Question

According to Lionel Robbins, what is essential for the effective use of limited resources?

• A. Maximizing production
• B. Prioritizing needs to use limited resources
• C. Expanding resources
• D. Central planning

Answer 1

Answer:

B. Prioritizing needs to use limited resources

Lionel Robbins

• Economist who studied the relationship between increasing demands and limited resources-(Scarcity/Human behavior theory)

• He suggested that we should prioritize our needs to use limited resources effectively