Post Utme Aaua 2022 Economics Question 11

Practice objective / multiple choice question 11 from the 2022 Post Utme Aaua Economics examination.

Post Utme Aaua 2022 Economics Objective / Multiple Choice
Question 11 POST_UTME_AAUA • 2022 • ECONOMICS • objective

The concept of scarcity in economics implies that the wants and needs of individuals are unlimited, but the resources available to satisfy these wants and needs are limited. Which of the following is a correct statement regarding the implications of scarcity?

Answer Options

A. Scarcity leads to a decrease in the s\tandard of living.
B. Scarcity results in a decrease in the production of goods and services.
C. Scarcity leads to an increase in the prices of goods and services.
Correct Answer D. Scarcity results in a decrease in the consumption of goods and services.
Correct Answer
D
Correct Option:
Scarcity results in a decrease in the consumption of goods and services.

About This Question

This is Post Utme Aaua 2022 Economics Question 11. It is one of the objective questions from the 2022 Post Utme Aaua Economics examination.

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