WAEC Economics 2014 Objective — Question 2

Question 2 of 50 from the West African Examinations Council (WAEC) Economics 2014 Objective paper, with the correct answer and a full explanation.

A basic economic problem of any society is

A. high level of illiteracy
B. irregular power supply
C. population growth
D. resource allocationCorrect

Explanation

A basic economic problem of any society is the allocation of scarce resources to their best alternative uses, since resources are limited but wants are unlimited.

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