passwella.
Menu

JAMB Economics 1981 Question 38

Question 38

Basic Concepts

The most basic concern of economists is to

  1. A.create human wants
  2. B.satisfy all human wants
  3. C.redistribute income so that it is used correctly
  4. D.create perfect competition
  5. E.study ways of allocating scarce resources in order to satisfy human wants.
Show the answer and explanation

Answer: E (study ways of allocating scarce resources in order to satisfy human wants.)

Explanation

Economics is about how scarce resources are allocated to satisfy as many wants as possible.