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WAEC Economics 2005 Question 15

Question 15

Theory of Demand

The desire for goods without the ability to pay is called

  1. A.choice
  2. B.effective demand
  3. C.joint demand
  4. D.wants.
Show the answer and explanation

Answer: D (wants.)

Explanation

A desire not backed by the ability to pay is only a want; effective demand needs the ability to pay.