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WAEC Economics 1994 Question 19

Question 19

Basic Concepts

To the economist, a stock of goods existing at a particular time and conforming to certain requirements such as having utility, money value and being limited in supply, is known as

  1. A.consumer goods
  2. B.products
  3. C.wealth
  4. D.commercial goods
  5. E.durable goods
Show the answer and explanation

Answer: C (wealth)

Explanation

In Economics, wealth is a stock of goods that have utility, money value and are scarce.