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WAEC Economics 2003 Question 4

Question 4

Basic Concepts

The problem of scarcity is reduced by

  1. A.controlling consumption of goods and services
  2. B.producing everything needed by consumers
  3. C.ensuring efficient allocation of resources
  4. D.restricting consumer choices and tastes.
Show the answer and explanation

Answer: C (ensuring efficient allocation of resources)

Explanation

Using scarce resources efficiently gets the most output from them, which eases scarcity.