passwella.
Menu

JAMB Economics 2001 Question 10

Question 10

Basic Concepts

A major problem facing all economies is how to

  1. A.increase consumption of imported goods
  2. B.improve trade among nations
  3. C.transform from a developing to a developed economy
  4. D.allocate scarce resources
Show the answer and explanation

Answer: D (allocate scarce resources)

Explanation

Every economy has limited resources and unlimited wants, so all must decide how to allocate scarce resources.