NABTEB Economics 2023 Objective — Question 1
Question 1 of 50 from the National Business and Technical Examinations Board (NABTEB) Economics 2023 Objective paper, with the correct answer and a full explanation.
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The study of economics is mainly concerned with how to A. rank individuals' wants given the abundant resources B. make choice when resources are inadequate C. satisfy over member of all societies D. produce all the goods needed by everyone
- A. rank individuals' wants given the abundant resources
- B. make choice when resources are inadequateCorrect
- C. satisfy over member of all societies
- D. produce all the goods needed by everyone
Explanation
Economics is primarily concerned with how to allocate limited available resources to satisfy people's unlimited wants, i.e. making a choice when resources are inadequate/scarce.
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