Post Utme Achievers University 2018 Economics Question 21

Practice objective / multiple choice question 21 from the 2018 Post Utme Achievers University Economics examination.

Post Utme Achievers University 2018 Economics Objective / Multiple Choice
Question 21 POST_UTME_ACHIEVERS_UNIVERSITY • 2018 • ECONOMICS • objective

The concept of scarcity in economics implies that the production of one good is limited by the availability of resources that could be used to produce another good. Which of the following is a correct example of scarcity?

Answer Options

A. A farmer has 100 acres of land to plant wheat or corn.
Correct Answer B. A company has a limited budget to invest in either research and development or marketing.
C. A country has an abundance of natural resources.
D. A consumer has a wide range of products to choose from.
Correct Answer
B
Correct Option:
A company has a limited budget to invest in either research and development or marketing.

About This Question

This is Post Utme Achievers University 2018 Economics Question 21. It is one of the objective questions from the 2018 Post Utme Achievers University Economics examination.

View More Post Utme Achievers University 2018 Economics Questions More Post Utme Achievers University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support