Post Utme Esut 2021 Economics Question 37

Practice objective / multiple choice question 37 from the 2021 Post Utme Esut Economics examination.

Post Utme Esut 2021 Economics Objective / Multiple Choice
Question 37 POST_UTME_ESUT • 2021 • 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. Which of the following is a correct implication of this concept?

Answer Options

A. The law of diminishing marginal utility is a direct result of scarcity.
Correct Answer B. The opportunity \cost of a choice is the value of the next best alternative foregone.
C. The concept of scarcity is only relevant in developing countries.
D. The concept of scarcity is only relevant in the short run.
Correct Answer
B
Correct Option:
The opportunity \cost of a choice is the value of the next best alternative foregone.

About This Question

This is Post Utme Esut 2021 Economics Question 37. It is one of the objective questions from the 2021 Post Utme Esut Economics examination.

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