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WAEC Economics 2001 Question 1

Question 1

Basic Concepts

Economic problems arise because

  1. A.resources are scarce relative to wants.
  2. B.man is insatiable
  3. C.money is scarce
  4. D.man engages in too many economic activities.
Show the answer and explanation

Answer: A (resources are scarce relative to wants.)

Explanation

The economic problem exists because resources are limited while wants are unlimited, so we must choose.