Multiple choice

Which of the following economies is without scarcity?

  1. The pre-independent Indian Economy, where most people were farmers.

  2. A mythical economy, where everybody is a billionaire.

  3. Any economy, where income is distributed equally among its people.

  4. None of these
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Scarcity is a fundamental problem in economics - it exists in ALL economies because resources are limited while wants are unlimited. No real or hypothetical economy can be without scarcity. Even if everyone were a billionaire or income were distributed equally, scarcity would still exist because time and resources remain finite.

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