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JAMB Economics 1982 Question 1

Question 1

Basic Concepts

Economics is a science which deals basically with

  1. A.the factors of production
  2. B.allocation of scarce resources
  3. C.oil exportation
  4. D.the gross domestic product (GDP)
  5. E.national income.
Show the answer and explanation

Answer: B (allocation of scarce resources)

Explanation

Economics studies how scarce resources are allocated among competing wants. Factors of production, GDP and national income are only parts of what it studies.