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WAEC Economics 2014 Question 2

Question 2

Basic Concepts

A basic economic problem of any society is

  1. A.high level of illiteracy.
  2. B.irregular power supply.
  3. C.population growth.
  4. D.resource allocation.
Show the answer and explanation

Answer: D (resource allocation.)

Explanation

Every society must decide how to allocate its scarce resources.