity gives rise to economic problems. Every society must decide on how much of each of the many possible goods and services, it will produce. Problems of technology to be adopted also arises in due course of time. Who gets how much of produced goods and how should this produce will be distributed among the individuals in the economy are problems, which are being faced by an economy.
In reality working of an economy is much complex than a society. During the course of basic economic problems, every society has to face scarcity of resources. This scarcity gives rise to economic problems. Every society must decide on how much of each of the many possible goods and services, it will produce. Problems of technology to be adopted also arises in due course of time. Who gets how much of produced goods and how should this produce will be distributed among the individuals in the economy are problems, which are being faced by an economy.
Question: 1
The amount of resources devoted to the production of each of the goods and services is related with ______.
The amount of resources devoted to the production of each of the goods and services is related with ______.
Updated On: Apr 2, 2026
- Production of Goods
- Allocation of the resources
- Consumption of Goods and Services
- Scarcity
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The Correct Option is B
Solution and Explanation
The correct option is (B) :Allocation of the resources.
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Question: 2
Among the following option which is not a Central Problem of an economy ?
Among the following option which is not a Central Problem of an economy ?
Updated On: Apr 2, 2026
- What is to be Produced ?
- How to Produce ?
- How much to Produce ?
- Allocation of Resources ?
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The Correct Option is D
Solution and Explanation
The correct option is (D) :Allocation of Resources ?
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Question: 3
_____ is one of the basic economic activity of life.
_____ is one of the basic economic activity of life.
Updated On: Apr 2, 2026
- Scarcity
- Exchange
- Choice
- Technological Knowledge
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The Correct Option is B
Solution and Explanation
The correct option is (B) :Exchange.
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Question: 4
Scarcity of resources arises because of :
Scarcity of resources arises because of :
Updated On: Apr 2, 2026
- Unlimited Human Wants
- Limited Human Wants
- Technological Advancement
- GDP Growth
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The Correct Option is A
Solution and Explanation
The correct option is (A) :Unlimited Human Wants.
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Question: 5
Allocation of scarce resources and distribution of the final goods and services are the ______ of any economy.
Allocation of scarce resources and distribution of the final goods and services are the ______ of any economy.
Updated On: Apr 2, 2026
- Problems of choice
- Central problems
- Reasons for existence
- Combination
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The Correct Option is B
Solution and Explanation
The correct option is (B) :Central problems.
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