Post Utme Greenfield University 2021 Economics Question 1

Practice objective / multiple choice question 1 from the 2021 Post Utme Greenfield University Economics examination.

Post Utme Greenfield University 2021 Economics Objective / Multiple Choice
Question 1 POST_UTME_GREENFIELD_UNIVERSITY • 2021 • 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 correct term for this problem?

Answer Options

A. Opportunity Cost
B. Scarcity
Correct Answer C. Economic Problem
D. Resource Allocation
Correct Answer
C
Correct Option:
Economic Problem

About This Question

This is Post Utme Greenfield University 2021 Economics Question 1. It is one of the objective questions from the 2021 Post Utme Greenfield University Economics examination.

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