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WAEC Economics 1996 Question 2

Question 2

Basic Concepts

The ranking of a consumers' needs in order of importance is termed

  1. A.an opportunity cost
  2. B.economies of scale
  3. C.a scale of preference
  4. D.the making of choice
  5. E.direct production
Show the answer and explanation

Answer: C (a scale of preference)

Explanation

A scale of preference is a list of wants arranged in order of importance.