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JAMB Economics 1995 Question 1

Question 1

Basic Concepts

The ultimate objective of Economics is to

  1. A.make effort to understand how the Economy works
  2. B.make the best use of scarce resources
  3. C.organize production at the lowest cost
  4. D.decide under what circumstances the government should intervene in the economy.
Show the answer and explanation

Answer: B (make the best use of scarce resources)

Explanation

Economics exists because resources are scarce while wants are unlimited, so its final aim is to use those scarce resources in the best possible way.