Post-UTME General Knowledge (Current Affairs) 2017 Objective — Question 24

Question 24 of 50 from the Post-UTME Screening (Post-UTME) General Knowledge (Current Affairs) 2017 Objective paper, with the correct answer and a full explanation.

Economic goods are

A. all commodities that are limited in quantity as compared to their demandCorrect
B. Commodities that is available according to their demand
C. Commodities that is available more as compared to demand
D. None of the above

Explanation

Economic goods are scarce relative to demand, giving them value/opportunity cost.

Sign up free to unlock

Score tracking
Practice history
Saved questions
Progress dashboard
Personalized sessions
Weak-topic breakdown

…and/or go further with premium services and No Ads.

Create free account

More questions from General Knowledge (Current Affairs) 2017 Objective More General Knowledge (Current Affairs) past papers