Singapore GCE O-Level Business Studies Practice Questions - Singapore GCE O-Level Business Studies (SEAB Syllabus 7085) Exam

What is the primary economic problem that creates the need for business activity in society?

Scarcity of resources relative to unlimited human wants and needs High rates of government taxation on corporate profits Overproduction of consumer goods by manufacturing firms Excess liquidity in commercial banking sectors

Correct Answer:

Scarcity of resources relative to unlimited human wants and needs

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