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WAEC Economics 1997 Question 4

Question 4

Theory of Production

In Economics, production is complete when

  1. A.goods are manufactured in the factories
  2. B.commodities are sold to the final consumer
  3. C.goods and services are distributed by the government
  4. D.producers fix the price of the goods produced
  5. E.goods and services get to the retailers
Show the answer and explanation

Answer: B (commodities are sold to the final consumer)

Explanation

Production includes distribution, so it is complete only when goods reach the final consumer.