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JAMB Economics 1998 Question 30

Question 30

Natural Resources and Petroleum

Crude petroleum is a good example of a

  1. A.lasting asset
  2. B.wasting asset
  3. C.synthetic product
  4. D.costless resource.
Show the answer and explanation

Answer: B (wasting asset)

Explanation

Crude oil is used up as it is extracted and cannot be replaced, so it is a wasting asset.