passwella.
Menu

WAEC Economics 1995 Question 1

Question 1

Basic Concepts

Economics is a social science which studies how

  1. A.to redistribute income
  2. B.human beings behave
  3. C.the market price is fixed
  4. D.scarce resources are allocated to satisfy human wants
  5. E.wasteful spending is eliminated
Show the answer and explanation

Answer: D (scarce resources are allocated to satisfy human wants)

Explanation

Economics studies how scarce resources are allocated among competing human wants.