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WAEC Economics 1993 Question 2

Question 2

Basic Concepts

Scarcity in Economics arises because

  1. A.the resources available are adequate
  2. B.individuals have limited time
  3. C.resources are limited in supply
  4. D.human beings have limited wants
  5. E.individual wants are equal to the resources available.
Show the answer and explanation

Answer: C (resources are limited in supply)

Explanation

Scarcity exists because resources are limited compared with unlimited wants.