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JAMB Economics 1989 Question 2

Question 2

Basic Concepts

The need to construct a scale of preference is necessitated by

  1. A.the need to satisfy wants
  2. B.scarcity and the need for choice
  3. C.scarcity of resources
  4. D.non-availability of factors of production.
Show the answer and explanation

Answer: B (scarcity and the need for choice)

Explanation

Because resources are scarce we must choose, and a scale of preference ranks wants so the most pressing are satisfied first.