Scarcity

Q. In which of the following situations does scarcity arise

1. Supply of resources = Demand for resources
2. None
3. Supply of resources < Demand for resources
4. Supply of resources > Demand for resources

Q. The resources for satisfying human wants are

1. available at zero price
2. Limited
3. Unlimited
4. none of these

Q. Principal characteristics of resources are

1. they are scarce in relation to our needs
2. none of these
3. both (a) and (b)
4. they have alternative uses

Q.

Economic problem arises due to the fact that

1. resources are scarce

2. human wants are unlimited

3. resources have alternative uses

4. all of these

Q. Economic problem and scarcity of resources are not related to each other. State True or False.

1. True
2. False

Q. Scarcity arises when supply of resources is greater than demand for resources.

1. False
2. True

Q. The resources for satisfying human wants and needs are unlimited.

1. False
2. True

Q. Resources are scarce when compared to needs and they have alternate uses.

1. False
2. True

Q. Which of the following would be strictly a microeconomic topic?

1. a general rise in interest rates
2. a drop in inflation
3. an increase in the price of TATA Nano
4. an increase in total production in India

Q.

Suppose that the following headlines appeared in a newspaper. Which would most clearly represent a macroeconomic issue?

1. "United Workers Union to Strike April 15"

2. "Auto Dealership to Cut Prices"

3. "Central Bank Raises Interest Rates"

4. "Coffee Bean Crop Falls by 10 Percent"