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WAEC Economics 2009 Question 43

Question 43

Economic Growth and Development

The need for development planning arises largely from the fact that

  1. A.aggregate savings exceed aggregate consumption
  2. B.aggregate consumption equals aggregate savings
  3. C.productive resources are in excess of the demand for them
  4. D.productive resources are scarce relative to the demand for them.
Show the answer and explanation

Answer: D (productive resources are scarce relative to the demand for them.)

Explanation

Planning is needed to use scarce resources where they are most needed.