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WAEC Economics 2016 Question 1

Question 1

Basic Concepts

Human wants are insatiable because wants are

  1. A.limited while means are scarce.
  2. B.unlimited and means are also unlimited.
  3. C.limited and means are also limited.
  4. D.unlimited while means are scarce.
Show the answer and explanation

Answer: D (unlimited while means are scarce.)

Explanation

Wants have no end, but the means to satisfy them are limited.