Post Utme Abu 2018 Economics Question 6

Practice objective / multiple choice question 6 from the 2018 Post Utme Abu Economics examination.

Post Utme Abu 2018 Economics Objective / Multiple Choice
Question 6 POST_UTME_ABU • 2018 • 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.
Correct Answer C. Scarcity leads to a decrease in the consumption of goods and services.
D. Scarcity results in a decrease in the price of goods and services.
Correct Answer
C
Correct Option:
Scarcity leads to a decrease in the consumption of goods and services.

About This Question

This is Post Utme Abu 2018 Economics Question 6. It is one of the objective questions from the 2018 Post Utme Abu Economics examination.

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