Question : The central problem in economics is that of
Option 1: comparing the success of command versus market economies.
Option 2: guaranteeing that production occurs in the most efficient manner.
Option 3: guaranteeing a minimum level of income for every citizen.
Option 4: allocating scarce resources in such a manner that society's unlimited needs or wants are satisfied in the best possible manner.
Correct Answer: allocating scarce resources in such a manner that society's unlimited needs or wants are satisfied in the best possible manner.
Solution : The correct answer is (d) allocating scarce resources in such a manner that society's unlimited needs or wants are satisfied in the best possible manner.
The central problem in economics is how to allocate scarce resources in a way that satisfies society's needs and wants as best as possible. This is a difficult problem because resources are limited, but human wants are unlimited.
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