Post Utme Lautech 2018 Economics Question 36

Practice objective / multiple choice question 36 from the 2018 Post Utme Lautech Economics examination.

Post Utme Lautech 2018 Economics Objective / Multiple Choice
Question 36 POST_UTME_LAUTECH • 2018 • ECONOMICS • objective

The concept of scarcity in economics implies that the available resources are insufficient to meet the unlimited wants of individuals. Which of the following is a consequence of scarcity?

Answer Options

Correct Answer A. Inefficient allocation of resources
B. Increased production to meet demand
C. Reduced consumption to meet supply
D. No impact on economic activity
Correct Answer
A
Correct Option:
Inefficient allocation of resources

About This Question

This is Post Utme Lautech 2018 Economics Question 36. It is one of the objective questions from the 2018 Post Utme Lautech Economics examination.

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