Post Utme Uniben 2019 Economics Question 31

Practice objective / multiple choice question 31 from the 2019 Post Utme Uniben Economics examination.

Post Utme Uniben 2019 Economics Objective / Multiple Choice
Question 31 POST_UTME_UNIBEN • 2019 • 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 is a consequence of this scarcity?

Answer Options

A. The value of money increases over time.
B. The value of money decreases over time.
C. The value of money remains cons\tant over time.
Correct Answer D. The value of money is determined by supply and demand.
Correct Answer
D
Correct Option:
The value of money is determined by supply and demand.

About This Question

This is Post Utme Uniben 2019 Economics Question 31. It is one of the objective questions from the 2019 Post Utme Uniben Economics examination.

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