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JAMB Economics 2001 Question 15

Question 15

Basic Concepts

A consumer's scale of preference is an arrangement of his

  1. A.scarce resources in order of importance
  2. B.needs in order of importance
  3. C.sources of income and their importance
  4. D.requirements and how to satisfy them
Show the answer and explanation

Answer: B (needs in order of importance)

Explanation

A scale of preference is a list of a person's needs/wants arranged in order of importance, so the most pressing are satisfied first.