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WAEC Economics 2016 Question 2

Question 2

Basic Concepts

Scale of preference is important for the following reasons except in

  1. A.satisfying wants.
  2. B.making rational choice.
  3. C.making optimum allocation of resources.
  4. D.using scarce resources efficiently.
Show the answer and explanation

Answer: A (satisfying wants.)

Explanation

A scale of preference ranks wants so choices are rational and resources are used well; it cannot satisfy all wants.