Post Utme Afe Babalola University 2024 Economics Question 21

Practice objective / multiple choice question 21 from the 2024 Post Utme Afe Babalola University Economics examination.

Post Utme Afe Babalola University 2024 Economics Objective / Multiple Choice
Question 21 POST_UTME_AFE_BABALOLA_UNIVERSITY • 2024 • 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. This is an example of a fundamental principle in economics. Which of the following is a correct statement regarding the concept of scarcity?

Answer Options

A. Scarcity is a problem that can be solved by increa\sing the supply of goods.
Correct Answer B. Scarcity is a fundamental principle in economics that implies that the production of one good is limited by the availability of resources.
C. Scarcity is a problem that can be solved by decrea\sing the demand for goods.
D. Scarcity is not a problem in economics.
Correct Answer
B
Correct Option:
Scarcity is a fundamental principle in economics that implies that the production of one good is limited by the availability of resources.

About This Question

This is Post Utme Afe Babalola University 2024 Economics Question 21. It is one of the objective questions from the 2024 Post Utme Afe Babalola University Economics examination.

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