WAEC Economics 1998 Question 2

Question 2

Basic Concepts

One way of solving the problem of scaricity that faces individuals is for

  1. A.the government to import goods massively so that the citizens can get all they want
  2. B.them to work very hard so that they are able to buy all their wants
  3. C.them to choose between alternatives since they cannot meet all their wants
  4. D.the government to study people's behaviour in order to know their wants
  5. E.them to use their resources as they want
Show the answer and explanation

Answer: C (them to choose between alternatives since they cannot meet all their wants)

Explanation

Since wants can never all be satisfied, individuals deal with scarcity by choosing between alternatives.