Post Utme Bells University 2017 Economics Question 1

Practice objective / multiple choice question 1 from the 2017 Post Utme Bells University Economics examination.

Post Utme Bells University 2017 Economics Objective / Multiple Choice
Question 1 POST_UTME_BELLS_UNIVERSITY • 2017 • ECONOMICS • objective

The concept of scarcity in economics implies that the total demand for a product exceeds its total supply, leading to a shortage. Which of the following is a correct example of scarcity?

Answer Options

Correct Answer A. A drought in a region leading to a shortage of water
B. An increase in the demand for a product due to a successful marketing campaign
C. A decrease in the supply of a product due to a natural disaster
D. An increase in the supply of a product due to an improvement in techno\logy
Correct Answer
A
Correct Option:
A drought in a region leading to a shortage of water

About This Question

This is Post Utme Bells University 2017 Economics Question 1. It is one of the objective questions from the 2017 Post Utme Bells University Economics examination.

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