Post Utme Joseph Ayo Babalola University 2020 Economics Question 33

Practice objective / multiple choice question 33 from the 2020 Post Utme Joseph Ayo Babalola University Economics examination.

Post Utme Joseph Ayo Babalola University 2020 Economics Objective / Multiple Choice
Question 33 POST_UTME_JOSEPH_AYO_BABALOLA_UNIVERSITY • 2020 • ECONOMICS • objective

The concept of scarcity in economics implies that the unlimited wants of individuals are in conflict with the limited resources available. Which of the following statements best describes the relationship between wants and resources?

Answer Options

A. Wants are unlimited and resources are unlimited.
B. Wants are limited and resources are unlimited.
Correct Answer C. Wants are unlimited and resources are limited.
D. Wants are limited and resources are limited.
Correct Answer
C
Correct Option:
Wants are unlimited and resources are limited.

About This Question

This is Post Utme Joseph Ayo Babalola University 2020 Economics Question 33. It is one of the objective questions from the 2020 Post Utme Joseph Ayo Babalola University Economics examination.

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