Post Utme Crawford University 2022 Economics Question 1

Practice objective / multiple choice question 1 from the 2022 Post Utme Crawford University Economics examination.

Post Utme Crawford University 2022 Economics Objective / Multiple Choice
Question 1 POST_UTME_CRAWFORD_UNIVERSITY • 2022 • 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 used to produce other goods. This is an example of a fundamental economic problem. What is the name of this fundamental economic problem?

Answer Options

A. Opportunity Cost
B. Diminishing Marginal Utility
Correct Answer C. Scarcity
D. Inefficient Allocation
Correct Answer
C
Correct Option:
Scarcity

About This Question

This is Post Utme Crawford University 2022 Economics Question 1. It is one of the objective questions from the 2022 Post Utme Crawford University Economics examination.

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