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We know that resources are scarce. Consequently, their efficient use is: A. an important issue more...

We know that resources are scarce. Consequently, their efficient use is: A. an important issue more of an issue in market economies B. All of the other answers are incorrect C. an important issue only in centrally planned economies not market economies D. not an important issue when we can increase wants in an economy E. an important issue in the short run only.

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Answer #1

Ans. = B. (All the Other Answers are Incorrect)

Efficient Use of Scarce Resources is the Central Issue of the Whole Economics as Resources are Limited and There efficient use must be done for a Sustainability .

It is an Issue which both Market Economies as well as Centrally Planned Economies Face.

Unlimited Wants is the Core reason for the problem of Resource Scarcity. If the Wants are increased then it would further aggravate the Scarce Resources Problem.

This problem of Scarce Resources exists both in Short Run as well as Long Run.

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