Post Utme Ims U 2023 Economics Question 21

Practice objective / multiple choice question 21 from the 2023 Post Utme Ims U Economics examination.

Post Utme Ims U 2023 Economics Objective / Multiple Choice
Question 21 POST_UTME_IMS_U • 2023 • ECONOMICS • objective

The concept of scarcity in economics implies that the wants and needs of individuals are unlimited, while the resources available to satisfy these wants and needs are limited. Which of the following best describes the relationship between wants and needs?

Answer Options

A. Wants are unlimited, while needs are limited.
B. Wants and needs are both unlimited.
Correct Answer C. Wants are limited, while needs are unlimited.
D. Wants and needs are both limited.
Correct Answer
C
Correct Option:
Wants are limited, while needs are unlimited.

About This Question

This is Post Utme Ims U 2023 Economics Question 21. It is one of the objective questions from the 2023 Post Utme Ims U Economics examination.

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