NECO Economics 2007 Objective — Question 1
Question 1 of 60 from the National Examinations Council (NECO) Economics 2007 Objective paper, with the correct answer and a full explanation.
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Human wants are insatiable because
- A. cost of goods and services are high
- B. human behaviour is dynamic
- C. it is difficult to make decision
Explanation
Human wants are insatiable primarily because resources are limited (scarce) relative to unlimited wants; the source key's stated letter (E, 'resources are unlimited') appears to conflict with this standard economic reasoning.
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