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WAEC Economics 2014 Question 12

Question 12

Basic Concepts

The components of a three-sector economy are

  1. A.banks, schools and hospitals.
  2. B.workers, producers and marketers.
  3. C.households, firms and the government.
  4. D.producers, retailers and wholesalers.
Show the answer and explanation

Answer: C (households, firms and the government.)

Explanation

A three-sector model has households, firms and government.