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GCE Economics 1990 Question 1

Question 1

Basic Concepts

Economics can be best defined as the study of

  1. A.how to spend the family income efficiently
  2. B.how to find minimum cost of production
  3. C.the interpretation of scarce resources and date
  4. D.how scarce resources can be used efficiently
  5. E.why resources are scarce.
Show the answer and explanation

Answer: D (how scarce resources can be used efficiently)

Explanation

Economics studies how people use limited (scarce) resources efficiently to satisfy their many wants.