Post Utme Afe Babalola University 2019 Economics Question 1

Practice objective / multiple choice question 1 from the 2019 Post Utme Afe Babalola University Economics examination.

Post Utme Afe Babalola University 2019 Economics Objective / Multiple Choice
Question 1 POST_UTME_AFE_BABALOLA_UNIVERSITY • 2019 • ECONOMICS • objective

The concept of scarcity in economics implies that the production of one good is limited by the availability of resources, which can be allocated to other goods. Which of the following is a correct example of scarcity?

Answer Options

Correct Answer A. A farmer has 100 hectares of land to plant either maize or wheat.
B. A country has an abundance of natural resources to produce all the goods it needs.
C. A consumer has a limited budget to purchase all the goods they want.
D. A factory can produce an unlimited quantity of goods without any constraints.
Correct Answer
A
Correct Option:
A farmer has 100 hectares of land to plant either maize or wheat.

About This Question

This is Post Utme Afe Babalola University 2019 Economics Question 1. It is one of the objective questions from the 2019 Post Utme Afe Babalola University Economics examination.

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