The fundamental economic problem arises from the combination of unlimited human wants and scarce (limited) resources that have alternative uses. This scarcity forces choice, giving rise to the central problems of what, how and for whom to produce. Hence 'unlimited wants and scarce resources' is the root cause.
Which of the main factor is responsible to create economic problems in society?
CUET UG 2023 — Economics Micro
2023mcqeasy
Which of the main factor is responsible to create economic problems in society?
Official previous-year question
Verified 13 Jul 2026.
Options
- A
Resources are costly
- B
Unlimited wants and surplus resources
- C
Unlimited wants and scare resources
- D
High density of population
Did you get this right?
Sign in to track your attempts and accuracy.
Your note
Sign in to keep a private note on this question. Nothing you write is ever public.
CUET UG Micro in other years
More CUET UG Micro questions
The point on the supply curve at which a firm earns only normal profit is called ...........
2025easy
The price and quantity demanded are __________
2025medium
Select the INCORRECT feature of the market with respect to perfect competition. 1. The market consists of a large number of buyers and sellers. 2. Entry into the market as well as exit from the market are free for firms. 3. Buyers are price makers. 4. There is perfect knowledge.
2025medium
The allocation of scarce resources and the distribution of the final goods and services are the _____ of any economy. 1. States problems 2. Consumption problems 3. Central problems 4. Production problems
2025easy
Any allocation of resources by the society would result in the _____ of a particular combination of different goods and services.
2025easy
Other Economics topics for CUET UG
Keep practicing Micro
Work through every CUET UG Micro PYQ, year by year.