NECO Economics 2023 Objective — Question 1
Question 1 of 50 from the National Examinations Council (NECO) Economics 2023 Objective paper, with the correct answer and a full explanation.
Advertisement
The study of economics is mainly concerned with how to
- 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.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.