Root of All Economic Problems
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Question (English)
What is described as the root of all economic problems?
- Poverty
- Unemployment
- Scarcity ✓ Correct
- Inflation
Explanation:
Correct Answer Explanation
Scarcity is the root of all economic problems. Had there been no scarcity, there would have been no economic problem.
Key Points:
- We have unlimited wants but limited resources.
- Things that satisfy our wants are limited in availability.
- Examples of scarcity: long queues at railway counters, crowded buses, shortage of essential commodities.
Why Other Options Are Wrong
- A (Poverty): A consequence of scarcity, not the root cause.
- B (Unemployment): An economic problem caused by scarcity.
- D (Inflation): A price-related economic issue.
📚 About this Topic — CH-1: Introduction
This multiple choice question is from CH-1: Introduction, NCERT Books, Statistics for Economics. It has 4 options with a detailed explanation of the correct answer. Practice more MCQs from CH-1: Introduction to strengthen your preparation.
