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JAMB Economics 1990 Question 2

Question 2

Basic Concepts

In economic life, choice among alternatives depends on the

  1. A.income of the decision maker
  2. B.scarcity of resources
  3. C.scale of preference of the decision maker
  4. D.status of the decision maker
Show the answer and explanation

Answer: C (scale of preference of the decision maker)

Explanation

Scarcity forces us to choose, but which alternative is chosen depends on how the decision maker ranks his wants, i.e. his scale of preference.