NABTEB Economics 2023 Objective — Question 4
Question 4 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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An economic system is mainly concerned with A. handling situations of abundant resource B. studying the relationship between ends and means C. the establishment of economic laws D. the allocation of scarce resources between alternative ends
- A. handling situations of abundant resource
- B. studying the relationship between ends and means
- C. the establishment of economic laws
- D. the allocation of scarce resources between alternative endsCorrect
Explanation
An economic system is the mechanism by which limited (scarce) available resources are allocated among alternative ends in the course of production, distribution and consumption.
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