Post Utme Lead City University 2024 Economics Question 26

Practice objective / multiple choice question 26 from the 2024 Post Utme Lead City University Economics examination.

Post Utme Lead City University 2024 Economics Objective / Multiple Choice
Question 26 POST_UTME_LEAD_CITY_UNIVERSITY • 2024 • ECONOMICS • objective

The concept of scarcity in economics implies that the production of one good or service is limited by the availability of resources, which can be used to produce other goods or services. This leads to a trade-off between different goods or services. Which of the following is a correct example of a trade-off?

Answer Options

Correct Answer A. A farmer must choose between growing wheat or corn due to limited land.
B. A consumer must choose between buying a new car or a new house due to limited budget.
C. A company must choose between investing in research and development or expanding its marketing efforts due to limited resources.
D. A government must choose between increa\sing military sp\ending or investing in education due to limited budget.
Correct Answer
A
Correct Option:
A farmer must choose between growing wheat or corn due to limited land.

About This Question

This is Post Utme Lead City University 2024 Economics Question 26. It is one of the objective questions from the 2024 Post Utme Lead City University Economics examination.

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