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WAEC Economics 2012 Question 1

Question 1

Basic Concepts

Which of the following problems arises where there are more than one technically possible methods of production?

  1. A.Where to produce
  2. B.For whom to produce
  3. C.How to produce
  4. D.What to produce
Show the answer and explanation

Answer: C (How to produce)

Explanation

Choosing among different methods (e.g. labour- or capital-intensive) is the problem of how to produce.