Post Utme Caleb University 2022 Economics Question 21

Practice objective / multiple choice question 21 from the 2022 Post Utme Caleb University Economics examination.

Post Utme Caleb University 2022 Economics Objective / Multiple Choice
Question 21 POST_UTME_CALEB_UNIVERSITY • 2022 • ECONOMICS • objective

The concept of scarcity in economics implies that the production of one good or service is often at the expense of another. Which of the following is a correct example of this principle?

Answer Options

Correct Answer A. A farmer must choose between planting wheat or corn due to limited land
B. A company must decide between investing in research and development or expanding its marketing efforts
C. A government must allocate its budget between funding education and healthcare
D. A consumer must choose between buying a new car or a new smartphone
Correct Answer
A
Correct Option:
A farmer must choose between planting wheat or corn due to limited land

About This Question

This is Post Utme Caleb University 2022 Economics Question 21. It is one of the objective questions from the 2022 Post Utme Caleb University Economics examination.

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