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JAMB Economics 1985 Question 5

Question 5

Basic Concepts

The meaning of scale of preference is

  1. A.preparing a list of goods and services to be purchased in order of priority
  2. B.showing the monthly income
  3. C.budget preparation without due regard to proper priorities
  4. D.consumers' preference for luxury goods
  5. E.consumers' preference for foreign goods.
Show the answer and explanation

Answer: A (preparing a list of goods and services to be purchased in order of priority)

Explanation

A scale of preference is a list of wants arranged in order of importance, so the most pressing are satisfied first.