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JAMB Economics 1980 Question 19

Question 19

Basic Concepts

An economic problem arises when

  1. A.manufactured goods are in short supply
  2. B.money is in short supply
  3. C.buyers are many
  4. D.sellers are few
  5. E.scarcity and choice are involved.
Show the answer and explanation

Answer: E (scarcity and choice are involved.)

Explanation

The economic problem exists because resources are scarce relative to wants, forcing people to choose.