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JAMB Economics 1981 Question 33

Question 33

Basic Concepts

Scarcity in economics generally refers to

  1. A.a period of farming
  2. B.monopolization of existing supply of resources
  3. C.nationalization of sources of raw materials
  4. D.the control of outlets to sell goods
  5. E.none of the above.
Show the answer and explanation

Answer: E (none of the above.)

Explanation

Scarcity means resources are limited compared with human wants, which none of A to D says.