Question

Refer to the passage below and answer the following question.

The economic problem is the problem of choice. The problem of choice has to be faced by every economy of the world, whether developed or developing. Human beings have wants that are unlimited. Economic problems are reflected in the form of Central or Basic Problems of an economy. Any economy whether market, centrally planned or mixed has to face these problems. In economic analysis, the concept of opportunity cost is widely used. Opportunity cost is defined as the cost of an alternative opportunity given up or surrendered.

The problem of choice is faced by ______

Options

• Centrally planned economy

• Socialist economy

• Mixed economy

• All of the above

Answer 1

All of the above

Explanation:

According to the preceding paragraph, every economy in the world must grapple with the issue of choice.