Post Utme Caleb University 2021 Economics Question 33

Practice objective / multiple choice question 33 from the 2021 Post Utme Caleb University Economics examination.

Post Utme Caleb University 2021 Economics Objective / Multiple Choice
Question 33 POST_UTME_CALEB_UNIVERSITY • 2021 • ECONOMICS • objective

The concept of scarcity in economics implies that the unlimited wants of individuals are limited by the available resources. Which of the following is a consequence of scarcity?

Answer Options

A. Increased production \costs due to limited resources.
Correct Answer B. Decreased consumer satisfaction due to limited choices.
C. Increased prices due to high demand.
D. Decreased economic growth due to limited resources.
Correct Answer
B
Correct Option:
Decreased consumer satisfaction due to limited choices.

About This Question

This is Post Utme Caleb University 2021 Economics Question 33. It is one of the objective questions from the 2021 Post Utme Caleb University Economics examination.

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