WAEC Economics 2013 Objective — Question 5
Question 5 of 50 from the West African Examinations Council (WAEC) Economics 2013 Objective paper, with the correct answer and a full explanation.
Advertisement
All economic systems must decide what to produce because
- A. resources are not available for consumers
- B. consumers want maximum satisfaction
- C. resources are limited in supplyCorrect
- D. producers want maximum profit
Explanation
The scarcity of resources makes it necessary for all economies to determine what to produce, to ensure resources are used in the most efficient way.
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.