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O-LevelEconomicsThe basic economic problem2281/11 · Oct/Nov 2010 · Q11 Mark

What makes choice an important element in the basic economic problem?

AIncreased demand leads to higher market prices.
BLimited resources have many alternative uses.
CReaching a market equilibrium may take a long time.
DScarce economic resources are distributed equally.

✓ Correct answer

B: Limited resources have many alternative uses.

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About this question

Topic
The basic economic problem, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source
O-Level Economics, Oct/Nov 2010 Paper 1 Variant 1, question 1.

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