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 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.
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.