JAMB Economics 1993 Question 1

Question 1

Basic Concepts

It is impossible to satisfy all human wants because

  1. A.areas of fertile land are very limited
  2. B.oceans and seas limit land space for farming
  3. C.resources are not equitably distributed
  4. D.available resources are limited
Show the answer and explanation

Answer: D (available resources are limited)

Explanation

Wants are unlimited but the resources to satisfy them are limited (scarce).