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WAEC Economics 2018 Question 1

Question 1

Basic Concepts

Economic problems arise in all societies because

  1. A.resources are mismanaged by leaders.
  2. B.there is no proper planning.
  3. C.resources are not in adequate supply.
  4. D.the services of economists are not employed.
Show the answer and explanation

Answer: C (resources are not in adequate supply.)

Explanation

Resources are scarce compared with wants in every society.