Chapter 9 The Price Puzzle What Drives the Market - Part 4
Which statement provides the most complete summary of “Building Blocks in Economics: The Problem of Choice”?
Type: MCQ • Marks: 1
Which statement provides the most complete summary of “Building Blocks in Economics: The Problem of Choice”?
Options
A. Only governments face economic problems
B. Economics deals only with buying and selling goods
C. Economic choices are unnecessary because resources are unlimited
D. Limited resources and unlimited or changing wants create scarcity, forcing individuals, enterprises and governments to make choices involving opportunity costs and decisions about what, how and for whom to produce
Explanation
Explanation: The chapter builds the foundation of economics around scarcity, choice, opportunity cost, resources, production possibilities and economic systems. It also explains how planned, market and mixed systems organise economic decisions. (NCERT Help)
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Class 9thUnderstanding Society India and Beyond, Part I
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