Economics Multiple Choice Question – 15 July 2019

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

What is the basic economic problem facing all societies?

Select ONE answer:

  1. a divergence between social costs and private costs
  2. unequal distribution of income
  3. unemployment of resources
  4. unlimited wants and scarce resources

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 4

  1. This is a problem in terms of allocation of resources but it is not the basic economic problem
  2. This may be a government priority but it is not the basic economic problem.
  3. This may be a policy issue for the government but it is not the basic economic problem.
  4. Correct: This explains why the basic economic problem of scarcity occurs.

 

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