Post Utme Lead City University 2017 Economics Question 9

Practice objective / multiple choice question 9 from the 2017 Post Utme Lead City University Economics examination.

Post Utme Lead City University 2017 Economics Objective / Multiple Choice
Question 9 POST_UTME_LEAD_CITY_UNIVERSITY • 2017 • ECONOMICS • objective

The concept of scarcity refers to the idea that the needs and wants of individuals are unlimited, but the resources available to satisfy those needs and wants are limited. Which of the following is a consequence of scarcity?

Answer Options

A. Individuals can always satisfy their needs and wants
B. Resources are abundant and can satisfy all needs and wants
Correct Answer C. Individuals must make choices about how to allocate their resources
D. Needs and wants are unlimited, but resources are abundant
Correct Answer
C
Correct Option:
Individuals must make choices about how to allocate their resources

About This Question

This is Post Utme Lead City University 2017 Economics Question 9. It is one of the objective questions from the 2017 Post Utme Lead City University Economics examination.

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