Post Utme Caleb University 2019 Economics Question 16

Practice objective / multiple choice question 16 from the 2019 Post Utme Caleb University Economics examination.

Post Utme Caleb University 2019 Economics Objective / Multiple Choice
Question 16 POST_UTME_CALEB_UNIVERSITY • 2019 • ECONOMICS • objective

The concept of scarcity in economics implies that the wants and needs of individuals are unlimited, while the resources available to satisfy these wants and needs are limited. Which of the following is a consequence of scarcity?

Answer Options

Correct Answer A. Inefficient allocation of resources
B. Increased production
C. Decreased consumption
D. No impact on economic activity
Correct Answer
A
Correct Option:
Inefficient allocation of resources

About This Question

This is Post Utme Caleb University 2019 Economics Question 16. It is one of the objective questions from the 2019 Post Utme Caleb University Economics examination.

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