Post Utme Delsu 2024 Economics Question 16

Practice objective / multiple choice question 16 from the 2024 Post Utme Delsu Economics examination.

Post Utme Delsu 2024 Economics Objective / Multiple Choice
Question 16 POST_UTME_DELSU • 2024 • ECONOMICS • objective

The concept of scarcity in economics implies that the wants and needs of individuals are unlimited, but the resources available to satisfy these wants and needs are limited. This leads to the necessity of making choices about how to allocate resources. Which of the following is a correct statement about the concept of scarcity?

Answer Options

A. Scarcity is a problem that can be solved by increa\sing the supply of resources.
Correct Answer B. Scarcity is a fundamental concept in economics that arises from the unlimited wants and needs of individuals.
C. Scarcity is a problem that can be solved by decrea\sing the demand for resources.
D. Scarcity is a problem that can be solved by increa\sing the efficiency of resource allocation.
Correct Answer
B
Correct Option:
Scarcity is a fundamental concept in economics that arises from the unlimited wants and needs of individuals.

About This Question

This is Post Utme Delsu 2024 Economics Question 16. It is one of the objective questions from the 2024 Post Utme Delsu Economics examination.

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