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UI Post-UTME Economics 2021 (Model questions) Question 20

Question 20

Basic Concepts

Which of the following would NOT be true in a world without scarcity?

  1. A.There would be no need for the science of economics
  2. B.Everyone would have all the goods and services they wanted
  3. C.There would have to be an infinite supply of every resource
  4. D.There would be opportunity costs
Show the answer and explanation

Answer: D (There would be opportunity costs)

Explanation

Without scarcity no choices are needed, so nothing is forgone and there is no opportunity cost.